Key Highlights

  • Fortinet (NASDAQ:FTNT) fell about 25% to 26% after hours on October 28, 2026, with quotes of minus 26.07% after hours and minus 25.4% premarket, and the cause is disputed between margins and a raised outlook.
  • Sprouts Farmers Market (NASDAQ:SFM) fell between 15% and 22.10% after missing on EPS of USD 1.21, revenue and same-store sales, with guidance described as weak and exact figures not retrieved.
  • ServiceNow (NYSE:NOW) fell about 14% to 19% after adjusted EPS of USD 1.00 missed USD 1.02 and fourth-quarter subscription guidance of USD 4.25 billion to USD 4.26 billion trailed USD 4.36 billion.
  • Alphabet (NASDAQ:GOOGL) fell roughly 8% to 10.5% despite 103% Google Cloud growth, because free cash flow was negative USD 9.07 billion on USD 51.36 billion of capex and operating income missed estimates.

Fortinet (NASDAQ:FTNT): The Largest Drop, With the Least Clarity

Fortinet is a large cybersecurity company, and its after-hours move on October 28, 2026 was the severest of the four. The shares fell about 25% to 26% after results, following a 5.9% drop in the regular session. One earlier table showed minus 6.05%, which reflects timing. Combining the 5.9% fall with an after-hours drop of 25% to 26% implies a loss of roughly 29% to 30% from the October 27 close, simple arithmetic that is approximate. The explanation is unsettled. One recap points to a gross-margin shortfall, meaning the company kept less of each sales dollar than analysts expected, while another page says revenue and earnings beat and the 2026 revenue outlook was raised. Both cannot be fully right, or the market reacted to margins and ignored the beat. Gross margin shows pricing power and product mix, so a miss can reset profit forecasts even when sales are strong. Until the company release is checked, the drop is verified but the trigger is disputed for FTNT. If margin pressure is real, further estimate cuts could follow on Thursday, but a rebound is possible if the raised outlook proves accurate. A decline this size can also reflect forced selling, and volume in the first hour of trading will show whether buyers step in.

Sprouts Farmers Market (NASDAQ:SFM): A Grocer Punished as Hard as a Tech Name

Sprouts reported results on October 28, 2026 that missed expectations on EPS, revenue and same-store sales. EPS was USD 1.21, below consensus, and guidance was described as weak. The material reviewed gives the direction of the revenue and same-store sales misses but not the figures, so none are quoted. After-hours moves were reported at minus 15% in one account and minus 22.10% in another, so the drop is a range, and the regular session on October 29 will set the true size. Same-store sales measure spending in stores open at least a year, so a miss there suggests traffic, basket size or pricing is weaker than modeled. When revenue, profit and same-store sales miss together, the weakness is not a single cost item. Stocks trade on future earnings, so weak guidance resets what investors pay for them. The main risk for SFM is a lasting slowdown at a premium-priced natural and organic grocer, with the Fed's hold and a December hike priced above 80% keeping consumers cautious. Analyst target changes and the next quarterly report will show whether the weakness persists, and the exact revenue, comparable sales and guidance numbers should be checked in the company release.

ServiceNow (NYSE:NOW): A Small Miss and a Large Guide Gap

ServiceNow reported on October 28, 2026. Adjusted EPS of USD 1.00 were two cents below the USD 1.02 estimate, a small miss by itself. The sharper issue was guidance: fourth-quarter subscription-style revenue of USD 4.25 billion to USD 4.26 billion sits below the USD 4.36 billion expected, a gap of about USD 0.10 billion, simple arithmetic. After-hours quotes ranged from minus 14% to minus 16% and 17.87%, with minus 19% premarket. Software companies are valued on forward recurring revenue, so a guide below expectations resets the growth path investors pay for. One recap ties the weaker outlook to longer enterprise sales cycles, but that is a recap's explanation, not a company statement. Zscaler and Salesforce also fell, which suggests NOW was treated as information about enterprise caution and AI budgets. The risk is that sales cycles stay long and spread to other vendors, and Nasdaq-100 futures were down about 1.2% at 4:09 a.m. ET on October 29, so the broader market is not offering support. Watch the regular-session open, analyst target changes and any company comment on sales cycles, because the size of the fall raises the odds of target cuts.

Alphabet (NASDAQ:GOOGL): Cloud Boom, Cash Burn

Alphabet reported third-quarter results after the close on October 28, 2026. Google Cloud revenue rose 103% to USD 30.71 billion, yet free cash flow was negative USD 9.07 billion after capital spending of USD 51.36 billion, against USD 23.95 billion a year earlier. Search advertising of USD 63.35 billion, up 12%, trailed the USD 64.96 billion estimate, and operating income of USD 40.58 billion missed USD 43.19 billion. GAAP EPS of USD 2.12 includes an USD 8.7 billion equity-securities loss, while adjusted EPS was USD 2.67. The shares fell between about 8% and 10.5% depending on the quote. Free cash flow is operating cash flow minus capital spending, so it shows how much cash a company keeps after building data centers, and investors ask whether cloud growth will earn back the spending. One recap cites debt rising to USD 125.1 billion, a figure that comes from a single account and should be checked against the 10-Q. A weak open could widen the gap with Microsoft, which rose on the same evening, and GOOGL remains the debate over AI returns. Watch Thursday's open, Amazon and Intel results after the close and any update to capex guidance.

Where Things Stand

The four drops share a theme of expectations resetting: guidance for NOW, cash flow for GOOGL, a triple miss for SFM and an unresolved margin-or-outlook question for Fortinet (NASDAQ:FTNT). The ranges, from 8% to 26%, are after-hours and premarket quotes taken at different times, so the 9:30 a.m. ET open on October 29, 2026 will settle them. The explanations for Fortinet and ServiceNow are partly a recap's view. The company releases and filings remain the references. Nothing here is advice.