# Merck Reports; Big Tech Earnings; Marvell-Lumentum Latest

An episode of [Stock Movers](https://invisiblenetwork.ai/podcast/1803209456), 29 Oct 2026, 4:22.

Audio: https://podtrac.com/pts/redirect.mp3/traffic.omny.fm/d/clips/e73c998e-6e60-432f-8610-ae210140c5b1/deb345cd-6d73-4a24-a6e3-b2a50138dd86/ad4678a5-6de7-47de-9365-b4f200b5ee64/audio.mp3?utm_source=Podcast&in_playlist=a55c6f22-aa32-4a58-aebd-b2a50138e2b2

Today's biggest winners and losers in the stock market. On this episode of Stock Movers: - Merck (MRK) shares are moving after it raised its full-year profit forecast after third-quarter results topped Wall Street’s expectations, fueled by stronger-than-anticipated sales of cancer blockbuster Keytruda and other newer medicines. The company boosted the lower end of its full-year sales forecast by $500 million and now expects adjusted earnings for the year of $2.77 to $2.82 a share. Sales of Keytruda in both its formulations combined were $8.6 billion, and the company is also developing a growing pipeline of experimental drugs, including a personalized skin cancer vaccine and sacituzumab tirumotecan. - Caterpillar (CAT) shares are moving after it posted quarterly earnings that beat Wall Street expectations as demand for the company's power-generation equipment continued to drive sales. The company's power and energy segment has grown into its largest business by sales, driven by technology companies' need for infrastructure to meet AI's enormous electricity demand. - Microsoft (MSFT) is higher this morning while Google-parent Alphabet (GOOG) is lower after reporting earnings yesterday. Microsoft gained after the software company’s first-quarter results beat expectations on key metrics, including growth in its Azure cloud-computing business. Alphabet, meanwhile, dropped after the Google parent’s third-quarter results featured weaker-than-expected revenue for both Google advertising and search, which offset strong growth in its cloud business. Analysts said the report adds to concerns about AI disrupting search and related businesses. - Marvell Technology (MRVL) shares are moving on news the company is in advanced talks to buy Lumentum, a data center optics maker, according to people familiar with the matter. A transaction may be announced as soon as next week, with Lumentum having a market value of about $83 billion and Marvell worth around $221 billion. See omnystudio.com/listener for privacy information.

## Transcript

[0:02] Speaker 1: Bloomberg Audio Studios, podcasts, radio, news.
[0:08] Speaker 2: The Stock Movers Report, your roundup of companies making moves
[0:12] Speaker 2: in the stock market, harnessing the power of Bloomberg data.
[0:15] Speaker 1: Let's take a look at some stocks on the move today.
[0:18] Speaker 1: I'm Nathan Hager, joined by Bloomberg's Dan Curtis on another
[0:21] Speaker 1: morning where some big names are reporting earnings, including Eli Lilly. Dan,
[0:27] Speaker 1: Being the obesity leader means something.
[0:30] Speaker 2: Good morning.
[0:31] Speaker 3: Good morning. It means 4% of the stock this morning,
[0:34] Speaker 3: which is how much the shares are gaining under ticker LLY.
[0:38] Speaker 3: The company raises its full year guidance. It now sees
[0:41] Speaker 3: adjusted EPS for the period $ 35 to $ 36 per share.
[0:46] Speaker 3: That's up 50 cents from the previous range. That comes
[0:49] Speaker 3: after a third quarter top and bottom line beat. And
[0:53] Speaker 3: as you said, it's getting fat off of getting thin.
[0:55] Speaker 3: Is that bound Manjaro revenue coming in ahead of estimate?
[0:59] Speaker 3: So big news in that space.
[1:02] Speaker 1: Getting fat off of getting thin.
[1:03] Speaker 2: I'm going to use that. Thank you, Dan.
[1:05] Speaker 1: Eli Lilly is the only big drug maker to report earnings.
[1:09] Speaker 1: We also heard from Merck this morning.
[1:10] Speaker 3: That's right. And that's also up 2% ticker MRK. And
[1:15] Speaker 3: this company has really been looking into the oncological, that's
[1:18] Speaker 3: the cancer treatment space. The company as well, raising full
[1:21] Speaker 3: year profit forecast, third quarter top and bottom lines also beat.
[1:25] Speaker 3: And this is coming down to a blockbuster cancer drug
[1:28] Speaker 3: called Keytruda. That's helping to fuel the growth. Merck is
[1:31] Speaker 3: also defending the franchise with a version called Keytruda Culex,
[1:35] Speaker 3: and that can be ingested in less time. Those sales
[1:38] Speaker 3: also be estimates, even as some European countries have blocked
[1:41] Speaker 3: the sale of the treatment. So a lot of hype
[1:44] Speaker 3: around this space. Merck, also Moderna in generally, which has
[1:47] Speaker 3: been developing an oncological with Merck. There's been a lot
[1:52] Speaker 3: of just hype in this space, and that hype is
[1:54] Speaker 3: coming through even more this morning.
[1:56] Speaker 1: Okay, so along with the drug makers, we also heard
[1:59] Speaker 1: from Caterpillar this morning, and the stock is getting pummeled, Dan.
[2:04] Speaker 3: It is. So the stock under CAT is down 9%
[2:07] Speaker 3: in the pre-market. That's despite a third quarter bottom line
[2:10] Speaker 3: beat as the top line came in around estimates. So
[2:15] Speaker 3: the headline that really caught my attention here is, cat
[2:19] Speaker 3: sees fourth quarter moderate sales and revenue growth versus fourth
[2:22] Speaker 3: quarter 25 and then they also said that fiscal year
[2:26] Speaker 3: 26 sales and revenue bid to high teens versus 2025.
[2:30] Speaker 3: i did model this out in excel so assuming a
[2:33] Speaker 3: 17.5 growth that implies around a 20.8 billion dollar in
[2:38] Speaker 3: revenue which is actually lighter than estimates so it seems
[2:40] Speaker 3: like we're getting a little bit of a slowdown implied
[2:43] Speaker 3: in the forecast we don't have exact figures But using
[2:46] Speaker 3: some back of the napkin calculations, it looks like the
[2:49] Speaker 3: fourth quarter will be a bit softer than expected and
[2:51] Speaker 3: not really weighing on the shares this morning.
[2:54] Speaker 1: OK, apparently you're not the only one using Excel because
[2:57] Speaker 1: Microsoft is moving higher. We got earnings from them as
[3:00] Speaker 1: well as Google Parent Alphabet, and they're kind of going
[3:02] Speaker 1: in two different directions this morning.
[3:05] Speaker 3: Absolutely. And that is almost to the point, right? Microsoft
[3:07] Speaker 3: has all these revenue lines, even as it spends on AI,
[3:10] Speaker 3: and it's still free cash flow positive. So Microsoft, those
[3:14] Speaker 3: shares up 3% in the pre-market. Azure revenue, X currency
[3:19] Speaker 3: is up 48%. That beat estimates. CapEx came in at
[3:23] Speaker 3: $ 45 billion, less than estimates. A lot of that was
[3:26] Speaker 3: due to delays in the delivery of some third-party cloud capacity.
[3:29] Speaker 3: So not that they're Trying to hold back on spending
[3:31] Speaker 3: is just the spending didn't come through. But as I mentioned,
[3:35] Speaker 3: positive free cash flow there. Alphabet, on the other hand,
[3:39] Speaker 3: those shares are down 10% as concerns of AI are
[3:43] Speaker 3: eating into its core search as business take hold. So
[3:48] Speaker 3: that business grew at the slowest pace in five quarters
[3:50] Speaker 3: and accounts for nearly two thirds of total revenue. So
[3:53] Speaker 3: two sides of the AI coin this morning going in
[3:55] Speaker 3: different directions.
[3:57] Speaker 2: The Stock Movers Report from Bloomberg Radio. Check back with
[4:01] Speaker 2: us throughout the day for the latest roundup of companies
[4:04] Speaker 2: making news on Wall Street. And for the latest market-moving headlines,
[4:08] Speaker 2: listen to Bloomberg Radio Live. Catch us on YouTube, Bloomberg.com,
[4:13] Speaker 2: and on Apple CarPlay and Android Auto with the Bloomberg
[4:16] Speaker 2: Business app.

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