BEFORE THE OPEN · October 29, 2026
Tech earnings pressure stocks as stronger outlooks lift consumers and aerospace — October 29, 2026
Technology stocks weakened before open on October 29 as earnings reports put cash flow and future growth under scrutiny, while stronger outlooks supported cruise, consumer and aerospace shares.
| Stock | Premarket move | Price | Quote time · ET |
|---|---|---|---|
| Norwegian Cruise Line Holdings Ltd. (NCLH) | +9.78% | $17.63 | |
| Gen Digital Inc. (GEN) | +8.52% | $26.42 | |
| Carvana Co. (CVNA) | +8.48% | $64.06 | |
| Chipotle Mexican Grill, Inc. (CMG) | +7.64% | $30.98 | |
| Howmet Aerospace Inc. (HWM) | +7.52% | $210.00 | |
| Fortinet, Inc. (FTNT) | -26.05% | $128.73 | |
| ServiceNow, Inc. (NOW) | -19.72% | $120.53 | |
| Marvell Technology, Inc. (MRVL) | -11.41% | $222.93 | |
| Alphabet Inc. (GOOGL) | -10.76% | $289.93 | |
| Alphabet Inc. (GOOG) | -10.52% | $288.02 |
1) Technology investors focus on future cash and revenue
Alphabet’s third-quarter revenue rose 25% to $127.6 billion and Google Cloud sales more than doubled, but capital spending exceeded operating cash flow by $9.07 billion. The stock’s decline puts the next investor question on whether cloud profits can eventually fund that expansion. Fortinet’s stronger product sales came with a lower annual services outlook. ServiceNow raised its annual targets, but forecast 18.5% growth in contracted revenue due over the next year for the fourth quarter, versus 21% growth excluding currency changes in the third quarter. For both businesses, recurring revenue is a more useful test of lasting demand than one quarter’s headline sales.
2) Better outlooks support cruise and consumer companies
Norwegian Cruise Line reported adjusted profit of $1.12 per share for its third quarter and raised its annual target to about $1.70. Stronger results improve the outlook, though the company still expects lower ticket-related revenue per passenger day in the fourth quarter. Gen Digital’s second quarter of fiscal 2027 delivered revenue of $1.369 billion and adjusted profit of $0.74 per share. Its higher annual sales and profit ranges point to continued demand across cyber safety and financial-wellness products; retaining paying customers remains essential. Carvana sold a record 217,385 vehicles in its third quarter, up 39%, and revenue grew 42% to $8.04 billion. It expects annual adjusted EBITDA near the high end of its earlier $2.7–$3.0 billion range. That profit measure excludes interest, taxes and several other costs, so cash generation and consumer financing conditions also matter. Chipotle’s sales grew 9.6%, but restaurant margin fell to 23.3% from 24.5%. Its gain comes with a clear profitability question: can more visits and new restaurants offset rising operating costs?
3) Aerospace growth and a reported optics deal
Howmet’s third-quarter revenue rose 29% to $2.70 billion, supported by commercial aerospace and gas-turbine demand. It raised its annual outlook and set an initial 2027 revenue target of about $11.5 billion. Higher investment spending will make cash generation an important check on that growth. Marvell is in advanced talks to buy Lumentum, according to reporting citing people familiar with the discussions. This remains a potential transaction. Data-center optics would expand Marvell’s AI infrastructure business, while financing and integration could affect shareholder returns.
4) Premarket prices
October 29, 2026 · Before open · Change since the October 28 regular close Norwegian Cruise Line Holdings Ltd. (NCLH): $17.63, +9.78% Gen Digital Inc. (GEN): $26.42, +8.52% Carvana Co. (CVNA): $64.06, +8.48% Chipotle Mexican Grill, Inc. (CMG): $30.98, +7.64% Howmet Aerospace Inc. (HWM): $210.00, +7.52% Fortinet, Inc. (FTNT): $128.73, -26.05% ServiceNow, Inc. (NOW): $120.53, -19.72% Marvell Technology, Inc. (MRVL): $222.93, -11.41% Alphabet Inc. (GOOGL): $289.93, -10.76% Alphabet Inc. (GOOG): $288.02, -10.52%
5) The next developments to watch
US third-quarter growth estimates and September personal income and spending, including the Federal Reserve’s preferred inflation measure, are scheduled before open on October 29. The combination will help investors judge whether demand is holding up as prices change. Amazon and Intel are expected to report after close. Watch how cloud and chip demand turn into profit and cash flow, rather than relying on revenue growth alone. Before-open price moves can change once regular trading begins.