Stock Markets February 24, 2026

AMD and IBM Drive Mega-Cap Strength as Market Shows Wide Divergence

Tech leaders rally while several financials and retailers slide; movers span mega-caps to small caps across multiple sectors

By Derek Hwang AMD IBM AAPL HD GEV
AMD and IBM Drive Mega-Cap Strength as Market Shows Wide Divergence
AMD IBM AAPL HD GEV

Equity trading on Tuesday produced a varied roster of winners and losers across market-cap tiers. Notable rallies included Advanced Micro Devices and IBM among mega-cap names, while certain financial and health care large-caps moved lower. Activity ranged from double-digit gains in a number of mid- and small-cap stocks to sharp pullbacks in other smaller issuers.

Key Points

  • Mega-cap technology names such as AMD and IBM led gains on partnership announcements related to AI infrastructure and voice AI.
  • Earnings surprises and guidance drove large-cap and mid-cap volatility, with Keysight and several mid-cap firms posting double-digit percentage moves.
  • Small-cap activity was pronounced in biotech and specialty manufacturing, producing both substantial rallies and steep declines.

Stocks exhibited pronounced dispersion on Tuesday, with individual company news and earnings-related developments propelling pronounced intraday moves across market-cap segments. Technology-heavy megacaps such as Advanced Micro Devices and IBM were among the better performers, while some banks and large health-care names recorded declines. Below is a categorized account of the largest price movers by market-cap tier.


Mega-Cap Movers ($200 billion USD and above)

  • Advanced Micro Devices (AMD); AMD, Meta announce 6-gigawatt AI infrastructure partnership +8.06%
  • IBM (IBM); IBM partners with Deepgram for voice AI integration +5.72%
  • Apple Computer Inc (AAPL) +2.82%
  • Home Depot (HD) +3.04%
  • GE Vernova LLC (GEV) +4.0%
  • Palantir Technologies Inc (PLTR) -0.77%
  • Avago Technologies (AVGO) -1.58%
  • Wells Fargo (WFC) -1.77%
  • Bank Of America (BAC) -2.16%
  • United Health Group (UNH) -2.32%

Large-Cap Stock Movers ($10 billion - $200 billion USD)

  • Keysight Technologies (KEYS); Keysight Technologies soars on strong guidance, earnings beat +21.57%
  • Leonardo DRS (DRS) +11.68%
  • Westlake Chemical Corp (WLK) +11.29%
  • Twilio Inc A (TWLO) +7.67%
  • Elanco Animal Health (ELAN) +7.39%
  • Arm (ARM) +4.91%
  • Kratos Defense & (KTOS); Kratos Defense falls 3% on weaker than expected first quarter guidance -4.97%
  • Sea Limited (SE) -4.76%
  • Futu Holdings (FUTU) -4.08%
  • Dillards (DDS); Dillard’s beats profit view despite revenue shortfall -9.54%

Mid-Cap Stock Movers ($2 billion - $10 billion USD)

  • Arcus Biosciences Inc (RCUS); Arcus reports casdatifan trial data in kidney cancer patients +10.77%
  • Tarsus Pharmaceuticals Inc (TARS) +10.24%
  • Ultra Clean Holdings (UCTT); Ultra Clean Holdings falls on earnings miss despite revenue beat +9.79%
  • 21Vianet Group (VNET) +9.31%
  • Henry Schein (HSIC); Henry Schein beats estimates on earnings and revenue +8.32%
  • Sanmina-SCI Corp (SANM) +11.41%
  • Addus HomeCare (ADUS); Addus HomeCare beats estimates on earnings and revenue -9.14%
  • CECO Environmental (CECO); CECO Environmental to acquire Thermon for $2.2 billion -16.54%
  • Xometry (XMTR); Xometry shares rise 5% on Q4 beats as marketplace revenue surges -17.78%
  • Oaktree Acquisition Corp (HIMS); BTIG downgrades Hims and Hers stock rating on weak results and regulatory concerns -7.33%

Small-Cap Stock Movers ($300 million - $2 billion USD)

  • Vir Biotechnology Inc (VIR); Raymond James upgrades Vir Biotechnology stock rating on drug data +33.23%
  • Pieris Pharmaceuticals Inc (PVLA); Palvella reports positive Phase 3 results for lymphatic malformation gel +32.26%
  • Calgon Carbon Corp (CLVT); Clarivate rises over 3% on earnings beat and upbeat guidance +32.14%
  • Lion Biotechnologies (IOVA) +25.96%
  • AXT Inc (AXTI) +15.09%
  • Tennant Co. (TNC) -21.75%
  • Shoals Technologies Group (SHLS); Shoals Technologies stock falls 11% on earnings miss despite revenue beat -21.97%
  • Proteon Therapeutics Inc (TARA); Protara reports interim results from bladder cancer trial -18.57%
  • ACV Auctions (ACVA); ACV Auctions beats Q4 revenue estimates but misses on earnings -17.43%
  • Churchill Capital III Corp (CTEV) -32.24%

These moves reflect a mix of partnership announcements, trial and clinical data, earnings beats and misses, guidance revisions, and analyst ratings changes. Technology and industrial names dominated several of the largest percentage gains, while financials and certain retailers and health-care issuers recorded among the larger drops. Activity was broad, spanning mega-cap technology and legacy industrials to small biotech and specialty manufacturers.

Readers should note that the drivers for each listed move are heterogeneous: some are tied to corporate partnerships or product and trial news, others to quarterly results or analyst commentary. The session illustrated how company-specific developments can lead to significant re-pricing across market-cap tiers within a single trading day.

This report catalogues the principal movers by market-cap and the stated reasons that accompanied moves in public trading. It does not provide investment advice and presents price changes and company statements as reported during the trading session.

Risks

  • Company-specific news such as clinical trial updates, earnings misses, and guidance revisions created sharp stock price swings - this affects technology, biotech, and industrial sectors.
  • Analyst actions and downgrades can produce material downside in mid-cap and small-cap names, as illustrated by the BTIG downgrade referenced for HIMS - this impacts the health and consumer sectors.
  • Acquisition announcements and large corporate transactions can lead to heightened uncertainty around valuation and integration - the CECO Environmental acquisition of Thermon is cited as a notable corporate action influencing its share move.

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