US PRE-MARKET MOVERS: SMCI, NFLX, SPCX, UAL, T, COF, MCO, PM, ABT

ES +0.2% NQ +0.6% RTY +0.3%

• SMCI +12.5%: Sharply raised Q1 outlook on stronger AI platform demand & also lifted GM guidance; HPE +5% DELL +7%
• NFLX -7%: Guidance notably underwhelmed following slowest rev. growth in 3yrs
• SPCX +8.3%: Sharp increase in AI rev. drove a swing to profit & saw stronger-than-exp. rev & Starlink growth
• UAL -0.5%: EPS missed w/ dismal next Q guidance
• T -6%: Post-paid net additions missed
• COF +3.5%: EPS & rev. topped, NIM expanded & credit loss provisions declined
• MCO -3%: Headline metrics disappointed
• PM -3.5%: FY bottom line guidance fell short
• ABT -4.5%: Plans to separate its nutrition business & reduced 2026 sales growth forecast

A routine pre-market movers sheet in the thick of US earnings season, and the pattern is a familiar one: idiosyncratic single-name moves on guidance rather than headline beats, with index futures only modestly positive beneath. The dominant theme is the AI hardware complex, where raised outlooks at one server or infrastructure name have repeatedly dragged the peer set higher in sympathy, as with the read-across from SMCI to HPE and DELL here; that sympathy bid has historically faded if subsequent prints from the group fail to confirm the demand signal. The counterpoint is the mega-cap disappointment, and guidance misses at widely held growth names have tended to weigh on the broader tape beyond the stock itself when positioning is crowded, though NFLX at minus 7 against NQ up 0.6 suggests the market is treating it as name-specific. Note the split in financials: consumer credit with expanding NIM and falling provisions is bid, while ratings and data names trade on their own issuance-cycle drivers, so the two should not be read as one sector signal. Corporate separation announcements of the ABT type typically see an initial markdown on the guidance cut with the strategic logic debated over following sessions. Worth watching is whether the AI-hardware sympathy move holds into the cash open and whether upcoming prints from the complex corroborate the demand narrative.