Stock futures were sliding Thursday as strong guidance from chip maker Qualcomm filed to quell worries over the lofty valuations of tech giants and artificial-intelligence companies.
These stocks were poised to make moves:
Qualcomm fell 2.9% after the company, best known as a chip maker for Android smartphones, posted better-than-expected fiscal fourth-quarter adjusted earnings of $3 a share on revenue of $11.27 billion. Qualcomm said it expects fiscal first-quarter adjusted profit of $3.30 to $3.50 a share versus consensus of $3.32, on revenue of $11.8 billion to $12.6 billion that was better than predicted, but expense growth exceeded expectations.
Third-quarter earnings from advertising technology company AppLovin beat Wall Street estimates, sending the stock up 6.9% in premarket trading. AppLovin posted a profit of $2.45 a share, 7 cents better than consensus, as ad revenue of $1.41 billion beat expectations that called for $1.34 billion and rose 68% from a year earlier. The company said it anticipates fourth-quarter revenue of $1.57 billion to $1.6 billion, higher than estimates of $1.55 billion.
Chip designer Arm Holdings reported fiscal second-quarter earnings that topped Wall Street forecasts and the stock rose 6.1% ahead of the opening bell. For its current third quarter, the Cambridge, U.K.-based company said it expects, at the midpoint of its guidance. adjusted profit of 41 cents a share on revenue of $1.23 billion. Wall Street has been expecting earnings of 35 cents a share on revenue of $1.11 billion.
Tesla rose 0.4% as shareholders geared up for the electric-vehicle maker’s annual meeting Thursday. On the agenda: CEO Elon Musk’s trillion-dollar pay package. Wall Street expects shareholders to approve the deal. Norway’s sovereign-wealth fund earlier this week disclosed it was voting against Musk’s compensation, the first major investor to reveal its decision.
Carriers Delta Air Lines, United Airlines, and American Airlines declined 0.9%, 0.9%, and 1% after Transportation Secretary Sean Duffy announced there would be 10% reduction in flight capacity at the top 40 U.S. airports beginning Friday as air-traffic controllers work without pay during the prolonged government shutdown.
Robinhood Markets posted third-quarter earnings and revenue well above analysts’ expectations, but transaction-based revenue of $730 million, up 129% from a year earlier, missed projections and shares of the stock trading and crypto platform slid 1.6%.
Snap soared 18% after the social-media platform narrowed its loss in the third quarter and said AI company Perplexity would pay it $400 million over one year to integrate its artificial intelligence-powered answer engine into Snapchat. Revenue at Snap rose 10% in thie third quarter to $1.51 billion, beating analysts’ estimates of $1.49 billion. Monthly active users increased 7% to 943 million and daily active users rose 8%.
DoorDash dropped 9.4% after the food-delivery company missed third-quarter earnings expectations and said it currently expects to “invest several hundred million dollars more in new initiatives and platform development in 2026 than we did in 2025.”
Duolingo tumbled 21% after the language learning platform said it expects fourth-quarter bookings of $329.5 million to $335.5 million, below Wall Street estimates.
E.l.f. Beauty sank 25% after the beauty company issued full-year guidance that was below Wall Street expectations. E.l.f. expects adjusted earnings of $2.80 to $2.85 a share on sales of $1.55 billion to $1.57 billion. Analysts forecast adjusted earnings of $3.53 on revenue of $1.65 billion.