Premarket trading turned sharply mixed as investors digested a wave of company earnings and forward-looking guidance, with several stocks swinging on results, capex disclosures, and outlook changes. SpaceX led notable downside after posting its first quarterly report since going public, while Eli Lilly jumped following an earnings beat and higher full-year revenue guidance.
Key takeaways
- SpaceX shares fell after reporting high second-quarter capex and results that did not fully satisfy investor expectations.
- Eli Lilly rallied on an earnings and revenue beat and a raised 2026 revenue outlook tied to ongoing demand for Zepbound and Mounjaro.
- AMD declined despite a slightly better-than-expected quarter, as investors focused on guidance signals.
- Several other companies moved on guidance nuances and beat-versus-consensus dynamics, including Disney, Arista Networks, Booking Holdings and Uber.
- Market focus remains on forward profit and revenue trends as investors weigh current beats against what management forecasts next.
What drove the move
SpaceX: Capex and the IPO-era snapshot. Shares of SpaceX dropped about 11% after the rocket and satellite company released its first quarterly report since going public in June. The company reported second-quarter capital expenditures of $18.37 billion, largely attributed to artificial intelligence initiatives and up 550% versus the year-ago period. Revenue was $7.81 billion, topping an LSEG consensus of $6.93 billion. SpaceX also reported a loss of 9 cents per share, though it was not clear whether it matched or differed from comparability versus a 26-cent-per-share loss estimate mentioned in reporting.
Disney: Revenue softness offset by per-share strength. Disney shares rose more than 3% even as fiscal third-quarter results were mixed. Earnings per share beat expectations, but revenue missed slightly. The company’s experiences business revenue, which includes theme parks, rose 10% year over year, supporting the stock’s gain despite the overall revenue miss.
Arista Networks: A clear beat and firmer outlook. Arista Networks climbed roughly 12% after second-quarter results exceeded estimates. Adjusted earnings were $1.02 per share on revenue of $3.04 billion, versus an LSEG consensus of 88 cents and $2.82 billion, respectively. The company also reported non-GAAP operating margins that beat expectations and provided third-quarter guidance for profit and revenue that investors appeared to view as supportive.
AMD: Slightly better results but a less convincing setup. AMD shares fell about 8.5% in premarket trade after investors reacted to a second quarter that “wasn’t impressive.” The chipmaker reported adjusted earnings of $1.66 per share on revenue of $11.54 billion, slightly above an LSEG consensus. Third-quarter revenue guidance was about $13 billion, roughly in line with expectations, but the stock still declined, suggesting investors weighed the overall trajectory and forward signal more heavily than the modest earnings beat.
Eli Lilly: Strong demand narrative meets higher guidance. Eli Lilly rose more than 6.5% after reporting a beat on both earnings and revenue for the second quarter. The company also increased its full-year revenue guidance for 2026, citing continued strong demand for its weight-loss drug Zepbound and diabetes treatment Mounjaro.
Circle, Wynn, CVS and Kratos: Direction aligned to beats and specific updates. Circle Internet Group gained more than 5% after naming initial partners for its Arc blockchain platform for financial services and raising the midpoint of its full-year other revenue guidance to $320 million from $160 million. Wynn Resorts jumped about 5% after second-quarter adjusted earnings of $1.24 per share on revenue of $1.86 billion beat LSEG consensus of $1.11 and $1.84 billion. CVS Health rose over 2.5% after better-than-expected results and an increase to its adjusted earnings per share guidance for 2026 to a range of $7.90 to $8.10 from $7.30 to $7.50. Kratos Defense & Security Solutions added around 10% after posting second-quarter revenue that beat estimates across segments.
Market reaction and guidance sensitivity
Pinterest: Beats met with guidance disappointment. Pinterest shares slid nearly 9% after management’s guidance failed to impress. Third-quarter revenue was expected to range between $1.19 billion and $1.21 billion, inclusive of a FactSet consensus estimate of $1.2 billion. While second-quarter results beat estimates on both the top and bottom lines, the forward outlook appeared to weigh on sentiment.
DaVita: Better quarter, softer-than-expected outlook. DaVita shares dropped more than 5.5% despite better-than-expected second-quarter results. The company’s full-year adjusted earnings guidance range was $14.10 to $15.20 per share, which was below a FactSet consensus of $14.88 per share.
Teradata: Guidance trails expectations. Teradata fell about 13% after reporting third-quarter earnings guidance of 55 to 59 cents per share excluding one-time items, which trailed a FactSet consensus estimate of 62 cents.
Booking Holdings: Volume growth supports the jump. Booking Holdings gained more than 7% after reporting second-quarter gross bookings of $51 billion, above the Street’s estimate of $49.35 billion. Adjusted earnings of $2.54 per share and revenue of $7.35 billion also topped LSEG consensus calls of $2.45 and $7.19, respectively—an outcome that combined earnings strength with demand-side momentum.
Uber: Earnings sensitivity to bookings forecast. Uber Technologies shares fell about 3% after guidance for third-quarter bookings and earnings missed analysts’ expectations. The company’s third-quarter midpoint bookings forecast was $59.25 billion, below the consensus estimate of $59.33 billion, according to StreetAccount.
Flutter: Leadership change and guidance cut. Flutter Entertainment was off more than 5% after announcing CEO Peter Jackson would be leaving and Dan Taylor, head of international business, would take over on Oct. 1. Flutter also lowered full-year revenue guidance, which added to pressure on the stock.
Bigger picture for investors
Across results this premarket window, the dominant pattern was that investors rewarded clear beat-and-raise dynamics—such as Eli Lilly, Arista Networks and Booking Holdings—while reacting negatively when guidance trajectories fell short or capex/investment signals raised questions, as seen with SpaceX, Pinterest, Teradata and Uber. With earnings season moving into the guidance phase, market participants appear to be aligning more tightly with forward profit and revenue paths rather than focusing solely on quarterly “top- and bottom-line” surprises.
Investors next will watch for additional company filings and conference calls that clarify outlook assumptions, particularly around cost structure, demand visibility, and investment plans. With Fed and major macro data usually shaping rate expectations during this period, upcoming economic releases could further influence discount rates and sector leadership.
