Major Stock Movers: Lockheed Martin Surges on Defense Beat; Tesla, Alphabet Slide on Margin and Capex Concerns

Premarket trading showcased sharp divergences across mega-cap names Tuesday as investors digested a heavy slate of second-quarter earnings reports and forward guidance updates.

Lockheed Martin led gainers, climbing roughly 6% after the defense contractor posted a decisive quarterly beat. The company reported earnings of $7.94 per share on revenue of $20.06 billion, comfortably exceeding consensus estimates of $7.19 per share and $19.34 billion, respectively. Management also raised its full-year earnings outlook, reinforcing confidence in sustained defense spending momentum.

Conversely, Tesla shares slid nearly 6% after the electric vehicle maker missed second-quarter profit expectations. The results underscored ongoing margin compression, with free cash flow turning negative during the period.

Alphabet declined approximately 4.5% despite solid underlying performance, as the market focused on a significant ramp in capital expenditure. The Google parent lifted its 2026 capex guidance to a range of $195 billion to $205 billion, up from a prior ceiling of $190 billion, signaling an aggressive investment phase to secure artificial intelligence infrastructure leadership.

Texas Instruments delivered a top- and bottom-line beat, posting earnings of $2.14 per share on $5.46 billion in revenue against estimates of $1.93 and $5.25 billion. However, the semiconductor stock retreated 3.2%, suggesting investors may be cautious on the sustainability of the cyclical recovery.

IBM continued to face pressure after reporting second-quarter profit and revenue that fell short of analyst projections. The miss follows last week’s preliminary release, which triggered a historic single-session sell-off in the shares.

In the pharmaceutical sector, Eli Lilly dipped over 1% even as the company announced plans to seek regulatory approval for a next-generation obesity treatment in the first quarter of 2027. Late-stage trial data showed adults with obesity and cardiovascular disease achieved an average weight loss of 22.6%, or 55.8 pounds, at 80 weeks.

Comcast edged higher after a quarterly earnings beat, with management highlighting operational strength at NBCUniversal ahead of the unit’s planned spinoff.

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