Premarket Movers: Intel Sinks on Weak Outlook, Reddit Slides on Traffic Warning
US stock futures fell before Friday's open, with Nasdaq-100 contracts down 2.29%, S&P 500 futures losing 1% and Dow futures slipping 0.05%. Traders were watching quarterly labor-cost data and a fresh round of earnings after Amazon and Intel deepened the technology selloff, with October's final trading session underway.
Intel and Reddit Lead the Premarket Decline
Premarket moves (%)
| Company (ticker) | Move (% up or down) | Catalyst |
|---|---|---|
| Rivian Automotive | more than +9% | Raised full-year delivery outlook on R2 demand |
| Sprouts Farmers Market | +0.75% | Edged up despite weak results and two downgrades |
| Chevron | about +2% | Adjusted EPS $5.28 vs $4.89 forecast |
| Exxon Mobil | about +1.5% | Adjusted EPS $4.23 vs $4.08 forecast |
| Intel | -25% | Q4 revenue guidance of $15B-$16B vs $17.07B consensus |
| about -22% | Expected Q4 audience decline, weaker referrals | |
| Roblox | around -18% | Weaker Q4 bookings guidance and higher spending |
| Amazon | -7.1% | Q3 top- and bottom-line miss, $220B capex plan |
| Circle | more than -5% | Fallout from $6.3B Binance hack |
| Nvidia | -2.7% | Broad AI infrastructure selloff |
Source: Yahoo Finance, CNBC, Reuters
Big tech sells off
Amazon dropped 7.1% after third-quarter revenue and earnings missed forecasts. Free cash flow was negative $42.4B, while the company kept its annual capital investment plan at $220B. This was its second straight quarter of cash outflows, even as AWS delivered its quickest growth in five years.
Nvidia fell 2.7% alongside other AI infrastructure stocks following the Amazon and Intel reports. Bloomberg also reported discussions about Nvidia providing credit guarantees for a data center run by Nscale that Anthropic intends to use. Other semiconductor names, including Micron and Arm, also traded lower.
Intel sank 25% after its fourth-quarter sales forecast of $15B-$16B missed the $17.07B LSEG consensus. Its PC business generated $8.1B last quarter, down 5%, with a sequential decline exceeding 20% expected this quarter. PC chips supplied roughly half of quarterly sales. Rising memory costs, as suppliers prioritize AI-focused chips, are putting additional pressure on PC buyers. Management expects weak PC demand into early 2027 and no positive cash flow this year.
Earnings split the rest
Reddit slid about 22% after CEO Steve Huffman highlighted falling referral traffic and plans for a logged-in-only experience. His warning pointed to a low-double-digit percentage drop in fourth-quarter daily unique visitors.
Roblox lost around 18% after a smaller quarterly loss than analysts had expected and sales above forecasts failed to offset disappointing bookings guidance for the final quarter. The gaming company is also increasing its AI and infrastructure outlays.
Circle declined more than 5% following a Binance security breach involving $6.3B in assets. Circle froze $800M connected to the incident, alongside $1.56B frozen by Tether and $3B by Binance. The exchange said it would cover losses; responsibility for the attack had not been confirmed.
Rivian Automotive jumped more than 9% after raising its delivery outlook for the full year, supported by demand for its R2 SUV. The electric-vehicle manufacturer also reiterated confidence in its Volkswagen partnership.
Sprouts Farmers Market added 0.75% despite disappointing quarterly results and a weaker fourth-quarter forecast. Two analysts downgraded the grocer following the earnings report, citing slower sales, squeezed margins and increasing competition.
Chevron gained about 2% after adjusted EPS of $5.28 exceeded the $4.89 LSEG forecast. Revenue totaled $67.8B versus $61.6B expected. Net income climbed to $9.9B from $3.5B a year earlier. Refining profit reached $4.9B, up from $1.1B, as its US plants operated at 98% capacity. Oil and gas output eased to 3.9M barrels daily from roughly 4M a year earlier.
Exxon Mobil rose about 1.5% on adjusted EPS of $4.23 against the $4.08 LSEG estimate. Revenue of $113.2B beat the $103.1B forecast. Net income doubled to $15.4B, while Gulf Coast refineries ran at full capacity. Refining earned $7.2B, slightly exceeding the $7.1B generated by oil and gas production.
