Key Highlights

  • ServiceNow is trading 25.35% lower at $112.07 after fourth-quarter cRPO growth was guided to 18.5%.
  • Sprouts Farmers Market is trading 22.40% lower at $48.12 on a fourth-quarter comparable sales guide of down 2% to 4%.
  • Fortinet is trading 21.56% lower at $136.54 even though third-quarter revenue rose 20% to $2.08 billion.
  • Alnylam Pharmaceuticals is trading 19.01% lower at $188.23 despite 65% Amvuttra sales growth.
  • Quad is trading 16.17% lower at $7.88 after GAAP EPS fell to $0.11 from $0.21.

Which Stocks Are Trading Lower After Third-Quarter Earnings Reports on October 29?

Five companies that reported on Wednesday, October 28 are trading sharply lower on Thursday, October 29, 2026. ServiceNow (NYSE:NOW) is trading 25.35% lower at $112.07 after a fourth-quarter cRPO growth guide of 18.5%. Sprouts Farmers Market (NASDAQ:SFM) is trading 22.40% lower at $48.12 on a weak fourth-quarter comparable sales outlook. Fortinet (NASDAQ:FTNT) is trading 21.56% lower at $136.54 as product growth slowed. Alnylam Pharmaceuticals (NASDAQ:ALNY) is trading 19.01% lower at $188.23, and the release itself offers no explanation. Quad (NYSE:QUAD) is trading 16.17% lower at $7.88 after GAAP profit fell.

The ranking runs from the largest to the smallest percentage decline in Thursday's trading, using the exact moves above. Each move is measured against the stock's own prior close, so the bases are consistent across the five.

1. ServiceNow: Why Did a Revenue Beat Send the Stock 25.35% Lower?

ServiceNow is trading 25.35% lower at $112.07, from an implied prior close near $150.14 (calculated). Third-quarter subscription revenue was $3.988 billion, up 21% and slightly above the roughly $3.98 billion expected, but adjusted EPS of $1.00 came in below estimates of $1.02 to $1.03. Market reports describe the intraday decline of as much as 25% as the largest since the 2012 IPO, after a 36% gain over the prior three months.

The trigger was a fourth-quarter cRPO growth outlook of 18.5% in constant currency, against about 19% expected and 21% in the third quarter. Full-year subscription revenue guidance rose to $15.78 billion to $15.79 billion, and the AI annual contract value target rose to $1.7 billion from $1.5 billion. A research firm, William Blair, said early renewals lifted September at the expense of December. The company also named Nvidia (NASDAQ:NVDA) and Okta (NASDAQ:OKTA) among founding members of an AI governance alliance.

2. Sprouts Farmers Market: What Does a 2% to 4% Fourth-Quarter Comp Decline Mean?

Sprouts is trading 22.40% lower at $48.12, from an implied prior close of about $62.01 (calculated). Third-quarter net sales rose about 5% to $2,304.7 million, but comparable store sales fell 0.9% and diluted EPS was $1.21 versus $1.22. Gross margin slipped to 38.2% from 38.7%.

Fourth-quarter guidance calls for comparable sales down 2% to 4% and EPS of $0.47 to $0.51. Full-year EPS is now guided to about $4.80, below the earlier $5.32 to $5.40 range. The year includes a 53rd week, which the company estimates adds about $0.16 of EPS, and the next checkpoint is the fourth-quarter report.

3. Fortinet: Why Is a Beat-and-Raise Quarter Trading 21.56% Lower?

Fortinet is trading 21.56% lower at $136.54, from an implied prior close of about $174.07 (calculated). Third-quarter revenue rose 20% to $2.08 billion, billings rose 29% to $2.34 billion and adjusted EPS was $0.91 versus $0.74. The market focused on product revenue growth of 37% to $765 million, compared with the roughly 50% some investors had hoped for, and on a services miss.

Full-year 2026 revenue guidance rose to $8.125 billion to $8.215 billion, and fourth-quarter revenue is guided to $2.155 billion to $2.245 billion. A research firm, Jefferies, flagged lower attach rates and pulled-forward demand. In the second quarter, product revenue had grown 52%, so the step down in pace was clear.

4. Alnylam Pharmaceuticals: Why Is the Stock Down 19.01% After a Revenue Beat?

Alnylam is trading 19.01% lower at $188.23, from a $232.40 prior close, and touched a new 52-week low during the session. The third-quarter release offers no explanation for the decline. Total revenue rose 17% to $1.458 billion, above a market estimate of about $1.43 billion, and Amvuttra sales grew 65% to $1.130 billion. A research firm also cut its rating and set a $225 price target on the day.

Net income was $2.167 billion, but a $1,871.5 million tax benefit from releasing valuation allowances drove it, with pre-tax income at $295.8 million. Guidance was reiterated after a $200 million cut to the transthyretin range on July 30. Partnered work with Regeneron (NASDAQ:REGN) on brezosiran continues, and two-year HELIOS-B extension data are due from November 6 to 9.

5. Quad: How Did GAAP EPS Halve While Adjusted EPS Rose 13%?

Quad is trading 16.17% lower at $7.88, from an implied prior close of about $9.40 (calculated). Third-quarter net sales were $586.7 million versus $588.0 million, and GAAP diluted EPS fell to $0.11 from $0.21. Adjusted EPS rose 13% to $0.35, and adjusted EBITDA slipped to $51.1 million from $52.6 million.

Full-year adjusted EBITDA guidance was narrowed to $185 million to $195 million, moving the midpoint to $190 million from $195 million (calculated). Net debt leverage was 2.19x against 1.57x at year-end, with a year-end target of about 1.5x. The $0.10 dividend has a record date of November 17, 2026.

Earnings Fallers Compared: How Far Apart Were the Five Declines?

Calculated from the figures above, the gap between the steepest and mildest declines is 9.18 percentage points (ServiceNow at 25.35% versus Quad at 16.17%). The average of the five moves is 20.90% (calculated). ServiceNow and Sprouts Farmers Market sit 2.95 percentage points apart, and Sprouts Farmers Market and Fortinet only 0.84 points apart.

Per-share drops from the implied or stated prior closes (calculated) were $44.17 for Alnylam, $38.07 for ServiceNow, $37.53 for Fortinet, $13.89 for Sprouts Farmers Market and $1.52 for Quad. A larger percentage fall does not mean a larger dollar fall, as the Alnylam and ServiceNow rows show. The causes also differ: guidance at ServiceNow, Sprouts Farmers Market and Quad, growth mix at Fortinet, and no stated cause at Alnylam.

What to Watch Next: Alnylam Data in November and Quad's Dividend Date

Dated events from the five reports start with Alnylam's two-year HELIOS-B open-label extension results at the American Heart Association meeting from November 6 to 9, an indirect comparison of vutrisiran and acoramidis from November 15 to 18, and a targeted November 2026 regulatory decision on partnered cemdisiran. Quad's dividend record date is November 17 and payment date December 4. ServiceNow, Sprouts Farmers Market and Fortinet report next in early 2027 for the fourth quarter, with cRPO growth near 18.5%, comparable sales within the 2% to 4% decline range and fourth-quarter billings of $2.775 billion to $2.925 billion the respective markers.