Why it movedAMD, Arm and Qualcomm Shares Slide After Intel's Forecast: What Happened
AMD, Arm and Qualcomm each fell more than 12% on Friday as Intel's weak forecast and new worries about AI spending set off a broad chip selloff.
Mostly Markets Daily · No. 1
Intel's Worst Day Since 1974 Capped the Nasdaq's Worst Month Since March 2025
Five big companies lost about a quarter or more of their value this week on soft outlooks, and the Nasdaq ended October down about 5.3%. The week in eight charts.
Tap to start · 8 takes
1/8
Intel had its worst day since 1974
Source: Nasdaq daily closes
Intel plunged 28.6% to $65.76 on Friday, Benzinga and CNN reported. On Thursday evening it beat profit estimates and said data-center sales grew 78%, but it forecast fourth-quarter revenue of $15 billion to…
Read the take2/8
Even after Friday, Intel is up 78% this year
Intel this year+78.2%After falling 28.6% on FridayAMD this year+135.7%After falling 10.9% on Friday
Sandisk this year+384.8%After falling 13.5% on FridayFriday’s drop took back less than half of Intel’s 2026 gain. The chip rally has been so big that the week’s worst losers are still far ahead for the year.
Read the take3/8
Five companies lost about a quarter of their value in a week
Source: Nasdaq daily closes
Reddit (RDDT) forecast weak revenue and warned that falling traffic from Google search could cut its daily users (full story). ServiceNow (NOW) had its worst day on record after it forecast slower growth in a…
Read the take4/8
Alphabet had its worst day since its 2004 listing
Source: Nasdaq daily closes
Alphabet (GOOGL) plunged 12.6% on Thursday. Its cloud sales doubled, but search revenue missed estimates, and free cash flow came in at negative $9.07 billion as its spending on property and equipment more…
Read the take5/8
Nvidia did more damage to the S&P 500 than Intel
Mostly Markets estimate from Nasdaq closes and CNBC market values
Nvidia (NVDA) fell only 4.2% on Friday, but it’s one of the two biggest companies in the index, so by our estimate it took about 0.3 percentage point off the S&P 500’s 1.82% drop, more than Intel. Benzinga put…
Read the take6/8
The selling was concentrated in tech
−3%−2%−1%0%+1%+2%+3%
Source: Nasdaq daily closes; market values from CNBC
By our estimate, technology stocks fell about 4.3% as a group on Friday, while energy and consumer staples rose. Regeneron (REGN) soared 13.3% to its highest close in at least a year after sales of its eczema…
Read the take7/8
Not everything fell this week
Source: Nasdaq daily closes
Vertiv (VRT) soared on Wednesday after its orders more than doubled (full story). Carvana (CVNA) sold a record 217,385 cars in the quarter (full story). Eli Lilly (LLY) rose to another record close on Friday…
Read the take8/8
Even the safe havens fell
Gold on Friday−3.6%To $3,884.90 an ounce
Bitcoin on Friday−4.9%To $76,826
10-year Treasury yield4.93%Down 0.06 point as Treasuries rallied
Gold futures fell 3.6%, and spot gold touched its lowest level since October 2025, the Globe and Mail and Cointelegraph reported. Bitcoin fell 4.9%, also hurt by a security incident at the Binance crypto…
Read the takeThat was The Daily
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Subscribe freeRead the full editionBiggest gainers · Friday 30 Oct
What went up
Of the 582 stocks we cover, close to close
Biggest losers · Friday 30 Oct
What went down
Of the 582 stocks we cover, close to close
Market map · Friday 30 Oct
−3%−2%−1%0%+1%+2%+3%
Source: Nasdaq daily closes; market values from CNBC
Who moved the index · Friday 30 Oct
Mostly Markets estimate from Nasdaq closes and CNBC market values
AJG▲ 3.0%Arthur J. Gallagher (AJG) Q3 Profit Matches Estimates as Organic Growth Holds at 5%
- Revenue: about $3.93 billion vs analyst estimates of $3.98-4.03 billion (18% growth in brokerage and risk management, a…
- Adjusted EPS: $3.00 vs analyst estimates of $2.99-3.03 (up 30% from $2.31, in line); GAAP EPS $1.55
- Organic growth: 5% in brokerage and risk management combined; 5% in brokerage and 10% in risk management
HWM▼ 1.4%Howmet Aerospace (HWM) Tops Q3 Estimates as Engine Sales Grow 33%
- Revenue: $2.70 billion vs analyst estimates of about $2.59 billion (29% year on year, 25% organic, a 4.2% beat)
- Adjusted EPS: $1.46 vs analyst estimates of $1.36-1.37 (up 54%, a beat of about 7%); GAAP EPS $1.42
- Engine Products revenue: about $1.45 billion, up 33%
TT▼ 2.6%Trane Technologies (TT) Tops Q3 Estimates but Shares Fall on a Held Profit Forecast
- Revenue: $6.76 billion vs analyst estimates of $6.50 billion (18% year on year, 16% organic, a 4.0% beat)
- Adjusted EPS: $4.86 vs analyst estimates of $4.74 (up 25%, a 2.5% beat); GAAP EPS $4.79
- Organic bookings: up 20%
PWR▼ 4.1%Quanta Services (PWR) Tops Q3 Estimates as Backlog Hits a Record $64 Billion
- Revenue: $12.01 billion vs analyst estimates of $10.9-11.04 billion (57% year on year, a beat of about 9-10%)
- Adjusted EPS: $6.06 vs analyst estimates of $5.00-5.03 (up 82% from $3.33, a beat of about 20%); GAAP EPS $4.55, up…
- Adjusted EBITDA: $1.45 billion, up 69%, a 12.1% margin
RSG▲ 5.2%Republic Services (RSG) Tops Q3 Estimates and Raises Its Revenue Forecast
- Revenue: $4.56 billion vs analyst estimates of $4.42 billion (8.2% year on year, a 3.2% beat)
- Adjusted EPS: $1.94 vs analyst estimates of $1.93 (a 0.5% beat); GAAP EPS $1.93
- Core price: added 5.3 points to revenue growth, while lower volume took off 0.6 points
MDLZ▲ 4.1%Mondelez (MDLZ) Tops Q3 Profit Estimates as Volumes Grow
- Net revenue: $9.97 billion vs analyst estimates of $9.98 billion (2.3% year on year, a 0.2% miss)
- Adjusted EPS: $0.78 vs analyst estimates of $0.71 (a 9.9% beat); up 5.5% at constant currency
- GAAP EPS: $1.02, up 78.9%
DASH▼ 1.2%DoorDash (DASH) Tops Q3 Estimates as Orders Grow 28%
- Revenue: $4.62 billion vs LSEG estimates of $4.56 billion (34% year on year, a 1% beat)
- EPS: $1.06 vs LSEG estimates of 84 cents and a Zacks consensus of 82 cents
- Marketplace gross order value: $33.9 billion, up 36% year on year (23% excluding Deliveroo)
CVX▲ 1.8%Chevron (CVX) Tops Q3 Estimates as Refining Profit Jumps
- Revenue: $67.8 billion, up 36% year on year
- Adjusted EPS: $5.28 vs the $4.89 LSEG consensus (an 8% beat); GAAP EPS $5.06
- Downstream (refining and fuel sales) earnings: $4.9 billion, up from $1.1 billion a year earlier
Chart · Thursday, 29 October
Apple Leads the Magnificent Seven in 2026 as Alphabet Slides Into the Red
Source: Mostly Markets calculation from Nasdaq daily closes
Chart · Wednesday, 28 October
The 10-Year Treasury Yield Has Spent Six Weeks Around 5%, a Level Last Seen in 2007
Source: US Treasury daily par yield curve rates; matches Federal Reserve H.15 data on FRED (DGS10)
Chart · Friday, 23 October
US Crude Is Up 80% This Year Despite Giving Back Almost All of Its Spring Spike
Source: NYMEX settlements via Yahoo Finance, checked against Reuters settlement reports
Chart · Thursday, 22 October
Three of the S&P 500's Five Best Stocks This Year Make AI Hardware
Source: Mostly Markets calculation from Nasdaq daily closes for the 500 index members with a full year of prices
Our picks
3 Beaten-Down Quality Stocks We Love and 1 We Hate
Adobe, Intuit, and Booking sit 31% to 52% below their highs but still grow revenue by double digits and trade at 9 to 12 times free cash flow. Nike, 45% below its high, still isn't cheap.
Read our reasonsOur picks
3 Beaten-Down Quality Stocks We Love and 1 We Hate
Why it moved
Why it movedDell Technologies (DELL) Shares Slide After Intel Warns on the PC Market
Dell plunged 12.6% on Friday after Intel warned that a shortage of memory chips is choking PC demand, dragging HP and other hardware makers down with it.
DELL▼ 12.6%
Why it movedWhy Illumina (ILMN) Stock Is Sinking Today
Illumina plunged 19.3% on Friday after third-quarter results that topped profit estimates and raised its 2026 forecast failed to ease worries about slowing growth.
ILMN▼ 19.2%
Why it movedReddit (RDDT) Shares Plunge After It Warns Google Search Traffic Is Falling
Reddit plunged 30.6% on Friday after its fourth-quarter revenue forecast fell short and it warned that shrinking Google search traffic could cut its daily users.
RDDT▼ 30.6%
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Mostly Markets Daily
Intel's Worst Day Since 1974 Capped the Nasdaq's Worst Month Since March 2025
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Discover
High-quality businesses, cheaper than their peers, growing fast, or throwing off cash.
High qualityCheaper than peersNvidia
Semiconductors
It keeps 65 cents of each sales dollar as operating profit, more than almost all peers. Sales grew 83% over the past year, faster than almost all tech companies we cover.
High qualityMeta
Interactive Media & Services
It keeps 33 cents of each sales dollar as operating profit, more than most peers. Sales grew 28% over the past year, faster than most media and telecom companies we cover.
High qualityBroadcom
Semiconductors
It turns 44 cents of every sales dollar into free cash. It also keeps 48 cents of each sales dollar as operating profit, more than almost all peers.
Latest stories
Big moversStocks Making the Biggest Moves This Week: Reddit, ServiceNow, F5, Fortinet and Intel
Reddit plunged 36.4% this week on a soft forecast, and ServiceNow, F5, Fortinet, and Intel each lost about a quarter or more of their value after their own disappointing outlooks.
RDDT▼ 29.2%
Markets
Stock Market Today: Intel's Worst Day Since 1974 Sinks the Nasdaq 2.9%
The Nasdaq fell 2.86% and the S&P 500 1.82% on Friday as Intel plunged 28.6% on a weak forecast, closing out the Nasdaq's worst month since March 2025.
Why it movedNebius, CoreWeave and Cloudflare Shares Slide: What Happened
Nebius fell 12.6%, CoreWeave 11.2% and Cloudflare 10.8% on Friday as worries about AI spending, sharpened by Amazon's and Intel's results, hit cloud and internet stocks.
NBIS▼ 12.6%
EarningsArthur J. Gallagher (AJG) Q3 Profit Matches Estimates as Organic Growth Holds at 5%
Gallagher's adjusted EPS rose 30% to $3.00, in line with estimates, while revenue of $3.93 billion fell short. The stock rose 3.1% early Friday to a 52-week high.
AJG▲ 3.0%
EarningsHowmet Aerospace (HWM) Tops Q3 Estimates as Engine Sales Grow 33%
Howmet's revenue rose 29% to $2.70 billion and adjusted EPS of $1.46 beat estimates, and it raised its 2026 forecast. The stock jumped 5.5% on Thursday.
HWM▼ 1.4%
EarningsTrane Technologies (TT) Tops Q3 Estimates but Shares Fall on a Held Profit Forecast
Trane's revenue rose 18% to $6.76 billion and bookings jumped 20%, but it kept its 2026 profit forecast. The stock fell 3.9% on Thursday and 2.6% more early Friday.
TT▼ 2.6%
EarningsQuanta Services (PWR) Tops Q3 Estimates as Backlog Hits a Record $64 Billion
Quanta's revenue rose 57% to $12.0 billion and adjusted EPS of $6.06 beat estimates by about 20%. The stock rose 4.7% on Thursday, then fell 4.1% early Friday.
PWR▼ 4.1%
EarningsRepublic Services (RSG) Tops Q3 Estimates and Raises Its Revenue Forecast
Republic Services' revenue rose 8.2% to $4.56 billion, ahead of the $4.42 billion expected, and it raised its 2026 sales forecast. The stock jumped 5.2% early Friday.
RSG▲ 5.2%
EarningsMondelez (MDLZ) Tops Q3 Profit Estimates as Volumes Grow
Mondelez earned an adjusted 78 cents a share, above the 71 cents analysts expected, as more snacks sold lifted organic sales 2.1%. The stock rose 4.1% early Friday.
MDLZ▲ 4.1%
EarningsDoorDash (DASH) Tops Q3 Estimates as Orders Grow 28%
DoorDash's revenue rose 34% to $4.62 billion, beating the $4.56 billion expected, and it agreed to buy Instacart for about $17 billion. The stock jumped 5.6% on Thursday.
DASH▼ 1.2%
EarningsChevron (CVX) Tops Q3 Estimates as Refining Profit Jumps
Chevron earned $5.28 a share on an adjusted basis, beating the $4.89 expected, as refining profit rose more than fourfold. The stock was up 1.8% early Friday.
CVX▲ 1.8%
EarningsSandisk (SNDK) Tops Fiscal Q1 Estimates as Data Center Sales Jump 61%
Sandisk's revenue rose 378% to $11.03 billion, beating the $10.69 billion Zacks consensus, and it set an 8-for-1 split. The stock was down 9.4% early Friday.
SNDK▼ 5.3%