Morning movers: CDNS gains 2.5% as outlook rises

The separate July 28 overnight read has the macro and chip-market backdrop. Here is the stock-level tape; every pre-market quote below is delayed, as of 5:36 a.m. ET on July 28, 2026, and should be rebuilt at the open.

Cadence: a bigger backlog supports a higher outlook

Cadence reported second-quarter revenue of $1.584 billion, up from $1.275 billion a year earlier, with non-GAAP EPS of $2.11. The design-software company raised its 2026 revenue range to $6.26–$6.34 billion and its non-GAAP EPS range to $8.05–$8.15. That matters because an $8.1 billion backlog and higher guidance point to demand converting into contracted work, not merely enthusiasm around AI. The main risk is valuation sensitivity: a strong report can still reverse if investors decide the raised outlook was already priced in.

Applied Digital: revenue growth meets heavy financing needs

Applied Digital reported fiscal fourth-quarter revenue of $258.7 million, up 407% year over year, alongside a $110.6 million GAAP net loss attributable to common shareholders. It also highlighted three long-term data-centre leases with one investment-grade hyperscaler, including two 300-megawatt sites with about $7.5 billion of base-term contracted revenue each. The market mechanism is straightforward: contracted AI infrastructure can improve revenue visibility, while construction and debt funding keep execution and balance-sheet risk high. The key references are Monday’s $26.375 close and the delayed $27.10 pre-market print.

Gossamer: a 36% move, but the filing risk remains

Gossamer said FDA meeting minutes provide a path toward a planned September 2026 NDA submission for seralutinib in pulmonary arterial hypertension. The company also reacquired worldwide development and commercial rights from Chiesi and reported about $57 million of cash, cash equivalents and marketable securities at June 30. Those are material corporate developments, but they are not an approval: the FDA described statistical significance and treatment-effect magnitude as review issues, and approvability will be decided only after a complete filing is reviewed.

Also on the radar

• AMKR: about -6.9% at the quote cut after earnings; it is already covered in today’s overnight read, so this brief does not re-lead it.
• CLS: Nasdaq showed about +1.7% after Q2 revenue reached $4.70 billion and management raised its 2026 outlook; a second structured pre-market quote was unavailable, so it was not featured.
• NUE: the SEC-filed release showed Q2 net sales of $10.40 billion and adjusted EPS of $4.84, but the early pre-market print was too thin to support a featured move.

What to watch today

• 9:30 a.m. ET: rebuild all three quotes and options chains after regular trading opens.
• First hour: watch whether CDNS and APLD hold above Monday’s closes of $338.61 and $26.375.
• GOSS: distinguish an NDA submission plan from an accepted filing or approval; neither has happened yet.
• Before the 9:45 a.m. Tip slot: AMKR is the only featured-or-radar name on Eddie’s live watchlist, but it requires its own fresh screen.