THE MORNING MOMENTUM Friday, July 24, 2026
🌅 PRE-MARKET SNAPSHOT (as of ~8:45am ET)
A quieter morning after two straight days of Big Tech earnings whiplash — Intel's blowout quarter is the story, though the reaction has already faded significantly.
Index | Change |
|---|---|
SPY | +0.2% |
QQQ | +0.1% |
DIA | +0.5% |
IWM | +0.4% |
📰 WHAT YOU NEED TO KNOW
Intel posted its best quarter in over a decade — and the stock barely noticed. Revenue rose 25% year-over-year (fastest growth since 2011) to $16.1B, beating the $14.4B estimate by 11.6%. Non-GAAP EPS of $0.42 crushed the ~$0.21-0.22 estimate by more than 90%. Shares initially spiked to $110-113 in after-hours trading (+12-13%), but have faded to just ~+2.9% by this morning, confirmed by 2.6x normal options volume. The reason: Intel's stock had already run up roughly 170% this year heading into the report — a beat this large simply confirmed what was already priced in, rather than surprising anyone. Worth noting too: despite the operating beat, Intel still posted an $11B GAAP net loss, a reminder that "record quarter" and "profitable quarter" aren't always the same thing for a company mid-turnaround.
Alphabet and Tesla are both recovering some ground after Wednesday's sharp selloffs. Alphabet is roughly flat to slightly positive today (GOOGL +0.3%, GOOG +0.1%), still showing elevated options volume (3.8-4.5x normal) as the market continues digesting Wednesday's capex-driven drop. Tesla is essentially flat in price today, but showing the single highest relative options volume of any stock on our scan (5.4x normal) — real ongoing positioning even without a big price move.
ServiceNow continues showing real strength — up ~2.3% on 3.6x normal options volume, extending gains from its own recent earnings report.
🎯 MOMENTUM PLAYS TO WATCH — Confirmed by Options Flow
INTC — Up ~2.9% on 2.6x normal options volume — a genuine beat-and-raise, muted by a stock that had already priced in the good news.
TSLA — Essentially flat, but 5.4x normal options volume — the highest relative options activity of any name today, despite no price move. Worth watching for a delayed reaction.
GOOGL/GOOG — Both modestly positive, still showing 3.8-4.5x normal options volume as Wednesday's selloff continues to get digested.
NOW — Up ~2.3% on 3.6x normal options volume — continued confirmed strength.
🎲 GUESS THE CHART
This chipmaker is up roughly 170% year-to-date in 2026 — its best year since 1983 — after tripling off its early-year lows, driven by AI-infrastructure and data-center demand. It just beat Q2 earnings estimates by more than 90% on EPS. Which ticker?
📅 TODAY'S CALENDAR
Light on major scheduled US data following a heavy earnings week. Worth watching for any follow-through commentary on this week's Big Tech reports (Alphabet, Tesla, Intel) as the week winds down.
⚡ TRADER'S NOTE
Intel's report is a clean lesson in how much a stock's prior run matters to its earnings reaction: the same beat that would have sent shares soaring a year ago barely moved the needle after a 170% run-up. Compare that to Tesla's still-elevated options volume despite a flat price today — that's a market still deciding what to do with Wednesday's news, not one that's settled.
⚠️ DISCLAIMER
This newsletter is for informational and educational purposes only and does not constitute financial, investment, or trading advice. Always do your own research and consult a licensed financial advisor before making investment decisions.