Seagate Technology shares surged in premarket trading, rising roughly 18% after the data-storage company issued fiscal fourth-quarter guidance that topped consensus expectations. The company guided to revenue of about $3.45 billion for the quarter, plus or minus $100 million, and adjusted earnings of about $5.00 per share, plus or minus $0.20. Those figures compare with LSEG estimates of about $3.16 billion in revenue and $3.97 per share in earnings. Seagate also said third-quarter results beat estimates on both the top and bottom lines, helping to lift sentiment in a memory-related group that has been under pressure in recent quarters.
The guidance referenced above comes alongside a broader rotation in memory names. Western Digital climbed more than 10%, Sandisk rose about 7.5%, and Micron gained just over 4% in premarket trading, signaling that investors are pricing in a potential rebound for the memory complex after a period of volatility.
Other notable premarket moves included Booking Holdings, which slid about 4.5% after the travel-booking platform lowered its full-year adjusted earnings-per-share growth target to the low to mid-teens from the mid-teens, citing lingering effects from the Middle East conflict through the end of June. Even so, Booking posted both top- and bottom-line beats for its first quarter. Expedia Group, by contrast, fell roughly 3% in sympathy with Booking’s move.
In discrete company results, Mondelez International rose about 1.5% after reporting first-quarter adjusted earnings of 67 cents per share on revenue of $10.08 billion, topping analyst expectations. Humana shares slid about 4.5% despite beating on both earnings and revenue in the quarter; while reaffirming 2026 earnings guidance above estimates, its full-year revenue outlook came in cooler than some forecasts.
On the earnings calendar, Robinhood’s shares fell nearly 10% after first-quarter results fell short of expectations, with earnings of 38 cents per share on revenue of $1.07 billion versus consensus for 43 cents and $1.18 billion. Starbucks rallied about 4% after raising its full-year outlook, lifting expectations for global and U.S. same-store sales growth to at least 5% for fiscal 2026 and increasing the guided range for adjusted earnings to $2.25 to $2.45 per share from $2.15 to $2.40.
Enphase Energy, a maker of solar microinverters, slipped more than 7% after first-quarter results barely beat Street estimates. The company posted adjusted earnings of 47 cents per share on revenue of $282.9 million, with current-quarter revenue guidance of $280 million to $310 million versus a consensus near $294.9 million.
Teradyne dropped about 6% after reporting first-quarter earnings of $2.56 per share on revenue of $1.28 billion, versus expectations for $2.11 and $1.20 billion. NXP Semiconductors, however, surged more than 18% after posting first-quarter adjusted earnings of $3.05 per share, ahead of the $2.95 consensus, on revenue of $3.18 billion, also above the forecast of $3.16 billion. The company signaled that upcoming results would remain above the average expectations, with guidance for the current quarter above the consensus.
Visa rose nearly 5% after second-quarter results showed adjusted earnings of $3.31 per share on revenue of $11.23 billion, beating the LSEG consensus of $3.10 and $10.74 billion. In the industrials space, Generac jumped about 10% after first-quarter earnings per share of $1.80 and revenue of $1.06 billion topped Street estimates, with capital spending also coming in higher than expected.
O-I Glass plunged about 20% after the packaging glass producer cut its full-year earnings guidance to a range of $1.00 to $1.50 per share from a prior outlook of $1.65 to $1.90, with first-quarter adjusted earnings also missing consensus at 5 cents per share. Rush Street Interactive surged roughly 16% after reporting a first-quarter beat on both the top and bottom lines and lifting full-year revenue and adjusted EBITDA guidance, according to FactSet. Bloom Energy jumped about 19% after reporting quarterly results that beat expectations on both earnings and revenue, and projecting a higher full-year revenue and adjusted earnings range than analysts anticipated.
Brown-Forman fell about 5% after the Jack Daniel’s maker said merger talks with Pernod Ricard have been terminated and the two parties were unable to reach terms. Avis Budget Group declined close to 13% after reporting a first-quarter adjusted EBITDA loss that was smaller than some analysts had feared but still marked a disappointing cash flow result for the period.
On the banking and advisory desks, UBS rose about 5% after reporting first-quarter net attributable profit to shareholders jumped 80% year-over-year, with the bank indicating it remains on track to buy back $3 billion in shares by its next earnings release. Evercore added about 2% after posting an earnings and revenue beat for the first quarter. Yum Brands rose roughly 1% after reporting 8% same-store sales growth in the quarter, with earnings and revenue topping expectations.
Market participants continued to parse the breadth of the earnings season, with mixed results across sectors and market caps. SoFi Technologies slid about 8% after an in-line quarter, while Etsy rose close to 8% on stronger first-quarter earnings before interest, taxes, depreciation and amortization and revenue beat. The day’s movers underscore a split landscape as investors weigh a mosaic of upbeat quarterly prints against guidance that at times tempered expectations for the year ahead.
Key takeaways
- Seagate leads premarket gains: Shares jumped almost 18% after guidance for Q4 revenue of about $3.45 billion and adjusted EPS of about $5.00, materially above LSEG estimates of $3.16 billion and $3.97 per share. Third-quarter results also beat on both lines, fueling broad optimism in memory stocks.
- Memory group moves higher: Other memory-related names, including Western Digital, Sandisk, and Micron, posted gains, signaling a sector-wide reaction to Seagate’s guide and improving sentiment for supply-demand dynamics in memory chips.
- Mixed earnings signals elsewhere: Several high-profile names reported, with Booking Holdings cutting EPS growth guidance while delivering top- and bottom-line beats for Q1; Robinhood and O-I Glass posted sharp moves on miss or guidance cuts; Visa and NXP posted strong results, aiding risk appetite in financials and semis.
- Guidance in focus: Guidance changes and quarterly prints dominated the tape, underscoring the market’s focus on the pace of demand recovery, pricing power, and the trajectory of corporate earnings in a varying macro backdrop.
What drove the move
At the center of today’s action is Seagate Technology, whose fiscal Q4 guidance implies a stronger end to the year than many observers had anticipated. The company’s revenue-eye target of about $3.45 billion for the fourth quarter, ±$100 million, paired with adjusted earnings of around $5.00 per share, ±$0.20, translates into a sharper turn higher on both the top and bottom lines when compared with the LSEG consensus of approximately $3.16 billion in revenue and $3.97 per share in earnings. The company also highlighted a beat in its third-quarter results, reinforcing the narrative of improving momentum in data-storage demand alongside favorable pricing dynamics in certain segments. According to CNBC, investors have read the guidance as a sign that the memory cycle may be bottoming or turning, a theme that could sustain a rally in related equities in the near term.
The broader memory complex—comprising hard-disk and flash-storage peers—added fuel to the rally. Western Digital rose more than 10%, Sandisk gained about 7.5%, and Micron advanced just over 4%, indicating that traders are pricing in a rebound in backdrop risk and a potential stabilization in memory pricing after a period of volatility. Data-dependent investors will be listening closely to commentary on inventory levels and demand for both consumer electronics and enterprise storage applications as earnings season continues.
Market reaction
Beyond Seagate, the market’s reaction to individual reports was mixed but skewed toward upside for several tech and consumer names. Booking Holdings’ shares fell about 4.5% after it lowered its full-year adjusted EPS growth target to the low-to-mid-teens from the mid-teens, citing the persistence of the Middle East conflict’s impact through June. Yet the company still delivered better-than-expected revenue and earnings for Q1, underscoring a resilience in online travel demand even as guidance takes a more conservative turn. Expedia Group moved in the same direction, sliding about 3% in sympathy.
On the consumer staples side, Mondelez rose about 1.5% after posting first-quarter results that beat expectations on both earnings and revenue, reinforcing the durability of packaged foods amid shifting consumer spending. Humana posted a stronger beat on earnings and revenue, but its 2026 outlook was viewed as cooler than some forecasts, weighing on the stock despite the otherwise positive quarterly print.
In the payments space, Visa advanced roughly 5% on stronger second-quarter results, while Teradyne’s shares traded lower by about 6% after reporting robust earnings and revenue that exceeded expectations, yet the stock’s move reflected a broader rotation away from recent highs in semis and industrial hardware. NXP Semiconductors’ bounce of more than 18% after an above-consensus quarter highlighted continued strength in select semiconductor segments, supported by better-than-expected profitability and a resilient demand backdrop.
Other notable moves included Generac, which jumped around 10% on a first-quarter beat, and Bloom Energy, which surged about 19% on stronger earnings and a brighter full-year outlook. O-I Glass plummeted about 20% after trimming its full-year earnings guidance and missing first-quarter estimates, while Rush Street Interactive surged roughly 16% on a first-quarter beat and raised guidance. The day’s activity also featured a handful of high-profile misses and cautions, including Robinhood’s near-10% decline on softer-than-expected quarterly results and SoFi’s roughly 8% drop despite in-line earnings, underscoring the ongoing volatility as investors weigh the durability of the latest earnings prints.
What analysts are saying
Analysts cited by the report highlighted a few themes shaping stock-specific moves. The Seagate guidance contrast with consensus underscored the risk-reward in the memory supply chain and storage demand. NXP Semiconductors’ strong quarter reinforced the view that leading-edge semiconductor players can still deliver above-consensus profitability in a mixed macro environment, while Visa’s beat reinforced the narrative that consumer-spending and payments volumes remain constructive even as inflationary pressures persist. Conversely, the softer-than-expected guidance from a number of names, including Booking’s EPS trajectory and O-I Glass’s lower-year outlook, reminded investors that guidance discipline remains a dominant driver of sentiment heading into the next round of results.
Data shows that the market is pricing in selective optimism for the memory cycle, tempered by cautious guidance from some consumer- and travel-oriented names. Analysts point to the breadth of reports reinforcing the idea that the earnings season is delivering a spectrum of outcomes, from above-consensus prints to cautious outlooks, which keeps volatility elevated as investors reassess sector cycles and the pace of demand recovery.
Bigger picture
In the macro backdrop, investors remain focused on the durability of demand in tech and consumer sectors, and on how guidance for the rest of the year aligns with expectations for inflation and rates. The mixed bag of results—strong beats from select semis and payments firms, paired with more tempered forward guidance in travel and consumer-related names—suggests markets are recalibrating toward a more nuanced view of earnings resilience in a still-uncertain global environment. The market’s reaction to Seagate’s print signals that, for now, investors may reward signs of inventory normalization and improving underlying demand in the data-storage ecosystem, even as some names temper expectations for the near term.
Looking ahead, investors will be watching the next wave of earnings, guidance updates, and any fresh commentary on supply chains, pricing, and secular demand trends. Key next steps include upcoming quarterly reports from other memory and technology players, updates to consensus estimates, and any shifts in macro expectations that could alter the pace of rate normalization or inflation trajectories.
What to watch next: upcoming earnings reports and guidance from major semiconductor and storage peers, comments on demand cycles in enterprise and consumer segments, and any new color on how geopolitical events may influence supply chains and travel demand. Investors will also be paying attention to central-bank communications and inflation data that could shape the broader direction of risk appetite in the coming weeks.
