Check out the companies making the biggest moves premarket: Netflix — The streaming giant dropped more than 10% after its in-line results for the second quarter failed to impress investors. Netflix earned 80 cents per share on revenue of $12.56 billion. Analysts polled by LSEG expected a profit of 79 cents per share on revenue of $12.59 billion. The company, however, also said it would cut back how often it releases its “What We Watched” reports — which give investors a look at engagement on the platform. Alphabet — The Google parent company slid for a second day in a row, down 1.5%, after Bloomberg reported on Thursday that Google is months behind delivering its latest Gemini AI model. Alphabet tumbled almost 4.5% on Thursday after the news. Intuitive Surgical — Shares fell more than 11% after the maker of surgical robotic tools posted second-quarter results. The company earned an adjusted $2.80 per share on revenue of $2.89 billion. Analysts polled by LSEG expected a profit of $2.50 per share on revenue of $2.82 billion. Intuitive Surgical also maintained its full-year outlook for procedures using its da Vinci robotic system. It expects growth around 14%. SpaceX — The stock fell more than 3.5% after it aborted the launch of its Starship mega rocket. In a post on X, CEO Elon Musk said some of the engines didn’t start, forcing an automatic launch abort, but he promised the company will try again in the coming days. Verizon Communications — The telecommunications company was up 1% after it said it would sell 274 company-owned retail storefronts and cut about 500 corporate jobs. The move is part of Verizon’s ongoing restructuring. BP , ConocoPhillips — Shares of the energy companies were up more than 1% after CNBC’s Brian Sullivan reported that they will announce new investments in Iraq on Friday. Details of the individual commitments were not immediately available, but people familiar with the matter told Sullivan the investment by the companies will be in billions of dollars, and even potentially tens of billions. Truist Financial Corporation — The bank was up 1.4% after it reported a beat in its second-quarter earnings report. Truist delivered earnings of $1.23 per share, compared to analysts polled by FactSet’s estimates for $1.08. Revenue also came in above expectations. Alcoa — The aluminum producer slipped 0.5% even after reporting second-quarter results that beat analyst expectations. Alcoa earned $2.12 per share, excluding certain items, on revenue of $3.97 billion. Analysts had forecast a profit of $2.06 per share on revenue of $3.94 billion, per LSEG. The company also lowered its 2026 production outlook for alumina, which is used in aluminum smelting. Software stocks — A slew of names were lower as the iShares Expanded Tech-Software Sector ETF (IGV) fell more than 1.5% and was on pace for its sixth week lower in seven. Salesforce and Palantir Technologies were off more than 2.4%, while ServiceNow tumbled 2%. Microsoft dropped 1.7%. Memory stocks — The AI trade continued to come under pressure, with the memory names unwinding yet again in premarket trading on Friday. The Roundhill Memory ETF (DRAM) was off more than 3% and pacing to end the week down 19%. Western Digital fell 2.5%, while Micron Technology was off 1.5%. Seagate Technology declined 2%. Fifth Third Bancorp — Shares edged higher despite the regional bank reporting a slight earnings miss in its second-quarter financial report. However, Fifth Third reported net interest income in-line with expectations that was up 48% from the same quarter a year ago. — CNBC’s Fred Imbert contributed reporting
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Friday, October 2
