【US Pre-Market】Memory Stocks Extend Losses as SK Hynix, SanDisk Fall Over 5%; Qualcomm Drops Over 9%, AppLovin Surges Nearly 20%

TradingKey - On Thursday, November 5, ET, futures on the three major U.S. stock indexes diverged. As of press time, Dow futures rose 0.65%, S&P 500 futures gained 0.23%, and Nasdaq 100 futures fell 0.49%.

[Source: Investing]

On Wednesday, major U.S. stock indexes rose across the board as Democrats won control of both the Senate and the House of Representatives. However, some chip stocks and AI data center-related equities remained under pressure as the market monitored the impact of tightening approval processes for data center construction.

In premarket trading on Thursday, memory stocks continued to slide: SK Hynix (SKHY) fell over 5%, Western Digital (WDC) dropped about 4.6%, SanDisk (SNDK) slid about 5.5%, and Micron Technology (MU) fell nearly 4%.

In commodities, gold (XAUUSD) rose about 1.7% to trade near $4,130 per ounce. Brent crude (UKOIL) rebounded more than 1% to $95.64 per barrel after plunging nearly 9% in the previous session; WTI crude (USOIL) stood at $88.8 per barrel. Bitcoin (BTCUSD) reclaimed the $80,000 threshold, currently trading around $80,330.

Market Movers

AppLovin (APP) rose nearly 20% pre-market: The company's third-quarter revenue was $2.185 billion, up 55% year-over-year; net income was $1.439 billion, up 72% year-over-year; diluted earnings per share was $4.30. Adjusted EBITDA was $1.842 billion, up 59% year-over-year. The company expects fourth-quarter revenue of $2.365 billion to $2.395 billion, higher than market expectations.

Qualcomm (QCOM) fell over 9% pre-market: The company's fiscal fourth-quarter non-GAAP revenue was $10.442 billion, down 7% year-over-year; non-GAAP EPS was $2.17, down 28% year-over-year. Among segments, handset chip revenue was $5.137 billion, down 26% year-over-year, while automotive revenue was $1.99 billion, up 89% year-over-year.

Arm (ARM) fell more than 5% pre-market: The company's fiscal 2027 second-quarter revenue was $1.443 billion, up 27% year-over-year; non-GAAP EPS was $0.52, up 33% year-over-year. Among segments, licensing revenue grew 50%, while royalty revenue grew only 8%, falling short of market expectations. The company expects fiscal third-quarter revenue of approximately $1.54 billion.

Snap (SNAP) fell more than 10% pre-market: The company's third-quarter revenue was $1.722 billion, up 14% year-over-year, slightly below market expectations; net income was $56.5 million, compared with a net loss of $104 million in the same period last year; adjusted EBITDA was $383 million, up 110% year-over-year.

Fair Isaac (FICO) fell about 8% pre-market: The company's fiscal fourth-quarter revenue was $657 million, up 27% year-over-year, slightly below market expectations; non-GAAP EPS was $11.10, beating market expectations of $10.86. The company did not provide fiscal 2027 guidance and announced adjustments to its mortgage scoring pricing model as well as plans to cut approximately 15% of its workforce, sparking market concerns.

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Report: Microsoft (MSFT) declines to expand Texas data center agreement with Nscale

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Toyota (TM) operating profit rises 34%, rebounding year-over-year for the first time in six quarters

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Berkshire Hathaway (BRKb) boosts Sirius XM stake for three consecutive trading days, spending about $26.89 million

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Report: Meta acquires AI coding startup Conductor

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