TLDR
- Semiconductor stocks retreated Friday as traders locked in profits following Thursday’s rally
- Intel and Micron declined 3.5% and 2.7% respectively during premarket hours
- WD-40 jumped 15% following robust fiscal third-quarter earnings and revenue that exceeded projections
- Vodafone climbed 10% following news of a $5.95 billion stake transaction to a French telecom entity
- Fermi plunged 22% following announcement of a $375 million convertible notes offering
WD-40 emerged as Friday’s biggest gainer, contrasting sharply with semiconductor stocks that retreated as traders capitalized on prior session gains.
Nasdaq 100 futures declined 0.3%, dragging multiple technology stocks lower ahead of market open.
Semiconductor Stocks Retreat
Intel declined 3.5% while Micron slipped 2.7% during premarket hours. Both companies had delivered solid performances throughout 2026 prior to Friday’s pullback.
Corning decreased 0.7%, Marvell Technology dropped 1.6%, and Sandisk fell 3.8%. These three companies had benefited from the artificial intelligence momentum during previous trading sessions.
The pullback followed Thursday’s strong market performance. Investors seemingly utilized Friday’s session to secure profits from recent advances instead of continuing the upward momentum.
WD-40 Dominates Friday’s Gainers
WD-40 emerged as the session’s top performer, rallying approximately 15% following the release of impressive fiscal third-quarter financial results.
The manufacturer delivered adjusted earnings per share of $2.33 alongside revenue totaling $195.1 million. Revenue climbed 24% year-over-year, surpassing analyst expectations on both metrics.
WD-40 provided full-year 2026 guidance, projecting revenue between $675 million and $690 million. The company anticipated non-GAAP earnings per share ranging from $6.05 to $6.35, exceeding the Wall Street consensus estimate of $5.99.
Executives revised gross margin expectations downward, attributing the adjustment to elevated costs and product reclassifications. Nevertheless, management emphasized that pricing adjustments and efficiency measures should yield substantial benefits throughout 2027.
Vodafone shares advanced approximately 10% following an announcement that UAE telecommunications operator e& reached an agreement to divest its 16.21% ownership position to an entity associated with French entrepreneur Xavier Niel’s family investment group for $5.95 billion.
The transaction was structured at 112.5 pence per share and is projected to generate roughly $1.3 billion in net proceeds for e&. Post-transaction, e& confirmed it would relinquish board representation at Vodafone.
Netflix increased 0.5% after the Wall Street Journal revealed that company leadership had explored incorporating live television channels and bundled streaming offerings into its service platform.
Solaris Energy Infrastructure advanced approximately 3% after S&P Dow Jones Indices announced the firm’s addition to the S&P SmallCap 600 index, taking effect July 15.
Fermi ranked among Friday’s worst performers, tumbling 22% after announcing an expanded $375 million convertible notes offering priced at a 30% premium relative to its July 9 closing share price.
The convertible securities carry a 5% annual coupon rate and reach maturity in July 2031. The offering is scheduled to conclude on July 14, 2026.
Market sentiment Friday faced additional pressure from emerging reports describing escalating military confrontations between the U.S. and Iran, disrupting critical international shipping routes and heightening inflation anxieties.
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