TLDR
- AI-related stocks dipped Friday as investors took profits after a strong Thursday session
- Intel and Micron fell 3.5% and 2.7% respectively in premarket trading
- WD-40 surged 15% after beating earnings and revenue expectations for its fiscal third quarter
- Vodafone jumped 10% after a $5.95 billion stake sale to a French telecom group
- Fermi dropped 22% after pricing a $375 million convertible notes offering
WD-40 was the standout winner on Friday, while AI stocks took a step back as investors cashed in gains from the previous session.
Futures on the Nasdaq 100 slid 0.3%, pulling several high-flying tech stocks lower before the opening bell.
AI Stocks Pull Back
Intel fell 3.5% and Micron dropped 2.7% in premarket trading. Both stocks had been among the stronger performers in 2026 before Friday’s dip.
Corning slipped 0.7%, Marvell Technology fell 1.6%, and Sandisk declined 3.8%. All three had been riding the AI wave higher in recent sessions.
The moves came after a solid rally the day before. Traders appeared to use Friday morning as a chance to lock in recent gains rather than push higher.
WD-40 Leads the Gainers
WD-40 was the biggest winner of the day, surging around 15% after posting strong fiscal third-quarter results.
The company reported adjusted earnings per share of $2.33 and revenue of $195.1 million. Revenue was up 24% compared to the same period last year, beating Wall Street estimates on both lines.
WD-40 also issued full-year 2026 guidance, forecasting revenue of $675 million to $690 million. The company projected non-GAAP earnings per share of $6.05 to $6.35, above the analyst consensus of $5.99.
Management did lower its gross margin outlook, citing higher costs and product reclassifications. However, the company said pricing actions and cost-saving initiatives should deliver most of their benefit in 2027.
Vodafone shares rose around 10% after UAE telecom group e& agreed to sell its 16.21% stake to a company linked to French billionaire Xavier Niel’s family group for $5.95 billion.
The deal was priced at 112.5 pence per share and is expected to generate about $1.3 billion in net cash for e&. Following the sale, e& said it will no longer hold board representation at Vodafone.
Netflix edged up 0.5% after the Wall Street Journal reported that executives had discussed adding live TV channels and streaming bundles to its platform.
Solaris Energy Infrastructure gained around 3% after S&P Dow Jones Indices said the company will join the S&P SmallCap 600 index, effective July 15.
Fermi was among the worst performers, falling 22% after the company priced an upsized $375 million convertible notes offering at a 30% premium to its July 9 closing price.
The notes carry a 5% annual interest rate and mature in July 2031. The offering is expected to close on July 14, 2026.
Market sentiment on Friday was also weighed down by reports of widening military clashes between the U.S. and Iran, which disrupted key global shipping lanes and raised fresh inflation concerns.
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