ABM and G-III Surge on Earnings as Nasdaq Plunges 3% on Hot Jobs Data

Record revenue at ABM, raised guidance at G-III, and three IPOs debut, all overshadowed by a hotter-than-expected jobs report that reignited rate fears

Friday was packed with earnings and IPO action, but macro stole the show: May nonfarm payrolls came in at +172,000 — more than double consensus estimates of ~80,000 — triggering a "good news is bad news" selloff. The Nasdaq tumbled 3%, the S&P 500 fell 1.9%, and the 10-year Treasury yield surged to 4.54%.

ABM Industries: Record Revenue, Stock Jumps 7-8%

ABM Industries (ABM) reported fiscal Q2 2026 results with record revenue of $2.3 billion, up 8.4% year-over-year (6.1% organic, 2.3% from acquisitions). Adjusted EPS came in at $0.90, slightly below the $0.92 consensus estimate.

The stock gained 7-8% intraday despite the marginal EPS miss, driven by the revenue beat, record first-half bookings of $1.2 billion, reaffirmed full-year guidance, and strong segment performance — aviation revenue surged 27%.

G-III Apparel Group: Beat and Raise

G-III Apparel (GIII) reported fiscal Q1 2027 results with net sales of $536 million, down 8% YoY but above the company's own guidance range of $515-525 million. Non-GAAP net loss was $0.21 per share, beating consensus estimates of a $0.30 loss.

The company raised its full-year earnings guidance, and shares rose 7%. GAAP results included a $102.7 million pre-tax IEEPA tariff refund benefit on prior-year inventory. Adjusted gross margin expanded 350 basis points to 45.7%.

Nidec: Earnings Delayed

Nidec (NJDCY) postponed its full-year FY2026 results due to ongoing accounting corrections. No new date has been set.

Three Major IPOs Hit the Market

Wednesday saw the pricing and Thursday the debut of three notable IPOs:

INNIO (INIO): Priced 90 million shares at $27 (raised $2.43B), closed its first day at $33.30 — up 23%. The gas-engine maker, riding AI infrastructure demand, trades at a ~$25B market cap.
Liftoff Mobile (LFTO): Priced above range at $23 (raised $437M), closed at $28.45 — up 24%. The Blackstone-backed mobile advertising platform saw strong demand.
Quantinuum (QNT): Priced an upsized 28 million shares at $60 (raised $1.68B), opened at $68 but faded to close at $60.38 — a modest 0.6% gain. The Honeywell-backed quantum computing company's subdued debut contrasted with its peers.

SpaceX IPO on the Horizon

SpaceX is targeting a Nasdaq debut as early as June 12 under ticker SPCX. The company is set to price at $135 per share, raising $75 billion — the largest IPO in history — at a valuation of $1.75-2 trillion. An S-1 amendment on June 1 reserved 5% of shares for employees, executives' friends and family without standard lockup provisions.

The Bottom Line

Friday illustrated the widening gap between company-level fundamentals and the macro environment. ABM and G-III delivered strong results with positive stock reactions, but the scorching jobs report refocused markets on inflation and rate uncertainty, sending broad indexes sharply lower. In the IPO market, investor appetite for quality names remained robust, with three new listings all receiving warm receptions. All eyes now turn to SpaceX — the biggest test yet of this cycle's IPO appetite.

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