Morning movers: Netflix slides 9% as growth forecasts cool

Today’s separate overnight market read was not yet live at the 5:44 a.m. ET quote cut, so this brief stays stock-only. All pre-market prices below are delayed snapshots cross-checked between Nasdaq and Yahoo Finance; they can change before the 9:30 a.m. ET opening bell.

The tape at 5:44 a.m. ET

Netflix: a solid quarter meets a softer next step

Netflix reported $12.56 billion of Q2 revenue, up 13.4% year over year, with a 33.4% operating margin and $0.80 of diluted earnings per share. Those figures were broadly in line with the company’s own forecast. The pressure point is what comes next: Netflix projects Q3 revenue of $12.86 billion, or 11.7% growth, and narrowed its 2026 revenue range to $51.0–$51.4 billion while keeping a 31.5% operating-margin forecast.

What to watch: the 9:30 a.m. ET opening auction, whether the stock holds below $70.86, and whether analysts focus more on the 11.7% Q3 growth forecast or on the unchanged full-year margin. The main risk to a quick interpretation is that an earnings gap can reverse sharply once regular-session liquidity arrives.

Intuitive Surgical: strong Q2, slower full-year pace

Intuitive Surgical’s Q2 revenue rose 19% to $2.89 billion. Worldwide da Vinci and Ion procedures grew about 16%, and the company placed 468 da Vinci systems, including 246 da Vinci 5 systems. GAAP diluted earnings were $2.29 a share; non-GAAP diluted earnings were $2.80, including an $0.08 benefit from tariff refunds.

What to watch: whether buyers reclaim $378.50, and whether the first analyst notes frame the outlook as prudent or as a real procedure-growth slowdown. The key business risk is hospital capital spending: strong system placements today do not guarantee the same pace later in the year.

Alcoa: record revenue, but the alumina outlook is cut

Alcoa posted record quarterly revenue of $3.966 billion, up 24% from Q1. Adjusted EBITDA excluding special items rose 51% sequentially to $901 million, and free cash flow was $422 million. The weak spot was alumina: production fell 6% sequentially to 2.2 million metric tons as instability and Cyclone Narelle-related gas disruptions hit the Pinjarra refinery.

What to watch: whether the shares hold the $46 area after 9:30 a.m. ET and whether management commentary supports a stable Pinjarra recovery. The main risk is another operational setback or a commodity-price swing that overwhelms the current cost and volume assumptions.

Also on the radar

• TRV: scheduled on Nasdaq’s calendar to report before the open; the 5:37 a.m. ET quote was only 0.65% above the prior close on roughly 1,159 pre-market shares, so it did not clear the feature bar.
• FITB: also scheduled to report before the open; its 1.58% indication at 5:32 a.m. ET came on roughly 1,652 shares and needs an official release plus a more liquid quote.
• KO: up 0.93% at 5:44 a.m. ET, but no new tier-1 or tier-2 company catalyst was confirmed during this run. It stays a price signal, not a featured story.

What to watch today

• Before 9:30 a.m. ET: official Travelers and Fifth Third releases, if posted, and any verified guidance changes.
• 9:30 a.m. ET: the opening auction in NFLX, ISRG and AA; confirm the pre-market gaps with regular-session volume.
• After 9:30 a.m. ET: options reopen. Re-check spreads and implied volatility; do not carry yesterday’s chain into a new earnings-day trade plan.
• First hour: watch whether NFLX and ISRG reclaim their former 52-week lows or remain below them.