US PREMARKET MOVERS: META, TSLA, IBM, LRCX, BX, PG, CMCSA, SAP, BABA

ES -0.9% NQ -1.6% RTY -0.4

• META -3.0%: Earnings beat, raised FY capex to the high end; FY27 outlook limited.
• TSLA -3.9%: Cautious outlook for Optimus, delayed robotaxi revenue, and high expected chipmaking costs overshadowed EPS beat.
• IBM -6.6%: GM declined w/ consulting rev. flat.
• LRCX -8.5%: Guidance underwhelmed some expectations.
• BX -3.3%: Revenue missed.
• PG +3.1%: Earnings beat.
• CMCSA +1.3%: Adj. EPS & rev. beat.
• SAP +1.7%: Cloud revenue and backlog growth beat expectations.
• BABA -3.9%, PDD -2.1%, JD -2.6%: Chinese regulators reportedly summoned major e-commerce platforms over product quality.

A heavy cross-sector print day, and the pattern is a familiar one from recent reporting seasons: beats are being sold when the forward guidance or the cost line disappoints, while clean beats in defensives and software are being rewarded. The META and TSLA reactions fit the established template where capex intensity and deferred revenue timelines dominate the EPS number itself, particularly for names priced on long-dated optionality; the transmission runs through margin and free-cash-flow assumptions rather than the quarter just printed. IBM and LRCX show the other side of the same ledger, with consulting softness and underwhelming guidance penalised more heavily than headline beats are credited, a sequencing typical of late-cycle tape where positioning is long. The China e-commerce leg is a separate driver: regulatory summons of platforms have historically produced sharp initial ADR markdowns followed by partial retracement once the scope of the action clarifies, with the read-across concentrated in the peer set rather than the broader complex. Worth noting is the index split, with NQ underperforming RTY, consistent with mega-cap earnings digestion rather than a macro risk-off move. Follow-ons are the conference-call commentary on capex trajectories and any formal confirmation from the Chinese regulator.