Key events for Walmart, Marvell, Cisco and Moderna shares — Freedom Broker

Freedom Broker analysts highlighted several corporate events that could affect the stock performance of major U.S. companies. The focus was on earnings from Walmart (WMT), Target (TGT) and Cisco Systems (CSCO), Marvell Technology’s (MRVL) agreement with Alphabet (GOOGL), Barrick Mining’s (GOLD) plans to list its North American assets, as well as trial results for the cancer vaccine from Moderna (MRNA) and Merck (MRK).

Read more about these and other companies in Freedom Broker’s biweekly investment review No. 352, “Playing Defense”.

Walmart and Target posted profit growth, but investors reacted differently

Walmart and Target — the largest U.S. retail chains — increased margins in the second quarter thanks to refunds of previously paid tariffs. Digital revenues at both companies grew at double-digit rates, while revenue and earnings per share exceeded market expectations.

At the same time, Freedom Broker analysts drew attention to the slowdown in comparable sales in the U.S. At Walmart, their growth was 2.6%, the lowest figure since 2022. At Target, comparable sales increased 3.8% year over year.

Investor reaction to the two retailers’ earnings was the opposite. Target shares hit a two-year high: for the second consecutive quarter, the company recorded growth in traffic and average ticket, and sales are rising across all merchandise categories.

Walmart shares, by contrast, fell more than 9% after the results were released. One of the issues was sales in the health and wellness segment due to the Maximum Fair Price program. Excluding this area, Walmart’s comparable sales would have grown 3.4%. However, even this result and confident management commentary failed to change investors’ negative reaction.

Barrick assets IPO could become a catalyst for gold miners

Another important event, analysts say, is the upcoming IPO of North American Barrick — a company into which Barrick Mining, one of the world’s largest producers of gold and copper, plans to carve out part of its North American assets. These include 61.5% of Nevada Gold Mines, 60% of Pueblo Viejo, the Fourmile project, and stakes in other assets.

Barrick’s total gold production in 2025 was about 2 million ounces. After the agreement with Newmont (NEM), which provides for the transfer of Fourmile, Mike and Fiberline to Nevada Gold Mines and a $1.95 billion payment to Barrick, the complex’s resource base approached 100 million ounces.

The market estimates the potential value of the new company at more than $60 billion. This corresponds to a multiple of about 7.1x projected enterprise value to EBITDA for 2027 and is comparable to valuations of major North American gold miners.

Barrick still plans to carry out the listing by the end of 2026 and retain control of the new company. In Freedom Broker’s view, the IPO could become one of the key catalysts for the gold-mining sector thanks to the quality of the assets being separated out, their location in relatively low-risk jurisdictions, and the potential of the Fourmile project.

Marvell’s contract with Alphabet creates risk for Broadcom

Marvell Technology, a maker of semiconductor solutions for data centers and network infrastructure, has signed a contract with Google parent Alphabet through 2033 to develop components for the ecosystem of specialized TPU processors.

At the same time, Marvell will not be directly developing the TPU itself. The agreement covers accelerators for running artificial intelligence models, storage controllers, networking and memory interfaces, as well as near-memory computing solutions.

The economics of the deal involve Alphabet issuing warrants for Marvell shares worth about $12.2 billion, equivalent to roughly 6.6% of the chipmaker’s equity. The terms stipulate Marvell’s cumulative revenue from products for Google of $120 billion through fiscal 2033.

Freedom Broker analysts consider this price small relative to Marvell’s potential income. At the same time, the agreement creates risk for Broadcom (AVGO), which is responsible for TPU development. With access to this ecosystem, Marvell could increase competitive pressure on Broadcom and limit its pricing power.

Why Cisco shares fell after a record year

Cisco Systems, one of the largest makers of networking equipment and software, ended fiscal 2026 with record results and beat expectations on key metrics. The company also improved its outlook for fiscal 2027 and raised its targets for AI-related revenue.

Cisco’s order backlog continued to grow without direct reliance on the largest cloud companies, and outside the AI business its growth rate accelerated.

However, investors focused on the report’s weak points. Cisco again expects a decline in gross margin, recurring revenue is barely growing, and the forecast upgrades are largely tied to a single product category.

An additional factor was the relatively high valuation of the shares. The day after the earnings release, Cisco’s stock fell 8.45%.

Moderna and Merck vaccine became a new driver for the shares

One of the most notable stories in the biotech sector was the preliminary Phase 3 results of a personalized cancer vaccine based on mRNA, which Moderna is developing jointly with Merck.

In treating patients with melanoma, the vaccine in combination with the cancer drug Keytruda significantly increased recurrence-free survival compared with using Keytruda alone. In addition, the therapy reduced the risk of distant metastases.

Moderna shares surged 177% on the study results. For the company, the potential new product could become an important source of revenue diversification after the pandemic. Merck shares gained more than 12%. For Merck, the vaccine’s success is especially important given the approaching expiration of Keytruda’s patent protection in 2028. Currently, this drug accounts for 49% of the company’s revenue.

At the same time, Freedom Broker analysts warn that the investment risks in both companies remain elevated. So far, only initial study results have been presented, and safety-profile and overall-survival data have not been disclosed. The next potential driver for the shares could be new data expected at the European Society for Medical Oncology conference in October.

Not an individual investment recommendation.