Veea Surges 47.47%, Accenture Jumps 17.85%, While Corteva Plunges 84.31% on Major Corporate Moves

Mumbai, Oct 2: US stocks saw sharp moves as investors reacted to a busy day of earnings, contracts, acquisitions and billion-dollar corporate deals. Accenture shares jumped nearly 18% after beating quarterly estimates, while Veea surged more than 47% on plans to roll out its technology across 1,000 stores. At the other end, Corteva plunged after completing a major business spin-off. Regeneron, McCormick, Rocket Lab, Broadcom and other US-listed companies also moved as fresh announcements gave investors new developments to assess.

Accenture Shares Surge 17.85% as Earnings Beat Estimates and FY27 Guidance Meets Expectations

Accenture shares jumped sharply in Thursday’s US trading session after the consulting and technology services company reported better-than-expected fiscal fourth-quarter earnings and revenue, while its fiscal 2027 guidance met investor expectations.

Accenture reported adjusted earnings per share of $3.29 for the quarter ended 31 August 2026, beating analyst expectations of $3.19. Revenue reached $18.7 billion, ahead of the $18.05 billion estimate, and increased 6% in US dollar terms and 7% in local currency from a year earlier. The company said growth was broad-based across geographic markets, industry groups and types of work.

For fiscal 2027, Accenture expects revenue growth of 3% to 6% in local currency and GAAP diluted EPS of $14.39 to $14.81, representing a 6% to 9% increase. The company also plans to return at least $9.5 billion in cash to shareholders during the year.

The strong results triggered a sharp rise in Accenture’s share price. Accenture Plc (NYSE: ACN) opened at $215.98 on 1 October, compared with the previous close of $183.37. The stock has so far touched a high of $227.63 and a low of $214.67. At the latest price shared, $216.10 at 11:37 a.m. ET, the shares were up $32.73, or 17.85%, from the previous close. As the US market remains open, the share price may move further during the session.

For fiscal 2026, Accenture generated $74.2 billion in revenue, up $4.5 billion or 6% in US dollar terms. Adjusted EPS increased 8% to $13.97, while GAAP operating margin rose 70 basis points to 15.4%. New bookings for the quarter totalled $22.2 billion, up 4% in US dollar terms and 5% in local currency.

McCormick Shares Fall 3.26% as Q3 Earnings Beat Estimates but Margin Pressure Weighs

McCormick & Company reported stronger-than-expected fiscal third-quarter 2026 results on 1 October, with adjusted earnings per share of $0.86, beating Wall Street estimates by 13%, while revenue of $2.02 billion exceeded forecasts by 2%. Despite the earnings beat, investors focused on mixed volume trends, higher cost inflation and management’s warning of fourth-quarter margin pressure.

Net sales increased 17.4% year on year to $2.02 billion, while constant-currency sales rose 16.5%. Organic sales increased 1.9%, comprising a 2.2% pricing benefit and a 0.3% decline in volume. The McCormick de Mexico acquisition contributed 14.6 percentage points to reported sales growth.

Margins also expanded, with adjusted gross profit margin rising 180 basis points to 39.3%. Adjusted operating income increased 22.1% to $358.5 million, while operating margin expanded 70 basis points to 17.7%. However, adjusted EPS rose only 1.1% to $0.86, partly reflecting higher interest expense, a higher tax rate and changes following the Mexico acquisition.

McCormick maintained its full-year 2026 outlook, forecasting reported sales growth of 13% to 17% and adjusted EPS of $3.05 to $3.13. At the same time, the company raised its cost inflation outlook to 6% to 7%, while warning that fourth-quarter margins could come under pressure from higher commodity and freight costs, commercial investments and brand marketing expenditure.

McCormick shares opened at $46.80 on 1 October, compared with the previous close of $46.40. The stock has so far touched a high of $46.94 and a low of $44.62. At the latest price shared, $44.89 at 12:00 p.m. ET, the shares were down $1.51, or 3.26%, from the previous close.

Regeneron Shares Fall 4.78% as $8 Billion Sanofi Deal Raises Partnership Costs

Regeneron Pharmaceuticals shares declined on Thursday after Sanofi agreed to pay the US drugmaker $1 billion upfront and up to $7 billion in additional milestone payments to expand their partnership on four long-acting antibody medicines targeting inflammatory diseases. The payments will depend on the drugs achieving development, regulatory and sales milestones.

Under the expanded agreement, Sanofi and Regeneron will jointly develop and commercialise four antibody-based medicines, sharing development and sales costs and splitting worldwide profits equally. Regeneron will lead development, while Sanofi will manage global commercialisation. The first candidate, REGN20423, is already in an early-stage study for atopic dermatitis, while the other three are expected to enter human trials in 2027.

The companies also settled their previous legal dispute, while their existing agreement covering Dupixent remains unchanged. Regeneron will additionally have the option to bring Sanofi’s experimental drug lunsekimig into the partnership after late-stage COPD testing.

Regeneron shares opened at $766.53 on 1 October, compared with the previous close of $765.40. The stock has so far touched a high of $777.43 and a low of $727.61. At the latest price shared, $728.78 at 12:03 p.m. ET, the shares were down $36.62, or 4.78%, from the previous close.

Rocket Lab Shares Rise 1.67% as Synspective Signs 20-Launch Deal

Rocket Lab shares rose in Thursday’s US trading session after the company announced a 20-launch agreement with Synspective, its largest commercial Electron launch contract to date. The multi-year deal will see Rocket Lab launch 20 StriX synthetic aperture radar satellites for the Japanese Earth observation company between 2028 and 2031. Financial terms were not disclosed.

The launches will take place from Rocket Lab’s Launch Complex 1, with the agreement taking Synspective’s total number of contracted Electron missions to 47 and making it Rocket Lab’s largest launch customer. The company said the deal adds to a series of multi-launch agreements signed this year and takes its launch backlog beyond 100 missions.

Rocket Lab CEO Peter Beck described the agreement as a vote of confidence in Electron’s launch cadence, reliability and orbital precision. Synspective CEO Motoyuki Arai said the dedicated launches would provide greater certainty as the company expands its StriX satellite constellation.

Separately, Citi initiated coverage of Rocket Lab with a Buy rating and a $105 price target, although that analyst view is separate from the Synspective contract.

Rocket Lab shares opened at $72.31 on 1 October, compared with the previous close of $69.68. The stock has so far touched a high of $72.64 and a low of $69.42. At the latest price shared, $70.84 at 1:14 p.m. ET, the shares were up $1.16, or 1.67%, from the previous close.

Broadcom Shares Fall 0.93% After $42 Billion Anthropic Financing Disclosure

Broadcom has agreed to lend Anthropic up to $42 billion to help finance its artificial intelligence infrastructure spending, according to Anthropic’s IPO prospectus. The arrangement gives Broadcom a wider role in Anthropic’s expansion, covering chip supply, equipment leasing and financing.

Anthropic has committed to $125.2 billion in five-year leases for tensor processing unit (TPU) computing capacity, with the Broadcom convertible financing potentially covering about a third of that amount. Broadcom could also designate a financing partner, while the debt could eventually be converted into Anthropic shares.

The deal comes as Anthropic expands its partnership with Broadcom and Alphabet, with access to multiple gigawatts of next-generation TPU capacity expected from 2027. Anthropic is also projected to become Broadcom’s largest compute customer next year. Broadcom expects AI semiconductor revenue of about $115 billion in fiscal 2027 and $230 billion in fiscal 2028.

Anthropic has warned of potential conflicts of interest because Broadcom will both supply hardware and provide financing. It said pricing and hardware decisions could affect its ability to secure sufficient computing infrastructure.

Broadcom shares closed previously at $351.07. They opened at $352.15, reached a high of $354.45 and a low of $346.09. At the latest price shared, the stock was at $347.79, down $3.28, or 0.93%.

Acuity Brands Shares Fall 3.58% as Revenue Miss and FY27 Outlook Weigh on Stock

Acuity Brands reported a mixed fiscal fourth-quarter 2026 performance, with adjusted diluted EPS beating expectations but revenue falling slightly short of forecasts. Adjusted EPS came in at $5.77, above the $5.66 consensus estimate, while revenue rose 3% year on year to $1.24 billion, compared with the $1.25 billion expected.

Profitability improved during the quarter, with adjusted operating profit rising 3% to $233 million and adjusted operating margin reaching 18.7%. Adjusted gross margin also increased 130 basis points to 50.2%. Operating cash flow for fiscal 2026 climbed 37% to $826 million, while the company repurchased $287 million of shares and repaid $200 million of debt.

The performance differed sharply across its businesses. Acuity Brands Lighting sales fell 0.4% to $959 million, while Intelligent Spaces sales jumped 17% to $298 million and adjusted operating profit surged 36% to $74 million.

For fiscal 2027, Acuity expects revenue of $4.7 billion to $4.9 billion and adjusted EPS of $20.50 to $22.00. It also expects memory cost inflation to pressure Intelligent Spaces margins by around 200 basis points.

Acuity Brands shares previously closed at $309.81. They opened at $306.44, reached a high of $312.89 and a low of $293.18. At the latest price shared, the stock was at $298.66, down $11.15, or 3.58%.

H2O America Shares Fall 1.57% as Quadvest Acquisition Expands Texas Footprint

H2O America has completed the acquisition of all assets owned by Quadvest through its regulated Texas water and wastewater utility, The Texas Water Company, and affiliate Texas Water Operation Services. The deal significantly expands the company’s presence in the Houston region.

The acquisition more than doubles H2O America’s water and wastewater connections in Texas. The company expects Texas customers to account for 26% of its overall customer base by 2029, up from 8% before the transaction.

H2O America said Quadvest brings an experienced workforce, development pipeline and established community relationships. Its operations are concentrated in Houston-area communities, where customer growth is expected to remain strong over the coming years.

The company also said the larger Texas footprint will provide additional scale for infrastructure investment and help diversify its exposure to weather, climate and jurisdiction-specific risks. Quadvest employees and local leadership have been retained, with customer operations continuing without interruption.

H2O America shares previously closed at $61.22. They opened at $61.22, reached a high of $61.22 and a low of $59.70. At the latest price shared, the stock was at $60.26, down $0.96, or 1.57%.

Powerus Shares Fall 15.98% as Merger Begins Nasdaq Trading

Powerus has completed its merger with Aureus Greenway Holdings, with the combined company now operating as Powerus Corporation and trading on the Nasdaq Capital Market under the ticker PUSA. Powerus, which focuses on autonomous drones and unmanned systems, is continuing as the surviving entity.

The company highlighted several recent business developments alongside the merger. Powerus received a defence-related purchase order worth about $2.5 million for 1,500 US-manufactured FPV aircraft, pilot kits and spare parts. It also secured a US Air Force indefinite-delivery, indefinite-quantity contract for its Guardian-2 counter-drone interceptor, with a ceiling of up to $90 million through mid-2028.

Powerus also announced a $60 million Australia-New Zealand distribution agreement for its agriculture division. In addition, Unusual Machines made a $30 million strategic equity investment in the company, while Powerus placed an order worth more than $5 million with Unusual Machines for US-made components.

Powerus shares were down 15.98% at the latest price shared. The stock was at $3.26 at 1:32pm ET, after opening at $3.92, reaching a high of $3.94 and a low of $2.82. Based on the reported 15.98% decline, the previous close was approximately $3.88.

Constellation Energy Shares Rise 2.59% as Amazon Signs 20-Year Nuclear Power Deal

Constellation Energy has signed a 20-year power purchase agreement with Amazon to support the expansion of the Calvert Cliffs Clean Energy Center in Maryland, a deal expected to enable more than $3 billion in infrastructure investment.

Under the agreement, Amazon will receive 690 megawatts of power from the 1,790-megawatt nuclear facility. The arrangement will also help finance around 190 megawatts of additional generating capacity, which is expected to enter service between 2030 and 2032. The companies have also agreed on a retail electricity supply arrangement covering Amazon’s requirements across the 13-state PJM market.

The deal comes after Amazon dropped plans for a data-centre campus next to Calvert Cliffs following community opposition. Instead, the company will support an expansion of the plant’s output, with electricity continuing to flow into the regional grid.

The long-term agreement could also support Constellation’s efforts to renew operating licences for the plant’s two reactors, which come up for review in 2034 and 2036. Amazon and Constellation are additionally exploring advanced nuclear technologies, including small modular reactors.

Constellation Energy shares previously closed at $254.02. They opened at $261.51, reached a high of $271.00 and a low of $257.62. At the latest price shared, the stock was at $259.89, up $5.87, or 2.31%.

Southport Acquisition Corp. II Prices $200 Million IPO on NYSE

Southport Acquisition Corp. II has priced its initial public offering at $10 per unit, raising $200 million as the blank-check company begins trading on the New York Stock Exchange.

The IPO comprises 20 million units, with trading under the symbol PORT.U beginning on October 1, 2026. Each unit includes one Class A ordinary share and one-half of a redeemable warrant. Each whole warrant gives investors the right to purchase one Class A ordinary share for $11.50, subject to certain adjustments.

The offering is expected to close on or around October 2. Southport has also granted the underwriters a 45-day option to purchase up to an additional 3 million units at the IPO price to cover over-allotments.

After the units separate, the Class A ordinary shares are expected to trade under PORT, while the warrants will trade under PORT.W.

Southport Acquisition Corp. II is a blank-check company formed to pursue a merger, share exchange, asset acquisition or similar business combination. Its management team is led by Chief Executive Officer and Chairman Jeb Spencer and President and Chief Operating Officer Griffith Gates.

Cohen & Company Capital Markets served as the sole book-running manager. The SEC declared the registration statement effective on September 30, 2026.

Ovintiv Shares Rise 3.95% as Company Renews Buy-Back Programme for 27 Million Shares

Ovintiv has renewed its share buy-back programme after receiving regulatory approval to repurchase up to 26.97 million common shares over the next 12 months. The Toronto Stock Exchange has accepted the company’s notice covering purchases from 5 October 2026 to 4 October 2027, with the authorised amount representing 10% of Ovintiv’s public float as of 21 September.

The purchases can be made through the TSX, New York Stock Exchange and other designated exchanges and alternative trading systems in Canada and the US. Ovintiv has also renewed its automatic share purchase plan, allowing purchases during regulatory blackout periods.

Under its existing programme, Ovintiv had bought 13.93 million shares as of 30 September at a weighted average price of $58.49. In the third quarter alone, it purchased 6.33 million shares at an average price of $60.90.

The company said the programme supports its capital allocation framework, which targets returning 50% to 100% of annual non-GAAP free cash flow through dividends and buy-backs. For 2026, Ovintiv has committed to returning at least 60%.

Ovintiv shares were at $60.12 at 2:08pm ET on 1 October, up 3.95%. The stock opened at $57.86, reached a high of $60.19 and touched a low of $57.68. Based on the 3.95% move and $60.12 latest price, the previous close was approximately $57.84.

nVent Shares Rise 3.07% as $1.75 Billion Maverick Power Acquisition Closes

nVent Electric has completed its $1.75 billion acquisition of Maverick Power, strengthening its position in the data centre infrastructure market. The transaction remains subject to customary adjustments and includes potential additional cash consideration of up to $550 million, depending on performance targets achieved in 2027 and 2028.

Maverick Power manufactures engineered power distribution and infrastructure solutions for data centres. Based in McKinney, Texas, the company employs around 900 people across Texas and Arizona. nVent said the acquisition adds a power distribution platform that complements its existing data centre portfolio.

The deal expands nVent’s capabilities as demand for data centre infrastructure grows, adding power distribution products to its existing electrical connection and protection solutions.

nVent Electric shares were at $165.29 at 2:15pm ET on 1 October, up 3.07%. The stock opened at $160.39, reached a session high of $167.73 and touched a low of $158.21. Based on the latest price and 3.07% gain, the previous close was approximately $160.37.

SpyGlass Pharma Shares Rise 1.63% as $13 Million AVS Acquisition Secures IOL Supply

SpyGlass Pharma has acquired Advanced Vision Science (AVS) from Santen Pharmaceutical for approximately $13 million in cash, securing commercial manufacturing capacity for intraocular lenses (IOLs) used in its lead product candidate, the BIM-IOL System.

AVS currently supplies the IOL used by SpyGlass Pharma in its two Phase 3 registrational trials evaluating the BIM-IOL System. The acquisition gives SpyGlass direct control of a scalable IOL manufacturing operation as it advances the programme towards potential commercialisation.

The deal also supports SpyGlass Pharma’s plans to expand its lens portfolio. The company said owning AVS could accelerate development of premium IOL options, including toric and extended depth-of-focus lenses, designed to work with its drug delivery platform.

AVS will remain the exclusive manufacturer and supplier of several IOL types to Santen for commercialisation in Japan. It will also continue licensing its glistening-free hydrophobic acrylic lens material to Bausch + Lomb for its enVista IOL range and manufacturing products for other global IOL companies.

SpyGlass Pharma shares were at $26.42 at 2:14pm ET on 1 October, up 1.63%. The stock opened at $26.30, reached a session high of $26.81 and touched a low of $25.34. Based on the latest price and 1.63% gain, the previous close was approximately $26.00.

Corteva Shares Fall 84.31% as Company Completes Seed Business Spin-Off

Corteva has completed the spin-off of its seed and genetics business, leaving the company focused entirely on crop protection products. The restructuring separates its seed operations from crop protection and is intended to give the company greater focus on its remaining business.

Corteva said its crop protection business increased revenue by more than $1 billion between 2020 and 2025, while operating EBITDA margins expanded by around 250 basis points. Differentiated technologies now account for approximately 65% of sales.

The company has an $11 billion crop protection pipeline, including 12 new active ingredients planned for launch over the next decade. Five of these are biological products. Corteva employs nearly 9,000 people and serves growers across approximately 110 countries.

Its crop protection portfolio includes conventional chemistries, biological products, seed-applied technologies and nature-inspired solutions designed to address weeds, insects, diseases and weather-related challenges.

Corteva shares were at $12.28 at 2:27pm ET on 1 October, down 84.31%. The stock opened at $14.44, reached a high of $14.44 and touched a low of $11.84. Based on the latest price and the reported 84.31% decline, the previous close was approximately $78.13.

Veea Shares Rise 47.47% as TROLLEE Plans VeeaONE Roll-Out Across 1,000 Stores

Veea has announced an agreement with TROLLEE Holdings Limited for the phased deployment of its VeeaONE solutions across 1,000 unattended stores, starting with up to 50 locations. The agreement marks an expansion of the companies’ partnership and is expected to combine local AI, secure connectivity and remote management.

Each store is expected to use one or more VeeaHubs with AI computing capabilities and accessories, at an estimated cost of $1,000 to $2,000 per store. Planned applications include loss prevention, shopper and store safety, predictive maintenance, monitoring and other smart retail functions.

TROLLEE plans to use connected cameras and sensors to identify potential loss events, provide notifications and enable remote viewing. NVIDIA Jetson devices will provide AI inference and video analytics, while VeeaCloud will support remote management across locations.

The deployment is also designed to support federated learning, allowing AI workloads to run locally while providing the option to add cloud computing capacity as requirements increase.

Veea shares were at $3.19 at 2:37pm ET on 1 October, up 47.47%. The stock opened at $2.98, reached a session high of $3.93 and touched a low of $2.91. Based on the latest price and 47.47% gain, the previous close was approximately $2.16.

Foghorn Shares Slide as Lilly-Partnered Cancer Drug Is Discontinued

Foghorn Therapeutics has discontinued development of FHD-909, an experimental cancer drug partnered with Eli Lilly, after an early-stage trial failed to show enough benefit to justify further testing. The decision also ends the companies’ 2021 partnership, which was originally valued at up to $1.6 billion.

FHD-909 was being developed for certain lung and other solid tumours involving changes in the SMARCA4 gene. Foghorn said the drug was generally safe, but its approach did not produce the required level of effectiveness.

The company will also discontinue a separate programme targeting SMARCA2, a protein involved in controlling gene activity and relied upon by some cancer cells.

Following the setbacks, Foghorn plans to cut around 40% of its workforce in the fourth quarter, leaving approximately 65 employees. The company expects about $2.3 million in charges related to the layoffs.

Foghorn said it will focus on its remaining pipeline, including potential treatments for blood cancer, prostate cancer and hormone-sensitive breast cancer, alongside an experimental oral drug for inflammatory diseases.

Foghorn shares were at $2.82 at 2:53 pm ET on 1 October. The stock opened at $2.08, reached a high of $2.86 and touched a low of $1.79. The supplied data does not state the previous close or current percentage change, so a precise percentage headline cannot be calculated from these figures alone.

The trading session highlighted how quickly US-listed shares could respond to earnings, corporate deals and business updates. Accenture gained strongly after its results and outlook, while Veea recorded a sharp rise following its retail expansion agreement. Meanwhile, Corteva and Regeneron moved lower as investors assessed their respective corporate developments. From acquisitions at nVent and SpyGlass Pharma to major contracts secured by Rocket Lab and Constellation Energy, the announcements showed how company-specific events continued to influence share prices and investor sentiment across the US market.

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