Tech Leads Higher as Pharma Stocks Surge on Breakthrough News

US stock futures rose slightly Thursday morning as investors digested another wave of corporate earnings reports.

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Major Indexes: S&P 500 higher, Nasdaq higher, Dow higher, Russell 2000 higher

Leading Sectors: Real Estate, Technology, Consumer Discretionary, Industrial, Financial, Utilities

Lagging Sectors: Consumer Staples, Energy, Materials

Fastly (FSLY): The cloud-computing company surged in premarket trading after issuing strong full-year revenue guidance of $700 million to $720 million, well above the $668 million analysts expected. Fourth-quarter results also beat expectations with adjusted earnings of 12 cents per share on revenue of $172.6 million.

Crocs (CROX): The footwear company reported strong fourth-quarter earnings of $2.29 per share, well above the $1.91 estimate, and issued 2026 earnings guidance of $12.88 to $13.35, significantly above consensus. The company topped $4 billion in annual revenue and repurchased roughly 10% of its shares. Shares jumped in premarket trading.

Cisco Systems (CSCO): The networking hardware maker reported second-quarter results that beat expectations on revenue and profit, but investors focused on the company's non-GAAP gross margin of 67.5%, which fell short of the 68.1% estimate. Shares dropped in premarket trading despite the stock already being up double digits this year.

Viking Therapeutics (VKTX): The biopharmaceutical company announced plans to advance its oral obesity drug into Phase 3 development. The company reported a fourth-quarter loss of $1.38 per share, wider than the 90 cent loss analysts expected. Shares jumped sharply in premarket trading.

NovoCure (NVCR): The medical device company announced that the FDA approved its Optune Pax device for use with chemotherapy in treating adult patients with locally advanced pancreatic cancer. Shares surged in premarket trading.

BridgeBio Pharma (BBIO): The biopharmaceutical company announced positive Phase 3 topline results for its oral infigratinib treatment in achondroplasia and plans to submit regulatory applications in the second half of 2026. Shares jumped in premarket trading.

ICON (ICLR): The clinical research provider announced an accounting investigation and delayed its earnings release, triggering a sharp decline in premarket trading. Shares plunged.

Cognex (CGNX): The machine vision technology company reported fourth-quarter revenue of $252.3 million, beating expectations, and issued surprisingly strong first-quarter revenue guidance of $245 million at the midpoint. The company also authorized a new $500 million share repurchase program and declared a quarterly dividend. Shares surged in premarket trading.

QuantumScape (QS): The solid-state battery technology company reported a fourth-quarter loss of 17 cents per share, meeting expectations. However, the company guided for a full-year adjusted EBITDA loss of $250 million to $275 million, roughly in line with Wall Street's forecast. Shares tumbled in premarket trading.

AppLovin (APP): The mobile technology company beat profit and revenue expectations in the fourth quarter, earning $3.24 per share on $1.66 billion in revenue versus estimates of $2.93 per share on $1.60 billion. Despite the beat, shares fell in premarket trading. The stock is already down significantly this year.

Check Point Software Technologies (CHKP): The cybersecurity company reported fourth-quarter non-GAAP earnings of $3.40 per share and revenue of $744.9 million. Earnings beat expectations but revenue missed estimates. The company also announced a large share repurchase and the acquisition of AI security firm Cyata. Shares fell in premarket trading.

Paycom Software (PAYC): The payroll and human resources software provider issued disappointing revenue guidance for the calendar year in the range of $2.175 billion to $2.195 billion, falling short of the $2.23 billion consensus estimate. Shares declined in premarket trading.

Rollins (ROL): The pest control company reported disappointing fourth-quarter results with GAAP earnings of 24 cents per share and revenue of $912.9 million, both missing analyst estimates of 26 cents and $926.8 million respectively. Shares sank in premarket trading.

Equinix (EQIX): The digital infrastructure company issued full-year guidance that exceeded Wall Street expectations, forecasting adjusted EBITDA of $5.141 billion to $5.221 billion versus the $5.03 billion consensus. The company also expects revenue of $10.123 billion to $10.223 billion, topping estimates. Shares rallied in premarket trading.

Memory Storage Stocks: Shares of memory storage companies continued their rally, with SanDisk (SNDK) and Seagate Technology (STX) gaining, along with Micron Technology (MU) and Western Digital (WDC). The moves came after Cisco pointed to rising memory costs in its latest earnings, which could pressure its profits going forward.

HubSpot (HUBS): The marketing software company posted strong fourth-quarter results with revenue growing to $846.7 million and non-GAAP earnings of $3.09 per share, both beating estimates. The company also authorized a $1 billion buyback and issued above-consensus guidance for the first quarter and full year 2025, projecting revenue growth of about 19%. Shares initially rose in premarket trading but later declined amid a broader software sector rotation.

Sphere Entertainment (SPHR): The content production and distribution company reported fourth-quarter revenue of $394.3 million, up from the prior year, with operating income of $28.9 million. Full-year revenue reached $1.22 billion as adjusted operating income more than doubled. Shares rallied in premarket trading.

Restaurant Brands International (QSR): The parent company of Burger King reported strong fourth-quarter earnings that beat Wall Street expectations on both revenue and profit. The company earned 96 cents per share on $2.47 billion in revenue, both exceeding analyst estimates. Shares rallied in premarket trading.

Albemarle (ALB): The chemical manufacturer reported a fourth-quarter adjusted loss of 53 cents per share, wider than the 42 cent loss analysts expected. Revenue of $1.43 billion beat estimates of $1.35 billion. The company also announced plans to idle an Australian lithium plant. Shares slipped in premarket trading.

Howmet Aerospace (HWM): The aerospace components manufacturer posted record fourth-quarter and full-year 2025 results, with fourth-quarter adjusted earnings of $1.05 per share on $2.17 billion in revenue, both beating estimates. The company issued upbeat guidance for the first quarter and full year 2026. Shares rallied in premarket trading.

Zoetis (ZTS): The animal health company reported fourth-quarter revenue of $2.4 billion and adjusted earnings of $1.48 per share, both beating analyst estimates. Full-year 2025 sales reached $9.5 billion. The company also issued full-year 2026 guidance. Shares rose in premarket trading.

American Electric Power (AEP): The utility company reported fourth-quarter operating earnings of $1.19 per share and full-year operating earnings of $5.97 per share, reaffirming its 2026 operating earnings guidance and long-term growth targets. Shares gained in premarket trading.

Trinity Industries (TRN): The railcar products and services provider reported fourth-quarter earnings of $2.31 per share on $611 million in revenue, with revenue beating expectations despite declining from the prior year. The company issued 2026 earnings guidance. Shares rallied in premarket trading.

Destiny Tech100 (DXYZ): The investment fund reported net asset value of $19.97 per share at the end of the fourth quarter, up substantially from both the previous quarter and the prior year. The company also disclosed new investments totaling $127 million in Anthropic, CHAOS Industries, and Hermeus Corporation. Shares rose in premarket trading.

Inspire Medical Systems (INSP): The medical technology company reported strong fourth-quarter revenue of $269.1 million, beating expectations. However, the company warned that new reimbursement coding for its Inspire 5 device could reduce physician fees significantly, implying roughly flat first-quarter revenue and a net loss. Full-year revenue guidance also came in below estimates. Shares fell in premarket trading.

Baxter International (BAX): The medical products company reported a disappointing fourth quarter with a net loss and adjusted earnings that missed expectations. The company issued weaker-than-expected 2026 earnings guidance of $1.85 to $2.05 per share. Full-year 2025 results also showed a wider loss. Shares plunged in premarket trading.

AST SpaceMobile (ASTS): The satellite communications company announced a $1 billion convertible notes offering and concurrent repurchases of existing convertible notes funded by registered direct stock offerings, removing approximately $300 million of debt. Shares declined in premarket trading.

(Stocks showing elevated volume and notable price movement)

Gainers: VRT, ACHC, AXTI, AMKR, ROIV, NVST, MMM, LUV, SYY

Losers: ZG, LYFT, HUBS, PAR, PINS, MNDY, FIG

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