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Software earnings are doing the heavy lifting this morning, and the market is paying up for anything that can prove its growth story is not decelerating. Three separate names in the group are up double digits before the bell, and in each case the forward guidance mattered considerably more than the quarter itself.

The punishment on the other side is just as decisive. One advertising name has surrendered more than a quarter of its value on a single miss, a restaurant chain pulled its full-year outlook, and a policy decision out of Washington handed an entire sector a bid it did not have yesterday.

Atlassian (TEAM): +35%

The collaboration software company cleared the bar Wall Street set for its fiscal fourth quarter, and the market is treating the print as an answer to a year of growth-deceleration worries. Guidance calling for roughly 13% revenue growth landed a hair under one consensus figure, but that detail is getting lost in a move this size. When a stock gaps this hard on a quarter that was good rather than spectacular, the reset in expectations is usually the story.

Twilio (TWLO): +20%

The customer engagement platform guided above consensus for the current quarter, then went further and lifted its full-year revenue growth outlook by roughly four points. A raise of that size this deep into the year signals management sees demand accelerating, not merely stabilizing. That is a materially different message than a clean beat.

Cloudflare (NET): +15%

Guidance did the heavy lifting here: the cloud infrastructure and cybersecurity company topped estimates on both lines last quarter, then set the bar above consensus for both the current quarter and the full year. For a name priced on the durability of its growth rate, the forward number always matters more than the one in the rearview.

Akamai Technologies (AKAM): +10%

A beat on both the top and bottom lines is enough to move a stock that rarely makes noise. Akamai has spent years being valued as a legacy content delivery business rather than a cloud computing story, and quarters like this one are how that reputation slowly gets rewritten.

First Solar (FSLR): +5%

President Trump imposed tariffs on imported components used to manufacture solar panels, and the entire group caught a bid. Domestic manufacturing capacity is suddenly worth more the moment the imported alternative gets taxed.

The Trade Desk (TTD): -30%

The digital advertising company missed on both earnings and revenue for the second quarter, and the response has been brutal. Trade Desk has long been priced as the credible independent alternative to the walled gardens, and that premium only holds while the growth story stays intact. A quarter like this one puts the entire framing up for debate.

Wendy's (WEN): -3%

The restaurant chain reported global sales down more than 6%, dragged by an 8.2% decline in the US, and withdrew its 2026 financial outlook entirely. Earnings, revenue, and adjusted EBITDA all came in ahead of consensus, but pulling guidance tells investors management no longer trusts its own visibility. That the stock is only down 2% suggests the market had already priced in a good deal of the damage.

Super Micro Computer (SMCI)

Retail has been loud on this one for weeks, and the setup is unusually contradictory. The company preannounced a record backlog built on more than $60 billion in new fourth-quarter orders, yet the stock has drifted lower since and Wall Street's consensus rating is still Hold.

Fourth-quarter results land on August 11, with analysts modeling revenue more than doubling from a year ago. Traders appear to be focused less on the order book than on whether the margin profile can support it, since that gap is what the print will either close or widen.

✌️That’s it for today.