Key Highlights

  • Fortinet trades 21.56% lower at $136.54 even after revenue grew 20% to $2.08 billion.
  • Alnylam trades 19.01% lower at $188.23 after third-quarter revenue of $1.458 billion topped a $1.43 billion estimate.
  • Alkami trades 18.29% lower at $12.69 after revenue of $134.9 million beat the top of its guided range.
  • Melar Acquisition I trades 16.27% lower at $7.05 one week after shareholders approved the Everli merger.
  • Silicom trades 13.32% lower at $38.28 after revenue of $26.72 million beat a $25.45 million estimate.

Five Stocks Sliding Despite Earnings Beats, Raised Guidance or Approvals on October 29

Five stocks trade lower on Thursday, October 29, 2026, even though each reported results above expectations, lifted guidance or cleared a shareholder vote. Fortinet (NASDAQ:FTNT) trades 21.56% lower at $136.54 after third-quarter revenue grew 20% to $2.08 billion. Alnylam Pharmaceuticals (NASDAQ:ALNY) trades 19.01% lower at $188.23 after revenue grew 17% to $1.458 billion. Alkami Technology (NASDAQ:ALKT) trades 18.29% lower at $12.69 after revenue of $134.9 million topped its own guidance.

Melar Acquisition I (NASDAQ:MACI) trades 16.27% lower at $7.05, one week after shareholders approved its Everli business combination, and Silicom (NASDAQ:SILC) trades 13.32% lower at $38.28 after revenue and adjusted earnings beat estimates. The sections below are ordered by the size of each decline, biggest first. No company release states a reason for these moves, so any explanation described below is attributed to market reports or research firms and is not confirmed.

Fortinet: A 21.56% Drop After Revenue Grew 20%

Fortinet reported third-quarter results on Wednesday, October 28, with revenue of $2.08 billion, billings up 29% to $2.34 billion and adjusted EPS of $0.91 against a prior outlook of $0.83 to $0.87. The implied prior close is about $174.07 (calculated). Market reports said product revenue growth of 37% to $765 million compared with roughly 50% that investors had hoped for, and that services revenue missed estimates.

A research firm flagged lower attach rates and said demand may have been pulled forward. Fourth-quarter revenue is guided to $2.155 billion to $2.245 billion, and full-year revenue to $8.125 billion to $8.215 billion, up from $8.02 billion to $8.18 billion.

Fortinet sells firewalls, secure networking and security services to enterprises and service providers. GAAP net income was $635.5 million, or $0.86 per diluted share, versus $473.9 million a year earlier, and the company said the slowdown reflected a return to normalized growth after pricing increases and competition from AI frontier models had boosted first-half results.

Alnylam: A 19.01% Slide Following a Revenue Beat

Alnylam is trading from a prior close of $232.40. Third-quarter revenue of $1.458 billion, up from $1.249 billion, compared with a market estimate of about $1.43 billion, and Amvuttra sales grew 65% to $1,130.4 million. The release offers no explanation for the decline, and a research firm cut its rating and set a $225 price target the same day.

Net income of $2,167.3 million included a $1,871.5 million income tax benefit, with pre-tax income at $295.8 million. Guidance was reiterated, including total net product revenues of $4.7 billion to $5.1 billion. Alnylam's partner Regeneron (NASDAQ:REGN) is also named in the pipeline update on its brezosiran program.

Alnylam develops RNA interference medicines for rare and common diseases. Collaboration revenue dropped 80% to $71.5 million because the prior-year quarter held a $300.0 million milestone, while royalty revenue more than doubled to $94.7 million.

Alkami: An 18.29% Decline After Topping Its Own Guidance

Alkami reported third-quarter results on Wednesday, October 28, 2026, with revenue up 19.4% to $134.9 million, above the $132.7 million to $134.2 million range, and adjusted EBITDA of $26.3 million. The implied prior close is about $15.53 (calculated). The release does not state a reason for the decline.

Annual recurring revenue reached $533.2 million, up 19%, against 21% growth at the end of June. Full-year revenue guidance rose to $530.5 million to $532.0 million, and the company reported a net loss of $6.7 million for the quarter.

Alkami provides a cloud-based digital banking platform to community banks and credit unions and reported 24.4 million registered users on September 30, 2026. Operating cash flow for nine months was $39.1 million, and the company repurchased $25.0 million of shares.

Melar Acquisition I: A 16.27% Fall After the Merger Vote

Melar is a Cayman Islands special purpose acquisition company that raised $150 million in June 2024. Its shareholders approved the Everli Global business combination on Thursday, October 22, 2026, and no company release dated October 29 came with the fall. The implied prior close is about $8.42 (calculated).

A news report says holders of 3,852,564 Class A shares exercised redemption rights, though the company's release gives no redemption or trust figures. The combination was valued at $180 million at signing, and the combined company expects to trade on Nasdaq as EVRL.

Silicom: A 13.32% Drop After Beating Estimates

Silicom reported third-quarter revenue of $26.72 million before the open, ahead of a $25.45 million estimate, and adjusted EPS of $0.04 against an estimated loss of $0.04. The implied prior close is about $44.16 (calculated). The material available does not include updated guidance, so a specific reason for the decline cannot be stated.

Revenue is up about 71% from $15.61 million a year earlier (calculated). Inventories had climbed to $70.7 million on June 30, 2026 from $52.7 million at year-end 2025.

Silicom, based in Kfar Sava, Israel, makes server adapters, AI network cards and edge devices for cloud and data center customers. The stock had closed at $54.81 on October 13, 2026, well above Thursday's price.

Comparing the Five Declines: Percentage Gaps and Dollar Losses

Fortinet's decline is 8.24 percentage points bigger than Silicom's, the widest gap among the five (calculated). Alnylam and Alkami are separated by only 0.72 percentage points. The average decline across the five is 17.69% (calculated).

In dollar terms, Alnylam's shares have dropped about $44.17 from the prior close and Fortinet's about $37.53, while Melar has dropped about $1.37 (all calculated). At current prices Alnylam's market capitalization is near $25.2 billion and Alkami's equity value near $1.36 billion, a ratio of about 18.5 times (calculated), yet their declines are nearly identical.

Dates Ahead: HELIOS-B Data, Fourth-Quarter Reports and the Switch to EVRL

Alnylam has two-year HELIOS-B extension results due at a heart association meeting from November 6 to 9 and a regulatory decision on partnered cemdisiran targeted for November 2026. Alkami and Fortinet next report fourth-quarter results, with Alkami guiding to revenue of $139.7 million to $141.2 million and Fortinet to billings of $2.775 billion to $2.925 billion. Silicom's outlook and inventory trends will show whether the year lands within its $93 million to $95 million range. Melar is expected to close the Everli combination promptly, file a Form 8-K with voting results and begin trading as EVRL.