Morning movers: Amylyx holds gain after Phase 3 win

The separate 19 August Morning Read covers Asia tech, futures and NVIDIA’s Ohio campus. This brief stays with individual stocks and uses delayed pre-market quotes captured between 05:50 and 05:55 ET on 19 August 2026.

AMLX: Phase 3 win keeps the gap intact before the open

Amylyx Pharmaceuticals said on 18 August 2026 that LUCIDITY, a 78-participant Phase 3 trial of avexitide in post-bariatric hypoglycemia after Roux-en-Y gastric bypass, met its FDA-agreed primary endpoint. The composite rate of Level 2 and Level 3 hypoglycemic events fell 55% versus placebo (p=0.000003). The company said every secondary endpoint also cleared, covering Level 2 events by self-monitoring and continuous glucose monitoring plus Level 3 events, and that avexitide was generally well tolerated. Amylyx plans an NDA by year-end 2026; avexitide already carries FDA Breakthrough Therapy and Orphan Drug designations.

The objective references are Tuesday’s $35.11 close and the delayed $35.23 pre-market print. Watch whether the opening auction treats the Phase 3 package as fully discounted or extends the re-rating into NDA timing. The main risk is a faster re-price of safety detail, commercial runway, or financing needs than the clinical headline.

KEYS: Record orders and a higher Q4 guide lift the tape

Keysight Technologies reported fiscal Q3 results for the quarter ended 31 July 2026 after the close on 18 August. Orders were $2.091 billion, the second consecutive quarter above $2 billion. Revenue was $1.846 billion, up from $1.352 billion a year earlier. GAAP diluted EPS was $2.30 and non-GAAP diluted EPS was $3.07. Communications Solutions revenue reached $1.345 billion (+43%), including +56% commercial communications growth, while Electronic Industrial Solutions contributed $501 million (+21%).

Management guided fiscal Q4 revenue to $1.930–$1.950 billion (about 37% year-over-year at the midpoint) and non-GAAP EPS to $3.34–$3.40. The delayed pre-market references are the $341.00 prior close and about $350.00 (+2.6%). Watch whether the open holds the guide upgrade after Tuesday’s slide in broader test-and-measurement names. The risk is a fade if order growth is already priced into peers.

MRCY: Record backlog, weaker open after the profit mix

Mercury Systems reported Q4 and fiscal 2026 results after the close on 18 August. Q4 revenue was about $290 million (+6.1% year over year), with record bookings of $660 million (+93.1%, book-to-bill 2.28) and backlog above $1.9 billion (+38.4%). GAAP net income was only $1 million, or $0.01 per share, versus $16 million / $0.27 a year earlier. Adjusted EBITDA was $49 million (16.7% margin) and free cash flow was $29 million. Full-year revenue reached $984 million, with a fiscal 2026 GAAP net loss of $30 million.

The delayed references are the $105.00 prior close and about $92.01 (−12.4%). Watch whether the open stabilizes if investors emphasize backlog conversion into fiscal 2027 organic growth, which management said it is raising. The core risk is that thin GAAP profitability outweighs the bookings record on the first full session after the release.

Also on the radar

• HAE +0.5% near $105.14: an 8-K disclosed a non-exclusive U.S. plasma-device supply agreement with CSL; Haemonetics is not updating fiscal 2027 guidance yet.
• FRHC +6.9% near $160.80: Freedom Yatırım received a Turkish CMB brokerage license dated 19 August 2026, described as the first broadly authorized foreign brokerage license there since 1992.
• UGI little changed near $38.40 after +9.4% Tuesday: major-outlet reports described a KKR takeover approach around $42.50; no company confirmation package was completed for a feature slot.
• WYFI about −16.8% near $22.53: after-hours pressure continued into the pre-market, but a complete issuer primary package was not frozen for feature treatment.

What to watch today

• 09:30 ET: compare each opening auction with the delayed pre-market print; thin overnight volume can reverse quickly.
• First hour: test whether AMLX’s clinical re-rating stays company-specific while KEYS leadership broadens across instruments peers.
• After the open: rebuild exact option chains before any wheel discussion; pre-market share prints are not an options market.