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Stock Markets February 12, 2026

Broad Market Swings Push Tech and Industrial Names Lower as Select Mid- and Small-Caps Rally

Cisco, Palantir and Apple among large-cap decliners while Cognex and Fastly post strong gains across the market cap spectrum

By Ajmal Hussain CSCO PLTR AAPL NFLX IBM
Broad Market Swings Push Tech and Industrial Names Lower as Select Mid- and Small-Caps Rally
CSCO PLTR AAPL NFLX IBM

Trading on Thursday produced notable volatility across market-cap strata. Several mega-cap technology and financial names recorded steep declines, while a number of mid- and small-cap companies posted sizable gains after earnings beats or company-specific developments. The most pronounced moves ranged from double-digit losses in some large-caps to outsized rallies in select mid- and small-cap stocks.

Key Points

  • Major megacap technology and financial stocks registered significant declines, including Cisco Systems (CSCO) down 11.56% and Apple Computer (AAPL) down 5.05%; communications and tech sectors appear notably impacted.
  • Several mid- and small-cap companies posted large gains after earnings beats or company-specific developments, such as Cognex (CGNX) up 35.6% and Fastly (FSLY) up 80.61%; the semiconductor, industrial tech and niche software sectors feature among these winners.
  • Company-specific news and analyst actions were explicit drivers for moves in both directions, for example ICON Plc (ICLR) was downgraded amid accounting concerns and Tyler Technologies (TYL) reported Q4 results that missed estimates.

Thursday's session featured pronounced swings across stocks of all sizes, with movement driven by company-specific updates and broader market dynamics. Below are the largest percentage movers grouped by market-cap categories, with accompanying notes where provided.

Mega-Cap Movers (Market Cap: $200 billion USD or higher)

  • Cisco Systems (CSCO) -11.56%
  • Palantir Technologies (PLTR) -5.02%
  • Apple Computer (AAPL) -5.05%
  • Netflix (NFLX); Paramount enlists top Warner shareholder in proxy battle - FT -4.0%
  • IBM (IBM); Confluent beats Q4 expectations with 21% revenue growth -4.32%
  • Morgan Stanley (MS) -4.02%
  • Citigroup (C) -4.55%
  • Alibaba-exch (BABA) -3.61%
  • Intel Corp (INTC) -3.31%
  • Metropcs Communications (TMUS) +4.57%

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

  • ICON Plc (ICLR); ICON stock rating downgraded by BofA Securities amid accounting concerns -37.55%
  • C H Robinson Worldwide Inc (CHRW) -19.5%
  • Applovin (APP) -17.44%
  • Baxter Intl (BAX) -15.45%
  • Expeditors Intl Wash Inc (EXPD) -15.01%
  • New Providence Acquisition Corp N (ASTS) -14.6%
  • Ritchie Bros. Auctioneers (RBA) -13.27%
  • Tyler Technologies Inc (TYL); Tyler Technologies shares plunge 8% as Q4 earnings, revenue fall short of estimates -13.54%
  • CBRE (CBRE); CBRE shares rise 2% as strong Q4 earnings beat expectations -12.04%
  • Equinix, inc.-Exch (EQIX) +12.92%

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

  • Cognex Corp (CGNX) +35.6%
  • IPG Photonics Corp. (IPGP) +29.4%
  • Crocs (CROX) +20.55%
  • Madison Square Garden (SPHR); Sphere Entertainment soars nearly 10% as The Wizard of Oz drives strong Q4 results +20.79%
  • McGraw Hill Inc (MH) +19.12%
  • Landstar System (LSTR) -18.4%
  • Geo Group Inc (GEO); GEO Group shares edge down as Q4 earnings miss overshadows revenue beat -14.78%
  • Cleveland Cliffs (CLF) -13.06%
  • Neptune Insurance Holdings Inc (NP) -11.0%
  • RXO Inc (RXO) -25.05%

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

  • Fastly Inc (FSLY); Fastly shares soar 24% after crushing Q4 earnings estimates, upbeat guidance +80.61%
  • SS Innovations International (SSII) +23.8%
  • Novocure Ltd (NVCR) +22.95%
  • Redwood Trust Inc (RWT) +21.75%
  • PepGen (PEPG) +17.51%
  • LightPath Technol (LPTH) +18.21%
  • Quidel Corp (QDEL) -22.03%
  • Energy Vault Holdings (NRGV) -21.31%
  • Collier Creek (UTZ) -18.55%
  • Fortrea Holdings (FTRE) -17.04%

The session reflected a divergence in market reactions: several headline large-cap names moved lower by multiple percentage points, while specific mid- and small-cap companies registered strong upside tied to earnings beats or company-specific news. Where present, the notes attached to individual listings highlight the catalysts or analyst actions cited for the moves.

Contextual summary - Movements ranged from steep declines among some well-known technology and financial firms to material gains among companies reporting favorable quarterly results or receiving positive reassessments. The list above preserves the percentage changes and company notes as reported for the session.

Risks

  • Earnings misses and company-specific setbacks can produce sharp negative share-price reactions, as illustrated by Tyler Technologies (TYL) and GEO Group Inc (GEO); this poses risk to investors in affected mid-cap and real estate-related names.
  • Analyst downgrades tied to accounting concerns, such as the BofA downgrade of ICON Plc (ICLR), introduce uncertainty for large-cap and large-growth stocks in the affected sectors.
  • High intraday volatility means short-term price swings can be large across market-cap tiers, impacting liquidity and execution risk for traders and investors, notably in small-cap and mid-cap equities.

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