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Walmart’s 9.15% Plunge, Nvidia’s $105B OpenAI Deal, SpaceX’s $8B Contracts and Charter’s $34.5B Cox Merger
Authored By HDFC SKY | Last Modified: Aug 22, 2026 07:50 PM IST

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New York, Aug 22: US stock markets concluded the week on a mixed note, with benchmark indices registering their first weekly decline in a month as rising Treasury yields and surging crude oil prices weighed on investor sentiment.
The Dow Jones Industrial Average fell 1.81% for the week, the S&P 500 declined 1.85% , and the Nasdaq Composite dropped 2.48%, marking the second consecutive weekly loss for the Dow and its steepest weekly decline since mid-March.
The week’s selling pressure was led by retail bellwether Walmart, which plunged 9.15% after reporting its slowest comparable sales growth since 2020, raising fresh concerns about the resilience of the US consumer. However, strong earnings from Home Depot, Analog Devices, Ross Stores and BJ’s Wholesale Club provided pockets of resilience, while a blockbuster $12.2 billion Google warrant deal sent Marvell Technology shares surging nearly 10%.
Walmart Revenue Hits $187.9B; Home Depot $47.9B; Analog Devices Revenue Reaches $4.02B In Earnings.
Walmart Inc. (NYSE: WMT) reported second-quarter revenue of $187.9 billion, up 5.9% year-over-year and exceeding the $186.75 billion consensus, while adjusted EPS of $0.81 beat the $0.74 estimate. However, Walmart U.S. comparable sales excluding fuel increased just 2.6%, well below the 3.67% estimate and marking the slowest growth in six years. Global e-commerce sales surged 23%, and gross profit rate improved 96 basis points helped by tariff refunds. Despite raising full-year EPS guidance to $2.80–$2.87, shares plunged 9.15% to close at $103.60, marking the steepest single-day decline since 2022, as investors focused on slowing comparable sales growth.
Also Read: How to invest in US stocks
Home Depot Inc. (NYSE: HD) reported revenue of $47.9 billion, up 5.7% year-over-year, while adjusted EPS of $4.92 beat estimates by $0.19. Total comparable sales rose 1.7%, with 13 of 16 merchandising departments recording positive comparable sales. Online comparable sales climbed 11%, marking the fifth consecutive quarter of double-digit growth. Gross margin expanded 25 basis points to 33.7%, including a $685 million tariff refund benefit. Shares rose 5.7% to close at $346.87 on the earnings beat, after initially gaining 0.7% to $340.26 on Tuesday.
Analog Devices Inc. (NASDAQ: ADI) reported record fiscal third-quarter revenue of $4.02 billion, up 40% year-over-year and exceeding estimates by $110 million. Adjusted EPS of $3.45 beat the $3.34 consensus by $0.11. The Industrial segment grew 56%, while data center optical and power products grew over 100%. ADI guided fourth-quarter revenue of $4.2–$4.4 billion and EPS of $3.71–$4.01, above the $3.55 consensus. The company also completed its $1.5 billion acquisition of Empower Semiconductor, adding voltage-regulator technology for data centers. Shares closed at $373.26, down 0.89% on 19 August, having rallied roughly 54% over 12 months. The company also declared a quarterly dividend of $1.10 per share, payable on 15 September.
SpaceX Secures More Than $8 Billion in Golden Dome Contracts
Space Exploration Technologies Corp. (SpaceX) secured more than $8 billion in Golden Dome contracts during the week, including approximately $4.2 billion to build hundreds of missile-tracking satellites and nearly $2.3 billion to develop the backbone of a military data network. The Space Force separately awarded up to $615 million to three companies and allocated $60 million across five firms for technology demonstrations.
SpaceX also received regulatory waivers covering satellite-to-phone spectrum rights, orbital interference rules and terrestrial infrastructure requirements. Officials are reviewing a proposal for up to one million AI satellites, while transportation authorities have proposed exemptions from standard environmental reviews for launches and spaceport development.
SpaceX shares declined 4.1% to $133.93 during the week. The company is also evaluating a potential large-scale IPO. SpaceX President Gwynne Shotwell said she remained bullish on government contracts, while Senator Jack Reed raised concerns over the company’s position in launch and satellite constellations.
Nvidia Guarantees $105 Billion for OpenAI’s Ohio Data Centre; Chipmaker Commits $1.5 Billion to SB Energy
Nvidia Corp. (NASDAQ: NVDA) agreed on 17 August to provide a guarantee of up to $105 billion to support OpenAI’s lease of a major data centre in Pike County, Ohio, being developed by SoftBank-owned SB Energy. The deal also includes a planned $1.5 billion investment in SB Energy. OpenAI will pay the lease costs, while Nvidia’s guarantee covers a portion of lease and power payments and helps ensure the facility maintains a minimum value.
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The facility will have capacity of up to 8 gigawatts, with the first 800 megawatts expected to come online in 2028. OpenAI will lease the site for 20 years, with Nvidia serving as its exclusive chip provider. CEO Jensen Huang said the initial 4.25-gigawatt facility could generate up to $200 billion in Nvidia revenue. Overall, Nvidia could generate as much as $600 billion in revenue from OpenAI by 2030 by supplying 16 gigawatts of computing capacity.
Charter Closes $34.5 Billion Cox Merger, Creating Largest US Cable Giant
Charter Communications Inc. (NASDAQ: CHTR) completed its acquisition of Cox Communications on Thursday, closing a $34.5 billion deal that creates the largest internet and video provider in the United States by subscriber count. Charter also simultaneously closed its acquisition of Liberty Broadband Corporation in an all-stock transaction.
The combined company now serves 37 million customers — Charter’s existing 31 million plus the six million it gained from Cox, spanning 45 states. Under the terms of the Cox transaction, a subsidiary of Cox Enterprises received approximately 33.6 million common units valued at roughly $5 billion, $6 billion of convertible preferred units, and approximately $4 billion in cash.
Approximately $12 billion of Cox debt and finance leases will remain on Charter’s books. The deal was cleared by the California Public Utilities Commission, the final regulatory hurdle, after the Federal Communications Commission had approved it earlier this year. Charter stock fell 4.7% on Thursday, as investors weighed integration risks and the significant debt burden against the expanded scale and market position.
Baidu Slumps 13.04%, Alibaba Drops 2.94% as Amer Sports Surges on Strong Results
Baidu Inc. (NASDAQ: BIDU) reported second-quarter revenue of RMB31.3 billion ($4.62 billion), down 4% year-over-year and missing market expectations of $4.74 billion. Adjusted EPS missed estimates by 26.63%. While AI Cloud Infra revenue jumped 50% to RMB7.3 billion and GPU Cloud revenue soared 283%, this was offset by a 23% decline in Legacy Business revenue and a 19% drop in Online Marketing Services revenue. Baidu shares crashed 13.04% to $90.54 as the AI growth story failed to offset legacy weakness.
Alibaba Group Holding Ltd (NYSE: BABA) reported June quarter revenue of RMB268,953 million ($39,639 million), up 9% year-over-year and slightly above consensus. However, earnings per share missed estimates by ¥2.20, while income from operations plummeted 57% to RMB15,161 million. Net income attributable to ordinary shareholders fell 76% to RMB10,537 million. Alibaba Cloud’s external revenue accelerated to 45% with AI-related product revenue delivering triple-digit growth for the twelfth consecutive quarter. Despite the cloud strength, the stock declined 2.94% to $23.13 as investors weighed aggressive AI investment against near-term profitability.
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Amer Sports Inc. (NYSE: AS) reported second-quarter revenue of $1.633 billion, up 32% year-over-year, driven by 32% growth in Technical Apparel and 37% growth in Outdoor Performance. Gross margin expanded 710 basis points to 65.6%, while operating profit surged 339% to $192 million. The company raised its full-year 2026 revenue growth outlook to approximately 24% and operating margin guidance to 14.2%-14.5%. Shares rose 6.57% in pre-market trading before closing at $32.57, down 0.91% for the session.
Marvell Technology Surges 9.85% on $12.2 Billion Google Warrant Deal
Marvell Technology Inc. (NASDAQ: MRVL) announced a landmark agreement with Alphabet’s Google on 19 August, giving the search giant the right to acquire a potential $12.18 billion stake in the chipmaker. Under the agreement, Google received a warrant to purchase up to 58,970,907 Marvell shares at $206.58 each, representing a premium of approximately 16% to Marvell’s closing price prior to the announcement.
If fully exercised, Google would become Marvell’s fifth-largest investor. The partnership covers technologies used in Google’s tensor processing units (TPUs), including processors for running AI models, managing data storage and moving information across networks.
The agreement strengthens Marvell’s position in the growing market for custom AI chips and could help it challenge larger rival Broadcom, which has been Google’s main custom-chip partner. The partnership could generate approximately $120 billion in revenue through fiscal 2033, subject to Google meeting the targets linked to the stake option. Marvell shares surged 9.85% to close at $237.27 following the announcement.
Ross Stores Jumps 8.6% To $248.77; BJ’s Rises 4.6%; Lowe’s Earnings Show 0.2% Sales Growth
Ross Stores Inc. (NASDAQ: ROST) shares jumped 8.6% to $248.77 after Q2 sales rose 13% to $6.26 billion and comparable-store sales increased 10%. EPS reached $2.66, while full-year guidance rose to $8.61–$8.77. BJ’s Wholesale Club Holdings Inc. (NYSE: BJ) shares rose 4.6% to $95.51 after Q2 revenue increased 16% to $6.23 billion and adjusted EPS reached $1.36. Comparable sales rose 11.9%, while membership reached a record 8.5 million.
Lowe’s Companies Inc. (NYSE: LOW) reported Q2 sales of $26.0 billion, up from $24.0 billion, while comparable sales increased 0.2%, marking the fifth consecutive quarter of positive growth. Adjusted EPS rose 1.6% to $4.40, while online sales climbed 15.7%. The company narrowed its 2026 outlook to approximately $92 billion in sales and flat comparable sales. The share-price response should be added separately once the relevant 21 August closing move is confirmed, rather than inserting an unverified figure.
Target Q2 Sales Rise 5.3% to $26.5 Billion as EPS Doubles on Tariff Refunds
Target Corporation (NYSE: TGT) reported second-quarter 2026 net sales of $26.5 billion, up 5.3% year-over-year, while comparable sales increased 3.8%, driven by a 3.6% rise in traffic.
GAAP and adjusted EPS doubled to $4.11 from $2.05, including a $1.65 per-share benefit from tariff refunds. Excluding the refunds, EPS grew 20% year-over-year. Store comparable sales increased 2.7%, while digital comparable sales rose 8.7%, supported by more than 25% growth in same-day delivery.
Net sales increased across all six core merchandising categories, led by double-digit growth in Fun101 and high-single-digit gains in Food & Beverage and Beauty. Non-merchandise sales climbed more than 20%, driven by Roundel advertising, Target Circle 360 membership and the Target+ marketplace.
Target raised its full-year 2026 outlook, now expecting net sales growth of around 5% and GAAP and adjusted EPS of $9.90 to $10.90, including the tariff refund benefit.
ScanSource Surges 9.7% On $1.46 EPS Beat As Advance Auto Parts Plunges 24.6% On Revenue Miss
ScanSource Inc. (NASDAQ: SCSC) shares rose 9.7% on 21 August after fourth-quarter fiscal 2026 adjusted earnings per share reached $1.46, beating the $1.11 consensus estimate. Net sales increased 17.3% year-on-year to $953.1 million, while gross profit rose 14% to $119.8 million. Operating income climbed 18.5% to $31.7 million, and adjusted EBITDA increased 19.4% to $46.1 million. Fiscal 2026 sales rose 6.1% to $3.23 billion. ScanSource also agreed to acquire MicroAge for $220.5 million.
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Meanwhile, Advance Auto Parts Inc. (NYSE: AAP) shares plunged 24.6% after second-quarter revenue of approximately $2 billion missed the consensus estimate by 1.66%. Comparable store sales declined 0.5%. Gross profit margin improved to 46.2% from 43.5%, while operating income increased to $101 million from $22 million. Adjusted operating income rose to $112 million, compared with $61 million previously, and adjusted EPS increased to $1.03 from $0.69. The company operates more than 4,700 stores across the US.
Deere & Company Rises 6.9% as Q3 EPS of $5.10 Beats $4.79 Estimate; Raises Full-Year Guidance
Deere & Company (NYSE: DE) shares rose 6.9% on 21 August after the agricultural and construction equipment manufacturer reported third-quarter 2026 earnings of $5.10 per share, beating the Zacks Consensus Estimate of $4.79 per share. Revenue came in at $11 billion, compared with estimates of $10.81 billion.
The company raised its fiscal 2026 net income guidance to a range of $4.75 billion to $5.0 billion, driven by strong construction demand. The results reflected robust demand for construction equipment, which offset continued headwinds in the agricultural sector. Headquartered in Moline, Illinois, Deere is the world’s leading manufacturer of agricultural and construction equipment and trades on the New York Stock Exchange under DE.
Nordson Rallies 8% as Q3 EPS of $3.25 Tops $3.09 Estimate; Precision Dispensing Demand Drives Growth
Nordson Corporation (NASDAQ: NDSN) shares rose 8% on 21 August after the precision dispensing equipment manufacturer reported third-quarter 2026 earnings of $3.25 per share, beating the Zacks Consensus Estimate of $3.09 per share. The company’s strong performance was driven by robust demand for its precision dispensing and coating equipment across industrial, medical and electronics end-markets.
Headquartered in Westlake, Ohio, Nordson engineers, manufactures and markets precision dispensing equipment for applying adhesives, coatings, sealants and other materials to a broad range of consumer and industrial products. The company trades on the Nasdaq under NDSN.
Webull Surges 9.3% as Q2 Revenue Hits Record $198.8 Million, Up 51% Year-on-Year
Webull Corp. (NASDAQ: BULL) shares surged 9.3% in after-hours trading on 19 August after the digital investment platform reported record second-quarter financial results. The company reported record revenue of $198.8 million, a 51% year-over-year increase, surpassing analyst expectations of $180.7 million. Adjusted operating profit reached $62.6 million with a strong operating margin of 31.5%, alongside adjusted net income of $43.2 million.
Customer assets under management grew 79% year-over-year to $28.5 billion, underscoring rapid expansion in its user base and platform engagement. Earnings per share came in at $0.05, beating the analyst estimate of $0.04 by $0.01.
Webull Corp operates as a mobile-first digital investment platform offering low-cost, easy-to-use investment tools and broad product offerings. With a market capitalization of $4.59 billion, the company is positioned as a notable player in the fintech space.
Duos, Pony AI, AXIL, Toll Brothers, Jack Henry and Unifi Post Mixed Earnings Results
Duos Technologies Group Inc. (NASDAQ: DUOT) reported second-quarter 2026 revenue of $6.18 million, up from $4.77 million, while net income swung to $47.84 million from a $3.52 million loss. Pony AI Inc. (NASDAQ: PONY) reported Q2 revenue up 69% to $36.2 million, driven by a 691% increase in robotaxi revenue to $12.1 million, while net loss narrowed 14.9% to $45.4 million. AXIL Brands Inc. (NYSE: AXIL) posted record Q4 revenue of $8.6 million, up 48.9%, while net income reached $1.5 million from a $0.2 million loss. Gross margin expanded to 72% from 70%.
Toll Brothers Inc. (NYSE: TOL) reported Q3 net income of $280.1 million, down from $369.6 million, while home sales revenue declined to $2.65 billion from $2.88 billion. Jack Henry & Associates Inc. (NASDAQ: JKHY) reported Q4 revenue growth of 4.7%, while diluted EPS fell 10.2% to $1.57. Unifi Inc. (NYSE: UFI) reported Q4 revenue of $144.2 million, up 4.1%, while gross profit improved to $14.3 million from a $1.1 million loss.
TJX Q2 Revenue Rises 5% to $15.2 Billion as Comparable Sales Grow 4%
The TJX Companies Inc. (NYSE: TJX) delivered above-plan second-quarter results, with consolidated comparable sales increasing 4%. Net sales rose 5% to $15.2 billion, reflecting strong consumer demand for value-oriented merchandise. Diluted EPS increased 24% year-over-year to $1.36, exceeding internal expectations. Excluding a net benefit from IEEPA tariff refunds, adjusted diluted EPS was $1.22, up 11%.
Pretax profit margin expanded 190 basis points to 13.3%, while gross margin improved 270 basis points to 33.4%, driven by higher merchandise margins. HomeGoods, TJX Canada and TJX International each delivered comparable sales growth of 6% to 7%, while Marmaxx posted a 1% increase. TJX returned $1.3 billion to shareholders through share repurchases and dividends. The company raised its FY27 pretax profit margin and EPS guidance and plans to accelerate store growth to 4% from FY28.
Estée Lauder Shares Surge 16.3% as Sales Rise 5% and FY27 Margin Outlook Improves
Estée Lauder Companies Inc. (NYSE: EL) shares surged 16.3% to close at $98.01 on 19 August after the prestige beauty giant reported fiscal 2026 net sales of $15.05 billion, up 5% year-over-year, with organic net sales growth of 3%. Fourth-quarter organic sales accelerated 5% , marking the company’s fourth consecutive quarter of growth. Full-year gross margin expanded 150 basis points to 75.5%, while adjusted operating margin improved 320 basis points to 11.2%. Adjusted diluted EPS rose 66% to $2.51 from $1.51 a year earlier.
Growth was broad-based across regions, with Mainland China delivering high-single-digit organic growth. The company increased its billion-dollar brand count to six with the addition of Jo Malone London and TOM FORD. Its Profit Recovery and Growth Plan delivered $1.2 billion in gross benefits and reduced positions by 10,000. For fiscal 2027, Estée Lauder affirmed organic net sales growth guidance of 3% to 5% and raised its adjusted operating margin outlook to 12.7% to 13.5% from 12.5% to 13.0%.
$2.5 Billion Leggett & Platt Deal, $9 Billion UGI Bid And $297.5 Million Lyntris IPO Shape US Corporate News
Leggett & Platt Inc. (NYSE: LEG) shareholders approved the company’s proposed $2.5 billion acquisition by Somnigroup International, clearing a key hurdle for the transaction. Under the agreement, Leggett & Platt shareholders will receive 0.1455 shares of Somnigroup common stock for each share held and are expected to own approximately 9% of the combined company once the deal is completed.
Meanwhile, private equity firm KKR & Co. Inc. (NYSE: KKR) proposed an approximately $9 billion acquisition of UGI Corp. (NYSE: UGI) at $42.50 per share. The proposal targets the US natural gas and power distributor as demand for energy infrastructure grows alongside rising electricity requirements linked to artificial intelligence development.
In the IPO market, Lyntris Inc. (NYSE: LYNX) raised $297.5 million after pricing its initial public offering below the marketed range. The defence contractor priced 17 million shares at $17.50 each, compared with the indicated $19–$22 range. Lyntris sold approximately 5.7 million shares, while existing shareholders reduced their portion of the offering.
The Falls Church, Virginia-based company develops battlefield sensors and software for the US and its allies. Shares began trading on the NYSE on 19 August and fell 11.4%, giving the company a valuation of approximately $1.78 billion.
Moderna Surges 177% on Positive Phase 3 Results for mRNA Cancer Vaccine; Stock Then Falls 12%
Moderna Inc. (NASDAQ: MRNA) and Merck & Co. Inc. (NYSE: MRK) announced on 19 August that their personalized mRNA cancer vaccine, intismeran (autogene), met primary and key secondary endpoints in the Phase 3 INTerpath-001 trial involving over 1,100 high-risk melanoma patients. This marks the first positive Phase 3 readout for an mRNA cancer therapy. Moderna shares surged 177%, adding about $45 billion in market cap.
Merck shares rose more than 10% in morning trading and climbed 13% on the day. The vaccine could generate over $2 billion in adjuvant melanoma revenue alone. However, Moderna shares fell about 12% in pre-market trading on Thursday, one day after the 177% surge, as the difference between a good clinical result and expectations already built into a stock price became evident.
The Buckle Q2 Sales Rise 4.6% to $319.8 Million as Comparable Store Growth Accelerates
The Buckle Inc. (NYSE: BKE) reported second-quarter fiscal 2026 net income of $44.4 million, or $0.88 per share ($0.87 diluted), compared with $45.0 million a year earlier. Net sales increased 4.6% to $319.8 million from $305.7 million, ahead of the $314.6 million consensus. Comparable store net sales increased 2.1%. Online sales increased 2.3% to $44.6 million. For the 26-week period, net sales increased 5.3% to $608.6 million, while net income increased to $91.3 million from $80.2 million. Diluted earnings per share rose to $1.79 from $1.59.
ZKH Group Returns to Quarterly Profit as Revenue Rises 12.8% to RMB2.44 Billion
ZKH Group Limited (NYSE: ZKH) reported second-quarter 2026 net revenue of approximately RMB2.44 billion, representing a 12.8% year-over-year increase, while the company moved from a year-earlier loss to a quarterly profit. Gross profit increased 20.3% to approximately RMB429.6 million, compared with RMB357.0 million a year earlier. Gross margin increased to 17.6% from 16.5%. Net profit reached approximately RMB26.7 million, compared with a RMB53.5 million net loss in the second quarter of 2025.
KE Holdings GTV Rises 6.3% to RMB933.8 Billion as Existing-Home Transactions Grow 8%
KE Holdings Inc. (NYSE: BEKE) reported second-quarter 2026 gross transaction value of RMB933.8 billion ($137.6 billion), up 6.3% year-over-year. Existing-home transaction GTV rose 8.0% to RMB629.9 billion. New-home transaction GTV increased 1.2% to RMB258.4 billion. However, net revenue declined 5.7% to RMB24.5 billion ($3.6 billion).
CoStar Completes $800 Million Zonda Acquisition as Residential Revenue Jumps 33%
CoStar Group (Nasdaq: CSGP) completed its $800 million acquisition of Zonda, following the satisfaction of required regulatory approvals and customary closing conditions. The transaction adds Zonda’s new-home construction data and related capabilities to CoStar’s residential real-estate business. CoStar generated $925 million in second-quarter 2026 revenue, an 18% year-over-year increase, while adjusted EBITDA more than doubled to $184 million. Residential revenue increased 33% to $444 million, and the residential segment generated positive adjusted EBITDA during the quarter.
AEVEX Revenue Nearly Doubles As $41 Million Defence Contract Lands
AEVEX Corp. (NYSE: AVEX) received a $41 million US government contract on 20 August for one-way attack systems. The award followed a strong second quarter in which revenue nearly doubled to $201.8 million, compared with the previous year.
The company reported $6.7 million in net income, reversing an $11.8 million loss, while adjusted EBITDA increased to $28.1 million from $3.6 million. Tactical Systems revenue surged 141.6% to $174.2 million, driven mainly by unmanned aircraft systems product and support sales. Funded backlog stood at $259.8 million on 30 June, with 95.1% expected to be recognised over the following 12 months.
AEVEX had also agreed to acquire BlackSea Technologies for up to $650 million, expanding its autonomous defence capabilities across air, surface and subsea platforms.
Gravitics Files for $125 Million Nasdaq IPO After Axiom Contract
Gravitics Holdings Inc. filed terms for a Nasdaq IPO under the ticker GVTX, proposing to raise approximately $125 million through 8.1 million shares priced at $14–$17 each. The space-structures company designs orbital transfer vehicles, cargo spacecraft and space-station modules.
The transaction includes a merger with Non-Invasive Monitoring Systems (OTC: NIMU). Gravitics’ business is anchored by a $125 million fixed-price contract with Axiom Space to develop and deliver a cargo vehicle capable of docking with Axiom’s commercial space station. The company generated approximately $400,000 in revenue in the 12 months ended 31 March 2026.
The week saw sharp retail divergence, with Home Depot, Ross Stores, Target and BJ’s Wholesale Club gaining on strong earnings, while Walmart declined. Major M&A included Charter’s $34.5 billion Cox acquisition. AI infrastructure investment and pharmaceutical innovation remained prominent, alongside continued IPO and private funding activity.
Source
- spglobal.com/spdji/en/indices/equity/sp-500/
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