Stocks making the biggest moves premarket: Intuit, Zoom, Semtech, SolarEdge & more

Premarket moves were led by Intuit’s fiscal 2027 revenue guidance of $23.279B–$23.512B versus the $23.7B FactSet call, sending shares down ~11% even as its fiscal Q4 beat. Several guidance-sensitive software names slid (ServiceNow -2.5%, Workday and Salesforce -2%), while Zoom fell ~7% after Q3 EPS guidance of $1.46–$1.48 missed the $1.50 estimate. Kohl’s stock dropped ~5% on a -0.9% comparable sales print but shares rose on higher full-year guidance supported by $150M tariff refunds and restarting buybacks up to $100M in 2026; meanwhile Boston Scientific fell ~3% on expected cybersecurity-driven product disruption with an unknown restoration timeline.

Analysis

The cleanest read-through is not “one bad guide,” but a valuation reset for software names where monetization is still being questioned. INTU’s miss on the outer-year outlook is a warning that premium multiples can compress fast when management teams fail to prove durable uplift from pricing or AI-led attach; that pressure should spill into NOW, WDAY, CRM, SAP and ZM on any rally, because the market will now demand harder evidence of re-acceleration. IGV looks vulnerable to a further 5-8% derating over the next 1-3 months if subsequent prints confirm slower enterprise conversion.

BSX is a different kind of problem: a cyber-driven product/access disruption is first a revenue timing issue, then a potential service and regulatory overhang if restoration drags. The second-order effect is share shift to larger peers with redundant manufacturing and service infrastructure—MDT, JNJ, and ABT are the obvious beneficiaries if hospitals need immediate substitution. The tail risk is that this turns from a one-quarter hiccup into a multi-quarter trust issue; if management cannot restore access quickly, the market will start capitalizing a permanent mix hit rather than a transitory outage.

The positive outliers matter because they suggest dispersion, not a broad risk-on/risk-off move. SEDG’s policy-driven upside is the kind of catalyst that can re-rate a beaten-up name if pricing power actually improves, while SMTC’s beat is more useful as a signal that selective semis remain operationally tight even as software multiple risk rises. Contrarian take: the market may be overreacting to software as a group, but underreacting to the duration risk in BSX; the former is a valuation problem, the latter can become an earnings problem.

Key Decisions for Investors

• Short IGV or buy 1-3 month IGV put spreads on any bounce; target 5-8% downside as the market reprices software monetization risk. Invalidate if CRM/NOW/WDAY guide to sustained acceleration on the next prints.
• Fade the software basket on strength: short NOW/WDAY/CRM versus long QQQ for 1-3 months. The trade works if enterprise spend remains steady but AI monetization remains slow; cover if relative revenue growth inflects back above high-single digits.
• Buy MDT/ABT versus BSX only if BSX does not quickly clarify restoration timing. This is a duration trade on operational trust; stop if BSX fully restores affected product access within days and management quantifies only a small revenue deferral.
• Take a tactical long in SEDG via call spreads or a small equity position, sized for volatility. Hold 1-3 months; thesis breaks if channel checks show inventory is still the binding constraint rather than policy-driven pricing power.
• Do not chase KSS strength; treat the buyback/tariff refund lift as low-quality support. If needed, use any post-rally strength to fade the name versus higher-quality hardline peers.