Arm Holdings led a wave of midday moves on the Nasdaq, jumping almost 13% ahead of its quarterly results due after the close on Wednesday. The stock advance followed an upgrade from UBS, which lifted its 12-month price target on the British semiconductor designer to $245 from $175, underscoring the appetite among investors for AI-related chip plays as earnings season gathers pace.
In the same session, a broad set of names across sectors traded meaningfully. Healthpeak Properties surged about 18% after first-quarter funds from operations and revenue topped Wall Street expectations, and the company raised its guidance for the second quarter. CDW posted a steep slide of about 19% after reporting first-quarter operating income that disappointed, though adjusted earnings per share matched consensus and the company reaffirmed its 2026 outlook for mid-single-digit EPS growth. Cencora tumbled roughly 17% as the drug wholesaler trimmed its revenue-growth forecast for 2026 to 4%–6% from 7%–9% previously.
Other notable movers included Aurora Innovation, which rose about 9% on news of a driverless-technology deal with Berkshire Hathaway’s McLane, enabling long-haul trucking deployments across Texas and the broader U.S. Sun Belt. Flex climbed roughly 35% to a 52-week high on plans to spin off its cloud and power infrastructure unit into a standalone public company. Advanced Micro Devices climbed nearly 17% after issuing stronger-than-expected guidance for the current quarter, highlighting a robust top-line trajectory that supported its earnings outlook.
Among software and hardware names, Super Micro Computer gained about 15% after Q4 guidance and quarterly results topped expectations, with the company signaling a stronger profit profile than anticipated. Disney edged higher about 6% as fiscal second-quarter revenue beat estimates, driven by solid performances in streaming and theme parks. Corning rose about 13% after announcing a three-facility expansion with Nvidia in North Carolina and Texas to advance optical technology manufacturing, a move that would lift Corning’s optical capacity by roughly 900%.
Within the healthcare arena, CVS Health rose about 6% on quarterly results that surpassed expectations, with a stronger earnings print and revenue confirming the company’s full-year guidance. Uber shares gained roughly 7% following upbeat bookings guidance for the second quarter. Arista Networks slid nearly 17% after reporting a gross-margin miss and a Q2 revenue outlook that came in roughly in line with expectations, a reminder of the discipline investors demand as the cloud infrastructure cycle matures.
SolarEdge Technologies fell about 8% after reporting a wider-than-expected loss for the first quarter. Klaviyo slumped about 32%, with the company guiding to lower second-quarter adjusted operating income and announcing a CFO transition. DaVita, by contrast, jumped about 20% after a stronger-than-expected first-quarter print and a raised full-year earnings outlook. Skyworks Solutions gave back about 10% as its third-quarter guidance pointed to lower revenue than some had anticipated, and its earnings include a modest beat on the bottom line at the midpoint of the forecast range.
On the energy front, Devon Energy traded lower by more than 7% after first-quarter results that undershot the street on production and a touch short on earnings. Maplebear, the parent of Instacart, slid about 12% after first-quarter earnings of 57 cents per share came in below consensus expectations of 60 cents, with revenue roughly in line with estimates.
The oil complex also faced headwinds as a report from Axios suggested a potential deal to end the war in the Middle East could influence supply dynamics. As a result, APA Corporation and Occidental Petroleum fell about 6%, ConocoPhillips eased around 3%, and Exxon Mobil and Chevron declined roughly 4% each, framing a cautious tone for crude-linked equities in the session.
Key takeaways
- Price moves: Arm Holdings up almost 13% ahead of earnings; Healthpeak Properties up ~18%; CDW down ~19%; Aurora Innovation up ~9%; AMD up ~17%; DaVita up ~20%; Klaviyo down ~32% and Arista down ~17%.
- Catalysts: Arm’s guidance environment and UBS price target lift; Healthpeak’s FFO/revenue beat and raised guidance; deal news for Aurora Innovation; Spinoff plans for Flex; mixed Q1 results across tech and healthcare names.
- Implications: Indicates continued risk appetite for AI/tech-related names and select health-care real estate plays, while some software and hardware names face margin and demand variability; energy stocks face headlines-driven pressure amid Middle East deal chatter.
What drove the move
Intentional positioning around earnings and strategic news dominated trading. Arm Holdings’ rise of nearly 13% came as investors priced in cautious optimism about the company’s prospects ahead of its quarterly report due after the close. UBS’s update to a $245 price target added an extra layer of support, signaling continued upside potential for high-growth chip names amid an AI-driven cycle. The sector’s sensitivity to earnings visibility was further illustrated by AMD’s sharp advance, with the company guiding to second-quarter revenue of about $11.2 billion, well above consensus estimates, reinforcing confidence in the semiconductor cycle.
Healthpeak Properties’ 18% jump underscored a positive read on healthcare REITs as early results beat expectations on FFO and revenue, with guidance for the rest of the year raised, suggesting improving fundamentals in a sector sensitive to interest-rate dynamics. Disney’s quarterly performance also contributed to the mood, as stronger-than-expected revenue from streaming and theme parks indicated resilience in a diversified portfolio, even as the path for streaming profitability remains nuanced.
On the technology services and optics front, Corning’s 13% rally reflected a strategic expansion with Nvidia-led investments that could bolster optical manufacturing capacity. Meanwhile, Arista Networks’ 17% decline pointed to investor concern about margin trajectories even as revenue guidance was broadly in line with forecasts, highlighting the high bar for profitability in a crowded, price-competitive cloud ecosystem.
Energy stocks came under pressure as markets weighed potential geopolitical and supply-side developments. A report suggesting a possible deal to end conflict tensions in the Middle East weighed on the near-term trajectory of oil equities, with APA, Occidental, ConocoPhillips, Exxon Mobil, and Chevron all trading lower. That backdrop added a layer of macro-uncertainty that tempered gains in other areas of the market, even as earnings-driven strength persisted in several pockets of the market.
Market reaction
The day’s action showed pockets of breadth within a mixed landscape. Tech hardware and software names were among the most active, with several pairs of earnings beats and strategic announcements setting the tone. The rally in Arm and other AI-adjacent names suggested continued investor appetite for growth-oriented plays, even as profit margins and forward guidance remained critical watchpoints.
Health and healthcare-adjacent stocks were notable bright spots, with Healthpeak Properties leading the charge among real estate peers on better-than-expected quarterly results and upgraded guidance. In contrast, a portion of software infrastructure names faced soundly negative reactions as traders assessed margin sustainability in a high-growth, capital-intensive segment.
Energy equities moved lower in tandem with oil headlines, underscoring the sensitivity of the sector to geopolitical developments and anticipated policy shifts. Traders kept a vigilant eye on the broader macro narrative, including the potential implications for inflation, rates, and the investment landscape for cyclical versus defensive names.
What analysts are saying
Analysts highlighted Arm’s risk/reward in the near term, supported by an upward target from UBS that signaled confidence in the company’s growth trajectory and its exposure to AI-driven demand. The Healthpeak rally reflected a favorable read on hospital real estate fundamentals and the ability to raise near-term guidance in an environment where rate expectations influence cap rates and property valuations. The mix of earnings beats and misses across the rest of the market reinforced the sense that investors are differentiating between companies based on margins, growth trajectories, and exposure to secular themes like AI, cloud infrastructure, and healthcare modernization.
In contrast, Arista Networks’ drop underscored the ongoing scrutiny of gross margins in cloud networking hardware, even as the company maintained a reasonable revenue path for the quarter ahead. The energy complex drew attention to the sensitivity of oil equities to geopolitical headlines and potential supply-shaping developments, a reminder that macro catalysts can override company-specific earnings in the near term.
Bigger picture
The session reflected a market parsing a blend of earnings signals, strategic actions and macro headlines. The strength in Arm, AMD, and other AI-related equities aligns with a broader theme of growth-led leadership in a still-challenging rate environment. At the same time, the notable volatility in names like Klaviyo, Arista Networks, and SolarEdge Technologies illustrates the ongoing recalibration around profitability, cost discipline, and the cadence of enterprise and consumer demand.
Investors will continue to focus on next-week earnings and any updates on guidance that could reshape the risk-reward calculus for software, semiconductors, and health-care real estate. Additional catalysts include central-bank communications, inflation data, and any geopolitical developments that could influence energy prices and sector rotation.
Looking ahead, the primary near-term watch is Arm’s earnings report due after the close on Wednesday. Beyond that, traders will be assessing how other major earners inform the trajectory of key themes—AI infrastructure investments, healthcare real estate fundamentals, and energy-market dynamics—into the second half of the quarter.
