May 07, 2026 · Market Brief

Pre-Market · May 07, 2026

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Broad market weakness overnight (SPY -0.45%, QQQ -0.36%) masks a sharp sector divide: enterprise software and cybersecurity surged on AI tailwinds (DDOG +29.8% on raised FY guidance, FTNT +19.5%, CRWD +7.2%, PANW +5.9%), while semiconductors and optical networking cratered (SOXL -9.95%, ARM -11.1%, COHR -10.4%, CIEN -10.3%, TER -9.4%). The semiconductor selloff reflects two catalysts—ARM's demand concerns and a cooling in the AI optics trade after strong earnings failed to impress on margin growth. Elsewhere, healthcare took hits (INSM -21.5%, ZTS -21.3%) on execution/guidance misses, while industrials showed resilience (AXON +9.5%, GWW +6.4%, HWM +5.4%), and massive profit-taking hit stretched valuations (SNDK -8.0%, MPWR -5.4%, GEV -6.5% despite strong fundamentals).

Recommendation

Buy:** Enterprise AI names (DDOG, FTNT, PANW, CRWD) showing pricing power and accelerating guidance—these have genuine margin expansion stories offsetting today's rotation. **Avoid:** Semiconductors (ARM, MRVL, ON, MPWR) in near term; profit-taking will persist on stretched valuations despite solid demand. **Hold:** Industrials (AXON, GWW, HWM) remain solid on earnings beats and guidance raises—these offer downside protection versus momentum trades. Tactically, use SOXL weakness to nibble long-dated calls rather than chase into semiconductor equities here.

Indices & ETFs

SPY$730.52

▼ 0.45%

7D ▲ 1.7%30D ▲ 10.8%6M ▲ 9.0%

QQQ$693.26

▼ 0.36%

7D ▲ 3.8%30D ▲ 17.8%6M ▲ 13.3%

TQQQ$70.83

▼ 1.03%

7D ▲ 11.5%30D ▲ 60.4%6M ▲ 32.5%

SOXL$149.34

▼ 9.95%

7D ▲ 17.6%30D ▲ 164.1%6M ▲ 247.2%

SPX$7328.05

▼ 0.50%

7D ▲ 1.7%30D ▲ 10.7%6M ▲ 9.0%

Top Movers39 movers

DDOGDatadog, Inc.▲ 29.8%

Datadog raised full-year revenue guidance to $4.3-$4.34 billion, significantly exceeding Wall Street's $4.09 billion estimate.

Price

$143.71 → $186.59

Mkt Cap

$66.3B

P/E

582.4x

▲ 41.2%

30D

▲ 60.1%

▼ 2.2%

INSMInsmed Incorporated▼ 21.5%

Insmed's Brinsupri launch missed buy-side expectations despite beating analyst estimates, triggering the 21.5% stock decline.

Price

$137.09 → $107.59

Mkt Cap

$23.2B

P/E

N/A

▼ 21.1%

30D

▼ 34.0%

▼ 42.1%

ZTSZoetis Inc.▼ 21.3%

Zoetis missed Q1 earnings estimates and cut 2026 revenue guidance due to weaker U.S. companion animal sales.

Price

$111.22 → $87.58

Mkt Cap

$37.0B

P/E

14.6x

▼ 23.8%

30D

▼ 25.0%

▼ 26.7%

FTNTFortinet, Inc.▲ 19.5%

Fortinet beat Q1 earnings and revenue expectations, raised full-year guidance, and gained momentum in AI-driven cybersecurity and data center markets.

Price

$89.95 → $107.51

Mkt Cap

$78.7B

P/E

44.4x

▲ 27.5%

30D

▲ 28.4%

▲ 33.5%

TPRTapestry, Inc.▼ 13.1%

Tapestry beat Q3 earnings and raised guidance, but weak Kate Spade outlook concerns investors despite Coach's strong 29% sales growth.

Price

$148.83 → $129.38

Mkt Cap

$26.4B

P/E

50.3x

▼ 10.8%

30D

▼ 7.7%

▲ 30.9%

ARMArm Holdings plc▼ 11.1%

ARM stock fell 11.1% after the semiconductor company signaled it may struggle to meet surging demand for its new chips.

Price

$237.30 → $210.93

Mkt Cap

$224.2B

P/E

248.3x

▲ 0.3%

30D

▲ 46.6%

▲ 33.3%

COHRCoherent Corp.▼ 10.4%

Coherent beat Q3 revenue expectations but disappointed on margin growth, triggering a sector-wide selloff in optical networking stocks as the AI optics trade cools.

Price

$344.67 → $308.85

Mkt Cap

$57.8B

P/E

299.3x

▼ 3.4%

30D

▲ 21.1%

▲ 93.9%

CIENCiena Corporation▼ 10.3%

AI optics sector experiencing a broad pullback as the trade cools, with Ciena falling 10.3% alongside peers like Coherent and Lumentum.

Price

$576.79 → $517.27

Mkt Cap

$73.1B

P/E

331.6x

▼ 2.0%

30D

▲ 15.5%

▲ 156.8%

AXONAxon Enterprise, Inc.▲ 9.5%

Axon raised 2026 revenue guidance after Q1 sales surged 33.7%, driven by strong TASER 10, body camera, and counter-drone demand.

Price

$385.86 → $422.52

Mkt Cap

$34.1B

P/E

171.4x

▲ 5.2%

30D

▲ 13.3%

▼ 28.0%

TERTeradyne, Inc.▼ 9.4%

Teradyne (TER) fell 9.4% despite bullish analyst upgrades and higher price targets, suggesting profit-taking after recent AI-driven gains.

Price

$382.48 → $346.45

Mkt Cap

$54.4B

P/E

64.4x

▲ 0.9%

30D

▲ 8.1%

▲ 87.2%

PTCPTC Inc.▲ 8.4%

PTC beat Q2 earnings with 22% revenue growth driven by AI-powered product demand and strong ARR acceleration, signaling improved future growth trajectory.

Price

$136.77 → $148.23

Mkt Cap

$17.6B

P/E

14.2x

▲ 8.8%

30D

▲ 3.0%

▼ 14.8%

LITELumentum Holdings Inc.▼ 8.3%

Lumentum fell with the broader optical networking sector as AI optics trade momentum cooled, despite the company beating Q3 earnings estimates.

Price

$944.28 → $865.83

Mkt Cap

$67.4B

P/E

152.8x

▼ 4.0%

30D

▲ 6.1%

▲ 261.2%

WDAYWorkday, Inc.▲ 8.2%

Workday launched an AI-powered Personnel Action Request Agent for federal HR operations, driving investor optimism about enterprise AI adoption and growth.

Price

$122.63 → $132.70

Mkt Cap

$33.1B

P/E

51.3x

▲ 8.4%

30D

▲ 4.1%

▼ 40.9%

SNDKSandisk Corporation▼ 8.0%

Western Digital's announced share swap and separation plan is prompting profit-taking after SNDK's 500% year-to-date rally.

Price

$1409.98 → $1297.16

Mkt Cap

$192.0B

P/E

44.2x

▲ 18.3%

30D

▲ 82.5%

▲ 524.6%

MRVLMarvell Technology, Inc.▼ 7.5%

Marvell pulled back after reaching all-time highs as investors took profits on stretched valuation following its parabolic AI-driven rally.

Price

$172.15 → $159.16

Mkt Cap

$139.4B

P/E

52.1x

▼ 3.6%

30D

▲ 45.5%

▲ 70.5%

JBLJabil Inc.▼ 7.2%

Competitor Plexus (PLXS) beat earnings estimates and raised guidance, likely outperforming Jabil in the electronics manufacturing sector.

Price

$372.34 → $345.48

Mkt Cap

$36.5B

P/E

46.7x

▲ 2.4%

30D

▲ 26.6%

▲ 60.6%

CRWDCrowdStrike Holdings, Inc.▲ 7.2%

CrowdStrike's AI-driven OverWatch expansion to Microsoft Defender users and deepened AI integrations are driving investor confidence in growth prospects.

Price

$468.07 → $501.75

Mkt Cap

$127.8B

P/E

N/A

▲ 12.6%

30D

▲ 18.6%

▼ 5.8%

VTRSViatris Inc.▲ 6.8%

Viatris beat Q1 earnings and revenue estimates with 8% revenue growth driven by strong Greater China performance, reaffirming full-year guidance.

Price

$15.95 → $17.04

Mkt Cap

$19.8B

P/E

N/A

▲ 14.1%

30D

▲ 29.5%

▲ 68.5%

PODDInsulet Corporation▲ 6.6%

Insulet rebounded after oversold conditions following strong Q1 earnings beat, raised guidance, and analyst upgrades suggesting trend reversal.

Price

$151.28 → $161.24

Mkt Cap

$11.2B

P/E

37.6x

▼ 6.3%

30D

▼ 20.4%

▼ 50.1%

WDCWestern Digital Corporation▼ 6.5%

Western Digital fell 6.5% despite analyst upgrades and AI demand optimism, likely due to broader market profit-taking or concerns about the Sandisk separation execution.

Price

$483.15 → $451.65

Mkt Cap

$155.7B

P/E

27.0x

▲ 3.9%

30D

▲ 44.8%

▲ 176.1%

GEVGE Vernova Inc.▼ 6.5%

GEV likely declined 6.5% today due to profit-taking after the stock's 174% one-year surge and 71% 2026 gain as investors reassess valuation at elevated levels.

Price

$1118.96 → $1046.27

Mkt Cap

$281.4B

P/E

30.6x

▼ 3.4%

30D

▲ 14.9%

▲ 90.2%

FDSFactSet Research Systems Inc.▲ 6.5%

FDS likely rose 6.5% following Datadog's strong Q1 beat and raised guidance, signaling robust cloud/software demand benefiting data analytics competitors.

Price

$211.79 → $225.46

Mkt Cap

$8.2B

P/E

14.5x

▼ 0.9%

30D

▼ 0.9%

▼ 11.1%

GWWW.W. Grainger, Inc.▲ 6.4%

Grainger surged 6.4% after beating Q1 earnings by 14% and raising full-year guidance to $19.4 billion, driven by strong sales growth and margin expansion.

Price

$1169.86 → $1244.25

Mkt Cap

$58.9B

P/E

35.1x

▲ 7.1%

30D

▲ 12.3%

▲ 30.6%

PANWPalo Alto Networks, Inc.▲ 5.9%

BTIG raised its PANW price target to $216 with positive channel checks, while AI agent acquisition of Portkey bolsters growth narrative.

Price

$183.68 → $194.50

Mkt Cap

$157.6B

P/E

108.0x

▲ 8.5%

30D

▲ 14.5%

▼ 8.0%

FICOFair Isaac Corporation▲ 5.8%

FICO surged 5.8% likely reversing yesterday's 4.8% decline after Steve Eisman's short disclosure, as strong Q2 earnings (39% revenue growth) reassured investors.

Price

$1067.00 → $1129.22

Mkt Cap

$26.2B

P/E

35.7x

▲ 10.2%

30D

▲ 4.4%

▼ 32.6%

ONON Semiconductor Corporation▼ 5.6%

ON Semiconductor fell 5.6% despite positive AI revenue momentum and analyst upgrades, likely due to profit-taking after strong recent gains.

Price

$105.77 → $99.82

Mkt Cap

$39.2B

P/E

73.6x

▼ 1.0%

30D

▲ 56.5%

▲ 104.6%

IFFInternational Flavors & Fragrances Inc.▼ 5.6%

IFF beat Q1 earnings but lowered full-year revenue guidance 0.6% below estimates, offsetting positive operational results.

Price

$82.93 → $78.32

Mkt Cap

$20.0B

P/E

24.3x

▲ 11.6%

30D

▲ 11.9%

▲ 24.6%

NRGNRG Energy, Inc.▼ 5.5%

NRG's Q1 earnings per share missed expectations while net income collapsed 83%, offsetting revenue growth and concerns about rising debt costs.

Price

$150.64 → $142.35

Mkt Cap

$30.3B

P/E

158.1x

▼ 8.5%

30D

▼ 7.0%

▼ 16.3%

TECHBio-Techne Corporation▲ 5.5%

Bio-Techne beat earnings per share expectations despite flat sales, driven by strong pharmaceutical demand and stabilizing academic market conditions.

Price

$47.41 → $50.00

Mkt Cap

$7.8B

P/E

71.5x

▼ 9.6%

30D

▼ 7.1%

▼ 14.1%

HWMHowmet Aerospace Inc.▲ 5.4%

Howmet beat Q1 earnings estimates on strong commercial aerospace demand and raised 2026 guidance, driving investor optimism.

Price

$256.43 → $270.35

Mkt Cap

$108.3B

P/E

72.6x

▲ 11.2%

30D

▲ 14.5%

▲ 31.4%

MPWRMonolithic Power Systems, Inc.▼ 5.4%

MPWR's 5.4% decline likely reflects profit-taking after its 158.2% annual surge, as investors reassess premium valuation amid semiconductor sector headwinds.

Price

$1652.35 → $1563.16

Mkt Cap

$76.9B

P/E

111.5x

▼ 3.2%

30D

▲ 31.2%

▲ 63.2%

ETNEaton Corporation plc▼ 5.4%

Eaton's planned Mobility segment spinoff likely disappointed investors despite record earnings and strong datacenter growth, outweighing positive guidance raises.

Price

$421.39 → $398.79

Mkt Cap

$155.0B

P/E

39.0x

▼ 7.9%

30D

▲ 8.1%

▲ 5.7%

APPAppLovin Corporation▲ 5.4%

AppLovin's Q1 earnings beat expectations and raised guidance, driven by strong AI-powered advertising revenue growth in mobile gaming.

Price

$468.83 → $493.97

Mkt Cap

$166.6B

P/E

43.1x

▲ 10.7%

30D

▲ 20.4%

▼ 20.5%

VRTVertiv Holdings Co▼ 5.3%

Market correction following strong recent gains as investors take profits after April momentum surge driven by AI data center and Nvidia tailwinds.

Price

$358.92 → $339.75

Mkt Cap

$130.6B

P/E

85.4x

▲ 3.4%

30D

▲ 29.5%

▲ 85.6%

EMREmerson Electric Co.▼ 5.3%

EMR declined 5.3% despite in-line earnings and raised guidance, likely due to sales missing expectations from Middle East geopolitical disruptions.

Price

$147.99 → $140.16

Mkt Cap

$78.6B

P/E

32.5x

▼ 0.2%

30D

▲ 4.1%

▲ 6.6%

BDXBecton, Dickinson and Company▲ 5.2%

BD beat Q2 earnings and revenue estimates with improved margins and raised full-year FY26 revenue guidance.

Price

$144.76 → $152.35

Mkt Cap

$43.3B

P/E

24.9x

▲ 2.2%

30D

▼ 1.7%

▲ 9.2%

QCOMQUALCOMM Incorporated▲ 5.2%

QCOM gains on AI momentum and Snap AR partnership expanding its addressable market beyond smartphones into emerging XR devices.

Price

$192.57 → $202.60

Mkt Cap

$213.7B

P/E

21.8x

▲ 12.8%

30D

▲ 63.3%

▲ 17.0%

APAAPA Corporation▼ 5.1%

APA fell 5.1% despite beating Q1 earnings estimates and raising analyst price targets, likely due to geopolitical concerns mentioned in the earnings call affecting oil market outlook.

Price

$38.30 → $36.35

Mkt Cap

$12.8B

P/E

9.1x

▼ 10.7%

30D

▼ 15.4%

▲ 53.8%

RLRalph Lauren Corporation▼ 5.1%

Ralph Lauren (RL) likely declined 5.1% due to broader luxury retail weakness, as competitors like Vince Holding face wholesale softness and margin pressures from tariffs.

Price

$372.15 → $353.30

Mkt Cap

$21.4B

P/E

24.0x

▼ 1.5%

30D

▲ 1.1%

▲ 12.1%

All Reports

Updated 12:32 PM · May 7, 2026