Pre-open · Thu Oct 29

Premarket

Software - Infrastructure stocks down 5–26% after a steep run-up · Software - Application stocks down 5–18% · $SFM -23% on weak traffic

Overnight movers & trending

US-listed, $5B+

Ticker	Overnight	Ext. price	Implied move	Mkt cap	Why
$FTNT Fortinet, Inc. Leads 11 Software - Infrastructure stocks down, -5.2% to -25.7% (below); After a steep run-up	-25.71%	129.33	±11.8% (Oct 30)	$127.7B	Leads 11 Software - Infrastructure stocks down, -5.2% to -25.7% (below); After a steep run-up
$SFM Sprouts Farmers Market, Inc. On weak traffic	-23.00%	47.74	±13.0% (Nov 20)	$5.8B	On weak traffic
$NOW ServiceNow, Inc. Leads 5 Software - Application stocks down, -5.1% to -18.1% (below); ServiceNows quarterly earnings miss and softer outlook for contracted-revenue growth…	-18.10%	122.95	±10.6% (Oct 30)	$155.2B	Leads 5 Software - Application stocks down, -5.1% to -18.1% (below); ServiceNows quarterly earnings miss and softer outlook for contracted-revenue growth…
$GKOS Glaukos Corporation As iDose TR Data And Retinal Deal Fuel Bullish Setup	+17.61%	213.38	±17.7% (Nov 20)	$10.7B	As iDose TR Data And Retinal Deal Fuel Bullish Setup
$IOVA Iovance Biotherapeutics, Inc. As traders anticipated an expansion beyond melanoma	+12.26%	16.63	±6.4% (Oct 30)*	$6.7B	As traders anticipated an expansion beyond melanoma
$SCI Service Corporation International	-10.12%	74.00	±7.0% (Nov 20)*	$11.2B	—
$GOOGL Alphabet Inc. As investors focused on softer Search and advertising performance	-9.97%	292.50	±6.2% (Oct 30)	$4.0T	As investors focused on softer Search and advertising performance
$GOOG Alphabet Inc. Alphabets quarterly earnings miss and heavy AI infrastructure spending	-9.75%	290.52	±6.2% (Oct 30)	$3.9T	Alphabets quarterly earnings miss and heavy AI infrastructure spending
$LITE Lumentum Holdings Inc. Reports that Marvell is in advanced talks to acquire Lumentum…	+8.65%	993.00	±5.5% (Oct 30)	$82.8B	Reports that Marvell is in advanced talks to acquire Lumentum…
$ARXS Arxis, Inc.	-8.48%	49.54	±17.3% (Nov 20)*	$23.3B	—

Move: 11 Software - Infrastructure stocks down, -5.2% to -25.7%

Ticker	Overnight	Ext. price	Implied move	Mkt cap	Why
$FTNT Fortinet, Inc. Trending on StockTwits	-25.71%	129.33	±11.8% (Oct 30)	$127.7B	Trending on StockTwits
$SAIL SailPoint, Inc.	-6.74%	20.78	±14.5% (Nov 20)	$12.7B	—
$CRWD CrowdStrike Holdings, Inc.	-6.44%	249.50	±4.7% (Oct 30)	$273.0B	—
$PANW Palo Alto Networks, Inc.	-6.41%	369.20	±4.8% (Oct 30)	$322.7B	—
$S SentinelOne, Inc.	-6.37%	23.96	±3.7% (Oct 30)	$8.9B	—
$GTLB GitLab Inc.	-5.90%	54.55	±4.4% (Oct 30)	$9.7B	—
$RBRK Rubrik, Inc.	-5.88%	128.00	±5.0% (Oct 30)*	$28.0B	—
$QLYS Qualys, Inc.	-5.80%	210.56	±16.0% (Nov 20)*	$7.9B	—
$ZS Zscaler, Inc.	-5.79%	241.00	±4.4% (Oct 30)	$41.7B	—
$OKTA Okta, Inc.	-5.68%	210.02	±5.6% (Oct 30)	$38.9B	—
$NTSK Netskope, Inc.	-5.17%	25.15	±15.3% (Nov 20)	$10.8B	—

Move: 5 Software - Application stocks down, -5.1% to -18.1%

Ticker	Overnight	Ext. price	Implied move	Mkt cap	Why
$NOW ServiceNow, Inc. Trending on StockTwits	-18.10%	122.95	±10.6% (Oct 30)	$155.2B	Trending on StockTwits
$TYL Tyler Technologies, Inc.	-6.34%	338.01	±9.8% (Nov 20)	$14.8B	—
$HUBS HubSpot, Inc.	-5.85%	234.41	±17.1% (Nov 20)	$12.4B	—
$CRM Salesforce, Inc.	-5.58%	228.60	±4.2% (Oct 30)	$199.3B	—
$WDAY Workday, Inc.	-5.07%	194.00	±3.4% (Oct 30)	$49.3B	—

Overnight headlines

Fed leaves rates unchanged: What it means for credit cards, mortgages, auto loans and savings accounts
The Fed's benchmark affects many consumer borrowing costs, including the rates tied to mortgages, credit cards, auto loans and savings accounts.
CNBC, WSJ · Wed 4:59PM ET
Why Alphabet’s stock could see its worst drop in years after the latest results
A doubling of cloud revenue wasn’t enough to appease Wall Street as investors grew more concerned that AI is hurting the company’s ability to make money off search queries.
MarketWatch · Wed 9:58PM ET
Lumentum’s stock pops as investors cheer a possible sale to Marvell
An agreement between the companies could come next week, Bloomberg reported
MarketWatch · Wed 8:20PM ET
Fortinet’s stock is taking a dive after earnings. Here’s why.
Cybersecurity stocks are broadly falling as growth slows significantly in one of Fortinet’s business segments.
MarketWatch · Wed 7:18PM ET
ServiceNow’s stock slides as earnings miss overshadows a raised AI outlook
Even with an uptick in multimillion-dollar AI deals, ServiceNow’s earnings results weren’t enough to win over software skeptics.
MarketWatch · Wed 7:02PM ET

Earnings · next 3 days

$2B+ US-listed

Thu Oct 29
Pre-market
- $LLY (a name we trade)
- $MA (a name we trade)
- $CAT (a name we trade)
- $LIN (a name we trade)
- $MRK
- $SHEL
- $TTE
- $BUD
- $BBVA
- $BMY
- $MO
- $TT
- $ASX
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Time TBD
- $MICC
- $TV
After close
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Fri Oct 30
Pre-market
- $XOM (a name we trade)
- $ABBV (a name we trade)
- $CVX (a name we trade)
- $AZN
- $BP
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- $GD
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- $D
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- $GTES
- $TXNM
- $LEA
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- $AN
- $KRG
- $PIPR
- $HESM
- $WT
- $NWL
Time TBD
- $TLK
- $PAYP

● Names we cover or trade, listed first; then biggest companies first. Hover a ticker for the company, size and time.

US economic events · 3 days

Thu 8:30AMInitial jobless claims
Thu 8:30AMCore PCE inflation
Thu 8:30AMGDP
Fri 8:30AMEmployment cost index

Analyst & investor days · 2 weeks

For information only, not financial advice. Details may be incomplete or wrong; don't rely on them for financial decisions. Quotes may be delayed. Implied move: nearest-expiry at-the-money straddle (* = a leg last traded before the latest session). Sources: Yahoo Finance, StockTwits, CNBC, MarketWatch, WSJ, Google News.

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