According to CNBC’s pre-market snapshot, U.S. equities are trading little changed ahead of the open as a wave of quarterly results hits the tape. Notable moves include PayPal and Anheuser-Busch InBev delivering earnings beats that lifted their shares, while several other names swung on a mix of stronger and softer data. The session also features chatter around AI partnerships and potential chipmaking, alongside guidance revisions from a handful of mid-cap firms.
PayPal Holdings rose nearly 3% after reporting first-quarter earnings of $1.34 per share on an adjusted basis, with revenue of $8.35 billion. The results surpassed consensus expectations, which had called for $1.27 per share on $8.05 billion in revenue, according to LSEG data cited by CNBC. Anheuser-Busch InBev climbed more than 7% after delivering quarterly results that topped expectations, with adjusted earnings of 97 cents per share on revenue of $15.27 billion, versus forecasts of 89 cents on $14.87 billion.
Pfizer posted better-than-forecast earnings and revenue for the first quarter, sending shares modestly higher in early trading. The company earned 75 cents per share, excluding certain items, on revenue of $14.45 billion, ahead of the Street’s expectations for 72 cents and $13.79 billion, respectively.
Intel advanced more than 3% amid a Bloomberg report that Apple has held early-stage talks with Intel about using the company’s chipmaking services, with exploration also said to be ongoing with Samsung Electronics. The report underscores ongoing supply-chain considerations and strategic vendor discussions in the tech sector.
Pinterest jumped about 15% as first-quarter results and second-quarter revenue guidance topped expectations. The company posted adjusted earnings of 27 cents per share on revenue of $1.01 billion, while second-quarter bookings guidance was in the $1.13 billion to $1.15 billion range, above the roughly $1.11 billion consensus estimate.
Palantir Technologies fell nearly 3% despite topping estimates on the top and bottom lines. The data-analytics firm reported adjusted earnings of 33 cents per share on revenue of $1.63 billion, beating the consensus for 28 cents and $1.54 billion, respectively.
Fidelity National Information Services rose about 5% after the payments giant said it will partner with Anthropic to develop new artificial intelligence tools for banks, starting with an agent designed to monitor financial crime. The move signals ongoing demand for AI-enabled compliance and fraud-prevention capabilities within the financial-services sector.
Paramount Skydance Global, the entertainment venture, gained roughly 1.5% after posting first-quarter adjusted earnings of 23 cents per share on revenue of $7.35 billion. Analysts had expected 15 cents on $7.28 billion in revenue.
Duolingo slipped about 7% after reporting monthly active users of 137.8 million for the quarter, short of the roughly 145.6 million anticipated by analysts. The company also forecast second-quarter bookings of about $284 million, below the Street’s call of $295 million.
Diamondback Energy slipped roughly 1% despite beating on first-quarter adjusted earnings and adjusted EBITDA. The company also announced a 5% increase to its base cash dividend, a detail that helped limit downside but did not fully offset the share-price pressure from other variables in the report.
Sonos rallied more than 9% as second-quarter revenue rose 8% year over year to $281.5 million. The company guided third-quarter revenue to a range of $355 million to $375 million, slightly above the FactSet-consensus forecast of about $362 million.
Firefly Aerospace surged about 11% after reporting a first-quarter adjusted loss of 46 cents per share, narrower than the 51 cents expected by FactSet. Revenue came in at $80.9 million, ahead of the roughly $77.1 million profit and loss backdrop that analysts anticipated.
Fabrinet plunged about 11% as weaker-than-expected fourth-quarter revenue guidance overshadowed a quarterly beat. The company projected revenue of $1.25 billion to $1.29 billion for the fourth quarter, below the Street consensus of about $1.26 billion, tempering the positive momentum from the quarter’s profit results.
ON Semiconductor fell more than 4% after offering a quarterly outlook that, while showing a top-line beat on the quarter, guided third-quarter revenue toward the lower end of expectations. The company provided a revenue range for Q2 that missed consensus on the upper end, tempering enthusiasm from the quarter’s stronger showings in other metrics.
IAC/People Inc slid more than 7% as the holding company trimmed its adjusted EBITDA guidance for 2026 to $210 million to $260 million, below FactSet’s $278.4 million estimate. Full-year operating income guidance also moved down to $10 million to $80 million from previous levels, undershooting the $126.1 million analysts had penciled in.
Key takeaways
- Price moves: PayPal up near 3%; Anheuser-Busch InBev up >7%; Pinterest up ~15%; Palantir down ~3%; Duolingo down ~7%; Fabrinet down ~11%; IAC down ~7% (all intraday moves as reported by CNBC).
- Catalysts: earnings beats for PayPal and AB InBev; stronger-than-expected Pfizer results; AI-related partnerships for Fidelity; user- and guidance-driven moves for Pinterest, Duolingo, and entertainment-linked names; mixed guidance for others (Fabrinet, ON Semiconductor, IAC).
- Key implication: Broad takeaway is a mixed reception to quarterly results, with pockets of resilience (payments, consumer tech, AI-driven compliance) offset by disappointment in user metrics and forward-looking guidance across several names. The breadth of moves underscores a cautious stance as investors assess how earnings translate into forward earnings power amid macro uncertainty.
What drove the move
The day’s trading action reflects a mosaic of earnings outcomes and strategic updates. PayPal’s adjusted earnings beat and revenue expansion reinforced expectations that the payments space can sustain moderate top-line growth even as macro pressures linger. Anheuser-Busch InBev’s above-consensus results underscored continued demand in beer and other beverages, even as input costs and discounting remain in focus for consumer staples names.
The AI narrative shows up in Fidelity National Information Services’ collaboration with Anthropic, a development that highlights the banking sector’s appetite for AI-assisted risk and compliance tools. Pinterest’s sharp advance followed stronger quarterly results and an upbeat second-quarter outlook, illustrating how social platforms can monetize engagement during uncertain times. In contrast, Duolingo’s miss on a key user metric and softer Q2 bookings reflect ongoing friction in the consumer-tech space where growth metrics matter nearly as much as revenue growth.
Several hardware and software names delivered a mixed bag. Palantir’s earnings beat did not prevent a pullback, suggesting that investors remain selective about which data-platforms companies can translate growth into durable earnings. ON Semiconductor and Fabrinet signaled that even earnings beats can be overshadowed by more cautious guidance or concerns about demand in their respective end-markets. IAC’s reassessment of fiscal targets added to a sense of caution around the broader high-growth equity complex.
Market reaction
In pre-market trading, investors are parsing the breadth of results to determine which trends may endure. Leaders like Pinterest and AB InBev show how consumer and consumer-discretionary names can swing on fresh data about user engagement and pricing power, while AI-focused strategies gain interest from financial-services players and platform operators alike. The mixed reception to guidance from several tech and industrial names keeps risk in the spotlight, with traders likely awaiting a clearer signal on demand trajectories, capex intensity, and inflation pass-through in earnings.
What analysts are saying
Analysts cited by LSEG emphasized that the market’s focus remains on how much of Q2 and beyond is sustainable, particularly for names reporting strong top-line beats but offering tempered guidance. The pre-market moves reflect the tug-of-war between upside surprise on earnings and the persistence of structural headwinds in areas such as user growth, churn, and cost inflation. The breadth of reactions across sectors suggests a careful stance among investors as they reprice risk ahead of key data and upcoming earnings reports in the coming weeks.
Bigger picture
The morning results align with a broader theme of selective risk appetite around tech-driven growth and AI-enabled services, alongside a continued emphasis on capital returns and cash-flow discipline. The mixture of upbeat earnings, dividend decisions, and guidance revisions points to a market that remains sensitive to forward visibility in an environment where rate expectations and macro resilience remain in flux. Investors appear to be balancing near-term earnings momentum against longer-term questions about demand durability and competitive dynamics across consumer, financial, and industrial segments.
Looking ahead, traders will be watching next-week’s earnings calendar for further signals on consumer demand, technology spending, and corporate pricing strategies. Market participants also remain attentive to official commentary on inflation and monetary policy sentiment, seeking clarity on whether the current earnings pace can be sustained amid potential shifts in policy or global growth trends.
In sum, pre-market trading today is characterized by a wide dispersion of outcomes driven by company-specific results and strategic updates. The coming sessions will be crucial for confirming whether the current mix of earnings surprises translates into a clearer directional path for equities, as investors weigh both sector-specific catalysts and broader macro cues.
