Stock Markets May 12, 2026 02:02 PM

Broad Market Swings See Qualcomm, Intel Slide While Select Names Rally

Mega-caps in semiconductors and memory lead declines; tobacco and select energy and industrial names post gains

By Hana Yamamoto QCOM INTC SNDK MU AMAT

Stocks moved unevenly on Tuesday, with major semiconductor and memory names among the largest decliners while a subset of companies across tobacco, energy, industrials and specialty manufacturing posted notable gains. The session included pronounced drops for Qualcomm and Intel, steep declines in several mid- and small-cap technology names, and outsized advances for specific earnings winners and companies that raised guidance.

Broad Market Swings See Qualcomm, Intel Slide While Select Names Rally
QCOM INTC SNDK MU AMAT

Key Points

  • Semiconductors and memory-related mega-caps led the declines, including Qualcomm, Intel, Micron, and related equipment suppliers.
  • Earnings beats and raised guidance propelled gains for a number of companies across large- and mid-cap groups, notably Zebra Technologies, Venture Global, PACS Group, and 3D Systems.
  • Small-cap volatility was significant, with several stocks falling more than 20% while others gained 20% to 40% on company-specific news.

Tuesday's session featured a wide range of price swings across market-cap tiers, reflecting firm-specific news and earnings-related reactions. Semiconductor and memory stocks registered some of the most pronounced losses, whereas a handful of companies, including Philip Morris International, posted intra-day gains.


Mega-Cap Movers (Market Cap: $200 billion USD or higher)

  • Qualcomm (QCOM) -13.2%
  • Intel (INTC) -9.32%
  • SanDisk (SNDK) -8.89%
  • Micron Technology (MU) -6.89% - Micron samples 256GB DDR5 memory modules for AI servers
  • Applied Materials (AMAT) -4.66%
  • Oracle (ORCL) -4.78%
  • Advanced Micro Devices (AMD) -4.94%
  • Lam Research (LRCX) -4.12%
  • KLA-Tencor (KLAC) -4.23%
  • Philip Morris International (PM) +4.56%

The biggest mega-cap moves were weighted to the downside, particularly among chipmakers and equipment suppliers. Philip Morris stood out among this group with a mid-single-digit gain.


Large-Cap Stock Movers (Market Cap: $10 - $200 billion USD)

  • FormFactor (FORM) -14.37% - Craig-Hallum upgrades FormFactor stock rating on earnings potential
  • New Providence Acquisition Corp N (ASTS) -13.96%
  • AECOM Technology (ACM) -9.24% - AECOM beats estimates, raises guidance on record backlog
  • Vicor Corp (VICR) -9.11%
  • Credo Technology Holding (CRDO) -9.59%
  • Venture Global (VG) +15.92% - Venture Global stock rises over 7% on strong Q1 earnings beat
  • Zebra Technologies (ZBRA) +13.81% - Zebra Technologies stock surges 11% on earnings beat and raised outlook
  • Sea Limited (SE) +13.27%
  • Insmed (INSM) +10.82%
  • Sitime Corporation (SITM) -8.56%

Large-cap moves were mixed: several stocks declined on either analyst action or other factors, while a group of companies with stronger-than-expected earnings or raised outlooks showed double-digit gains.


Mid-Cap Stock Movers (Market Cap: $2 - $10 billion USD)

  • Under Armour (UAA) -19.06%
  • SNXX (SNXX) -18.26%
  • Camtek Ltd (CAMT) -15.95%
  • Fluence Energy (FLNC) -14.43% - Fluence Energy stockholders launch 20 million share offering
  • Innodata Isogen (INOD) -13.7%
  • MUU (MUU) -14.1%
  • PACS (PACS) +24.58% - PACS Group surges 16% on earnings beat, raised guidance
  • Ralliant (RAL) +18.41% - Ralliant shares rise nearly 6% on raised guidance despite earnings miss
  • Quantum Computing OTC (QUBT) +13.26%

Mid-cap activity included several sharp declines, with a handful of companies rallying strongly on earnings beats and upgraded guidance.


Compiled intraday readings and additional ticker moves

Additional intraday percentage reads for a selection of names included: INTC -8.76%, ORCL -4.77%, QCOM -12.79%, AMAT -4.54%, SNDK -8.23%, LRCX -4.00%, KLAC -4.36%, PM +4.68%, MU -6.3%, AMD -4.56%, CAMT -12.97%, DDD +30.68%, UAA -18.98%, FORM -14.24%, INOD -13.53%, INSM +11.34%, VICR -8.78%, ZBRA +14.36%, ACM -9.25%, HROW -20.11%, SE +13.67%, MVST -29.4%, SITM -8.36%, ASTS -13.06%, QUBT +15.67%, LENZ -24.22%, FLNC -14.09%, CRDO -9.1%, VSTS +28.01%, DXYZ -24.15%, PACS +23.67%, VACH -23.94%.


Small-Cap Stock Movers (Market Cap: $300 million - $2 billion USD)

  • ZoomInfo Technologies Inc (GTM) -34.11% - ZoomInfo tumbles 27% on revenue guidance miss
  • Tuscan Holdings Corp (MVST) -30.2%
  • Voyager Acquisition (VACH) -23.94%
  • Graphite Bio (LENZ) -24.17%
  • Imprimis Pharmaceuticals Inc (HROW) -19.93% - Harrow Health falls on revenue miss despite strong product demand
  • Destiny Tech100 (DXYZ) -22.66%
  • Ambiq Micro (AMBQ) +41.57%
  • 3D Systems Corporation (DDD) +29.28% - 3D Systems reports Q1 revenue of $95.5M, narrows loss
  • Vestis (VSTS) +28.6% - Vestis stock edges up on raised outlook despite Q2 earnings miss

Small-cap movers skewed toward steeper percentage moves in both directions, with several stocks down more than 20% and other names rallying on operational improvements or raised outlooks.


Overall, Tuesday's session was characterized by concentrated weakness in semiconductors and materials tied to memory and chip manufacturing, while company-specific earnings and guidance developments produced large moves across industrials, healthcare, and specialty manufacturing names.

Risks

  • Sector concentration risk in semiconductors and memory - declines in chip-related names suggest heightened sensitivity within that sector.
  • Earnings and guidance risk across mid- and small-cap names - stock reactions were large when companies missed or beat expectations, affecting industrials, healthcare and specialty manufacturing.
  • Secondary offering and capital markets activity risk - Fluence Energy announced a 20 million share offering, which corresponded with a notable share price decline.

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