Morning movers: Harmonic jumps 25.8% on broadband growth

The Morning Read covers today’s PPI and market context. Quotes below are delayed Nasdaq pre-market prints at 05:42 ET on 13 August 2026, checked against TradingView.

HLIT: +25.83% as broadband growth lifts the outlook

Harmonic reported $173.0 million of total Q2 revenue. Its continuing Broadband operation produced $133.5 million, up 54% year over year, while backlog and deferred revenue reached $587.6 million, up 71%. After selling its Video business, the company raised 2026 Broadband revenue guidance to $505-$525 million. Demand, not only cost cutting, is driving the re-rating.

• Objective levels: the $14.29-$15.30 delayed range, then Wednesday’s $12.00 close.
• What to watch: whether Broadband bookings support the $125-$135 million Q3 revenue range and the higher full-year target.
• Main risk: the smaller post-divestiture company now depends more heavily on Broadband execution and customer timing.

CBRS: -17.92% as hypergrowth meets a conventional revenue miss

Cerebras reported $180.1 million of GAAP Q2 revenue, up 74%, while core revenue reached $209.9 million, up 103%. GAAP cloud revenue grew 281% to $126.0 million, and core cloud revenue grew 287% to $127.7 million. CNBC said the GAAP figure trailed a $194 million LSEG consensus even as full-year core-revenue guidance rose to $880-$890 million. That contrast helps explain the negative reaction.

• Objective levels: the $213.00-$219.00 delayed range and Wednesday’s $262.06 close.
• What to watch: the $214-$216 million Q3 core-revenue guide and evidence that contracted data-centre capacity converts into recognized sales.
• Main risk: the GAAP net loss was $450.5 million, with stock compensation a major factor, while growth requires heavy capacity investment.

STUB: -17.21% despite record World Cup activity

StubHub posted record Q2 gross merchandise sales of $3.1 billion, up 34%, and record revenue of $573.1 million, up 33%. Adjusted EBITDA rose 94% to $105.7 million, with an 18% margin, while net income was $14.6 million versus a $53.8 million loss a year earlier. Full-year GMS guidance rose to $10.1-$10.3 billion. The selloff tests how much World Cup activity repeats and how quickly debt and costs fall.

• Objective levels: the $6.90-$7.51 delayed range and Wednesday’s $8.54 close.
• What to watch: whether the opening auction confirms the negative reset despite the raised $10.1-$10.3 billion GMS outlook.
• Main risk: World Cup demand may not represent a normal quarter, and the company still reported 3.0x net leverage at 30 June 2026.

Also on the radar

• CSCO -6.08% at $116.35 near 05:42 ET: Cisco reported record Q4 revenue of $17.3 billion and guided FY2027 revenue to $72.2-$73.4 billion, but the stock fell as the market weighed margins and the durability of AI-networking demand.
• COHR -4.75% at $338.75 near 05:42 ET: Coherent reported Q4 revenue of $2.05 billion, up 34%, and a 38.5% GAAP gross margin; the negative reaction keeps guidance execution and optical-capacity spending in focus.

What to watch today

• 08:30 ET — U.S. PPI: the Morning Read covers the macro release; compare the stock-specific gaps before and after the data.
• 09:30 ET — opening auction: compare the first regular-session prints with every delayed range above.
• After the open — option chains: rebuild live bids, asks and implied volatility; Cboe totals are prior-session context only.
• Throughout the session: separate repeatable demand from one-quarter event effects, and track whether each gap holds on regular volume.