Tech stocks weighed on premarket futures on Friday, with Nasdaq futures down almost 2.5% after Alphabet posted its worst third-quarter results in years and closed Thursday down 12.64% at $283.82. Intel beat estimates, but its guidance disappointed; shares closed at $92.07 and were trading at $68.26 premarket, down almost 26%. Amazon closed down 4.25% and was 6.78% lower premarket, while SanDisk, which beat on both revenue and earnings and announced an 8-for-1 forward stock split, closed down 5.32% and fell a further 8.50% premarket. In analyst actions, DoorDash, GE Vernova, Incyte, Intel and Rivian Automotive were upgraded, while Boston Scientific, Honeywell Aerospace, Intel, Reddit and Stryker were downgraded. Nasdaq (NDAQ) was initiated with a Buy rating at Erste Group, without a price target.
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