Bunzl shares fall 5% after trading update as Jefferies flags softer second-half margin

Bunzl (BNZL) reported Q3 underlying revenue growth of 3.7%, driven by price increases and volume. North America contributed 53% of revenue. The company maintained its full-year forecast and is executing a £500m share buyback, with £225m completed so far.

Bunzl stock fell 2.3% to 2,746p after its Q3 2026 trading statement met expectations but did not upgrade guidance. Revenue grew 3.1% at constant rates, with underlying revenue up 3.7%. The company reiterated its full-year outlook, expecting modest revenue growth and flat operating margins. Activist investor Elliott, holding 5% of the company, is pushing for a buyback and strategic review. The broader FTSE 100 also declined 0.5%.

Bunzl PLC reported higher earnings for H1 2026, with pre-tax income rising to GBP 290.4 million. Revenue increased to GBP 5.933 billion, driven by volume growth and inflation. The company plans to repurchase up to GBP 500 million of shares over the next year, starting with a GBP 250 million tranche.

SpaceX (SPCX) stock rose 10% premarket after Morningstar increased its fair value estimate to $70 from $62, citing Starship reusability and orbital AI potential. Analyst Nicolas Owens highlighted SpaceX's strong market position, high launch volume, and cost advantages. CEO Elon Musk projected $1T revenue by 2028, up from prior estimates. Retail sentiment turned 'extremely bullish'. SPCX is down 8% YTD.

Arhaus shares rose 5% premarket after Piper Sandler upgraded its rating to Overweight and raised its price target to $13, citing improved sales trends and margin expansion. Analysts noted stronger product innovation and operational execution, with comparable-store sales improving. Piper Sandler forecasts gross margin gains and mid-to-high teens earnings growth over the next four years.

Duos Technologies (DUOT) stock rose 3.3% in pre-market trading after announcing a 10-year, $400M colocation contract and plans to expand land for data centers. The company aims to secure 100 MW of additional land by year-end. CEO Doug Recker highlighted the strategic shift to a pure-play colocation model. U.S. stock futures were higher, supporting small-cap AI infrastructure stocks.