US PRE-MARKET MOVERS: MSFT, META, QCOM, ARM, FTNT, MA, LRCX, SBUX, CVNA, BE

ES +0.7% NQ +1.6% RTY +0.6%

• MSFT +9.3%: Reported strong earnings w/ accelerating growth in Azure and Copilot
• META -10.0%: Q2 EPS missed; concerns over increased spending, expenses and lower free cash flow remain
• QCOM -3.2%: Q3 profit miss while next quarter guidance includes a data centre miss
• ARM +10.8%: Earnings and guidance beat offsets concerns over lower 2027 royalty growth expectations amid incremental android weakness
• FTNT +11.5%: Q2 results beat expectations; raised outlook
• MA +2.5%: Q2 profit & rev. beat
• LRCX +13.0%: Q4 results beat expectations w/ stronger-than-expected Q1 guidance
• SBUX +4.1%: Q3 top and bottom line beat, w/ stronger than expected FY26 guidance.
• CVNA -8.40%: Gave weaker-than-expected 2H adjusted EBITDA guidance
• BE +9.5%: Upgraded at Mizuho to 'Outperform' from 'Neutral'