ADT and Instacart holders got buyout prices, but the Instacart money may not arrive until 2028

Industrials had the busiest week of any industry. 97 companies had news worth knowing, in 152 filings and releases. Technology came next with 74.

Most of it was earnings. 56 companies put out news about their results. Of those 74 filings and releases, 56 were good for holders, 8 were bad and 8 were mixed.

Deals came next. 17 companies had deal news, in 42 filings and releases. 17 of those were good for holders, 10 were mixed and 11 were unclear. On top of that, 10 companies had news of big contracts and 7 raised their outlook.

$ADT, the home and small-business security company, agreed to go private. Thrive Holdings will pay $10.00 a share in cash.¹ That is about $7.6B for the shares, or $15.3B with debt included. Funds managed by Apollo affiliates committed the money, and the board voted yes unanimously.² The bull read is a 45.6% cash premium. The bear read: without a higher bid, a holder's upside stops at $10.00.³

$DASH (DoorDash) agreed to buy $CART (Instacart) for $65.00 a share, about $17 billion. At least 75% will be paid in cash.¹ The price was about 11% above Instacart's $58.42 close on October 28, 2026. DoorDash had $6.79 billion of cash and investments on September 30, 2026.² A JPMorgan bridge loan (short-term backup loan) of up to $13.0 billion covers the borrowed part. DoorDash sees a multi-year path to $500 million or more of yearly synergies (gains from combining), net of investments.³ But it expects to invest more than 100% of total synergies in the first year after closing, with positive net synergies from year two on.⁴

Instacart holders have some protection. If regulators kill the deal, DoorDash pays Instacart $1.25B in cash, about $5.40 a share.¹ If Instacart leaves for a better offer, it owes $650M. Meanwhile, Instacart pulled its guidance and cancelled its Nov 5 earnings call, so holders get no forecasts while they wait.²

$FELE (Franklin Electric), a water and energy pump maker, agreed to buy Australian mine pump maker Challenge Pumps. It will pay about US$181M in cash, plus up to US$14M more if revenue targets are hit.¹ That is about 10x Challenge's US$18M of EBITDA (a cash profit measure). It is Franklin's second pump purchase in two months, after the $350M Cat Pumps deal.² Net debt rose to $402M at September 30, up from $67M at end-2025. Franklin expects net leverage (debt compared with profit) of about 1.8x after this deal closes.³

$ALG (Alamo Group), the Texas maker of mowers, street sweepers and snow-removal gear, bought UK gritter truck maker Econ Engineering for £120M (about $158.7M). It paid with borrowed money from its credit line.¹ Econ made $38.5M of Adjusted EBITDA on about $88M of sales, so Alamo paid about 4.1x that EBITDA. No new shares were issued, so Econ's profits go to existing holders, but Alamo's debt rises by the full price.² The bear read: Econ rents out about 1,300 of its own trucks, and EBITDA leaves out the cost of wearing out and replacing them.³

$ARXS (Arxis), a Connecticut maker of key parts for aerospace, defense, medical and industrial customers, grew third-quarter revenue 36% to $564M. Adjusted EBITDA rose 67% to $256M.¹ Free cash flow was $150M, up 117%. It raised its 2026 revenue forecast to $2,050–2,070M and gave a first 2027 forecast of $2,400–2,500M.² The bear read: the new 2026 forecast points to a fourth quarter below the third. The stock also trades at roughly 22.5 times the middle of its 2027 EBITDA forecast.³

Franklin also raised its 2026 forecast to $2.23B–$2.30B of sales and $4.62–$4.82 of adjusted EPS (profit per share, adjusted). Q3 sales rose 9% to $633.6M, and adjusted EPS rose 15% to $1.50. The forecast leaves out Challenge Pumps.

$NCLH (Norwegian Cruise Line Holdings), owner of the Norwegian, Oceania and Regent Seven Seas cruise lines, beat its own Q3 target. Adjusted EPS came in at $1.12, against the $0.90 it had forecast.¹ It raised its 2026 forecast to about $1.70 a share, from about $1.50. But pricing is still shrinking.² Q3 Net Yield, a pricing measure, fell 6.7%, and the Q4 forecast calls for a drop of about 6.5%. For 2027 it expects Net Yield growth of 1% to 2%.³

$WSO (Watsco), the largest HVAC/R (heating, cooling, refrigeration) distributor in North America, had record Q3 revenue of $2.22B, up 7%. But diluted EPS fell 5%, to $3.77 from $3.98.¹ Gross margin (share of sales kept) slid to 26.4% from 27.5%. The diluted share count rose about 1.7% to 38.56M, and the Granite deal added another 338,176 shares on October 9.² Watsco says momentum continued into Q4.³

$BA (Boeing) lost $0.26 a share in Q3, on revenue up 4% to $24.19B. Its jet-making unit lost $697M, a -6.5% margin.¹ Boeing blamed higher expected costs from future production rate changes and higher supply chain costs. A one-time $252M gain from selling HRL Laboratories was bigger than the whole company's $204M core operating profit.² The bull read: a record $745B backlog and 300 net jet orders in the quarter. Boeing has $20.7B of cash and investments against $45.9B of debt.³

Norwegian carries $14.8B of net debt, 5.5x Net Leverage. CFO Mark A.¹ Kempa leaves the job at the end of December 31, 2026. Meghan Montana, a former American Airlines treasurer, takes over on January 1, 2027.² The company says it has no significant debt coming due until 2029.³

$AZTA (Azenta), a lab sample storage and gene services company, licensed Elegen's DNA-making technology. Its filing says it expects to spend about $32M to $71M, a cost its press release left out.¹ It also bought SynPlexity, a gene-library maker, without saying what it paid. On October 5, its board approved closing three North American lab sites.² It expects that to save about $11.0M a year once fully in place, at a cash cost of about $7.0M.³

$XE (X-energy), which develops small nuclear reactors, got good news. The NRC (the U.S. nuclear regulator) finished its safety review of the Xe-100 reactor at Dow's planned Texas site.¹ Both main reviews are now done, but the building permit has not been issued and no date is set. Dow still has to decide whether to build and line up the money.² X-energy had $1.90B of cash and investments and no debt at June 30, 2026, and it used $97.3M of cash running the business in Q2.³

November 3, 2026: ADT reports Q3 results before the market opens.

November 17, 2026: a test on Norwegian's credit line tied to its 2027 exchangeable notes. It only applies if those notes are not refinanced and free liquidity (money it can freely tap) is under $800M. The company's pro forma liquidity, meaning money it can tap after recent changes, is $2.1B.

Fri, Nov 27: does $XLI close above $167.42?

November 28, 2026: ADT's window to find a better offer closes, with a possible 10-day extension.

January 1, 2027: Meghan Montana becomes Norwegian's CFO.

March 31, 2027: the latest date for DoorDash to decide whether to pay Instacart holders in Class C shares.

Whether anyone will beat $10.00 for ADT, and how big the fee is that ADT would pay to walk away. The filing says only that it pays a fee in some cases.

Whether antitrust reviewers clear DoorDash's Instacart deal, and how long it takes. The deadline can roll forward, so the wait could run two years.

What Azenta paid for SynPlexity, and how big any later payments might be.

When the NRC will issue X-energy's permit, and whether Dow decides to build.

How Alamo's £120M price may change after closing. The filing gives no date for those adjustments.

Whether Boeing's 737 line reaches a steady 47 jets a month.

None of the week's filings says where $XLI trades today.

Before ADT's window to find a better offer closes on November 28, 2026, will anyone beat $10.00 a share?