Key Takeaways
- Technology stocks linked to artificial intelligence experienced selling pressure Friday following profit-taking activities
- Intel stock declined 3.5% while Micron stock dropped 2.7% during premarket hours
- WD-40 stock skyrocketed 15% following better-than-expected fiscal Q3 financial results
- Vodafone stock climbed 10% following announcement of a $5.95 billion stake transaction to French telecommunications interests
- Fermi stock plummeted 22% following the pricing of a $375 million convertible debt offering
Friday’s trading session saw WD-40 emerge as the clear winner, while technology stocks experienced a pullback as market participants secured profits from Thursday’s session.
Nasdaq 100 futures decreased 0.3%, exerting downward pressure on multiple technology stocks ahead of the market open.
Technology Stocks Experience Selloff
Intel stock declined 3.5% while Micron stock retreated 2.7% during premarket trading hours. Both equities had demonstrated robust performance throughout 2026 prior to Friday’s weakness.
Corning stock edged down 0.7%, Marvell Technology stock decreased 1.6%, and Sandisk stock fell 3.8%. These three companies had previously benefited from the artificial intelligence market momentum during recent trading sessions.
The decline followed Thursday’s substantial market rally. Market participants appeared to utilize Friday’s session as an opportunity to realize recent profits instead of extending gains.
WD-40 Stock Dominates Friday’s Gainers
WD-40 stock emerged as Friday’s top performer, jumping approximately 15% following the release of impressive fiscal third-quarter financial results.
The company delivered adjusted earnings per share of $2.33 alongside revenue totaling $195.1 million. Revenue expanded 24% year-over-year, exceeding Wall Street projections on both metrics.
WD-40 also provided full-year 2026 financial guidance, anticipating revenue between $675 million and $690 million. The company expects non-GAAP earnings per share ranging from $6.05 to $6.35, surpassing the analyst consensus estimate of $5.99.
Company leadership reduced its gross margin forecast, attributing the adjustment to elevated costs and product category reclassifications. Nevertheless, management indicated that pricing strategies and cost-reduction programs should deliver their primary benefits throughout 2027.
Vodafone shares climbed approximately 10% following an announcement that UAE telecommunications company e& reached an agreement to divest its 16.21% ownership position to an entity associated with French billionaire Xavier Niel’s family organization for $5.95 billion.
The transaction was executed at 112.5 pence per share and is projected to generate approximately $1.3 billion in net cash proceeds for e&. Post-transaction, e& announced it will relinquish its board representation at Vodafone.
Netflix stock advanced 0.5% following a Wall Street Journal report indicating company executives have explored incorporating live television channels and streaming package offerings into its platform.
Solaris Energy Infrastructure stock increased roughly 3% after S&P Dow Jones Indices announced the company’s inclusion in the S&P SmallCap 600 index, taking effect July 15.
Fermi stock ranked among the session’s worst performers, plunging 22% after the company established pricing for an expanded $375 million convertible notes offering at a 30% premium relative to its July 9 closing price.
The notes feature a 5% annual interest rate and reach maturity in July 2031. The offering is anticipated to finalize on July 14, 2026.
Market sentiment Friday also faced pressure from reports indicating escalating military confrontations between the U.S. and Iran, which disrupted critical global shipping routes and sparked renewed inflation apprehensions.
