Stocks fell Thursday as weak results from several major technology companies weighed on the market, with Alphabet tumbling after missing revenue expectations despite strong Google Cloud growth, and Microsoft falling in the tech selloff despite accelerating Azure revenue growth. Jim Cramer said investors were indiscriminately selling strong companies alongside weaker ones. Eli Lilly shares hit an all-time high after a beat-and-raise quarter driven by demand for its obesity and diabetes treatments, with Lilly capturing 7 out of every 10 new participants in the Medicare GLP-1 Bridge program. FedEx beat quarterly expectations and raised its full-year outlook, but a softer fourth-quarter forecast kept gains in check, and Cramer predicted FedEx will surpass UPS for the first time in the holiday shipping season. FedEx Freight, spun off from FedEx in June, reports earnings after the bell.
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QQQ
• NeutralInvesco QQQ Trust
Relevance: low
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 10/28/2026 | 725.59 |
| Change that session | +0.60% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
Related news
- We're raising our price target on Eli Lilly as the obesity-drug boom rolls on
Eli Lilly shares rose over 6% to about $1,370, a record closing high, after third-quarter revenue jumped 39% year over year to $24.4 billion, above the LSEG consensus of $22.6 billion. Adjusted EPS rose 6.6% to $7.48, beating analysts' $6.26 estimate, though a sizable acquisition-related accounting charge held back annual profit growth. Adjusted gross margin reached 84.4%, up from 83.6% a year earlier. Mounjaro revenue climbed 65% to $10.7 billion and Zepbound rose 49% to $5.35 billion, as higher patient volumes more than offset lower realized prices. The price target was raised to $1,500 from $1,300 and the 2 rating was reiterated, with shares up more than 50% since the April 29 close.
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Eli Lilly, once a steady insulin maker, became a major player in obesity drugs after tirzepatide, sold as Mounjaro and Zepbound, reshaped its business. A $1,000 investment ten years ago grew to $18,637 in share price terms, versus $3,634 for the S&P 500 over the same period, though these figures exclude dividends, which rose from $0.51 to $1.73 a quarter. Q2 2026 revenue rose 47.7% to $22.97 billion, and the company raised full-year guidance to $85.0–87.0 billion. Volume growth of 60% has more than offset a 13% fall in realized prices, while Lilly plans a U.S. filing for retatrutide in Q1 2027. The article notes shares fell about 22% between February 4 and April 30, 2026, before recovering.
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