1. Today's Market: The Nasdaq Rose 0.83% and the Dow Fell 0.38%, a Second Straight SplitUnit: %, single-day change on November 3; the readings span positive and negative, so a zero line is drawn and a1. Today's Market: The Nasdaq Rose 0.83% and the Dow Fell 0.38%, a Second Straight SplitUnit: %, single-day change on November 3; the readings span positive and negative, so a zero line is drawn and a
Pre-Market Briefing on Nov 4: Aehr Test Jumps 26.5% on Raised $150M Guidance; Qualcomm Reports Tonight — Can Autos & IoT Offset the Handset Gap?
1. Today's Market: The Nasdaq Rose 0.83% and the Dow Fell 0.38%, a Second Straight Split
Unit: %, single-day change on November 3; the readings span positive and negative, so a zero line is drawn and all three share one scale. The Nasdaq reads +0.83%, the S&P 500 +0.36% and the Dow −0.38%.
The Nasdaq closed at 25,372.01, 1.21 percentage points ahead of the Dow; the day before, the Dow rose and the Nasdaq fell, and this session flipped it, so the three indexes went two ways for a second straight day. By sector, technology rose 0.84%, basic materials fell 1.45% and consumer defensive fell 1.24%, figures that cover Nasdaq-listed stocks only and do not represent the whole market.
The November 3 close did not yet include AMD's results. After the close that day AMD reported third-quarter revenue of $13.4B, up 45%, with record data center revenue of $8.5B, up 97%, and fourth-quarter revenue guidance of about $17B, plus or minus 3%. Results released after the close only reach the indexes at the next session's close, so when reading a day's index move, first check which news arrived after the bell.
2. Stock in Focus: Five of Six Test Equipment Stocks Rose, and Aehr Test Rose Most
Unit: %, single-day change on November 3. These six are grouped by hand on the nature of the business as semiconductor test and metrology equipment makers, not an industry field; the set spans positive and negative, so a zero line is drawn and all six share one scale. Aehr Test sits at one end on +26.50% and Nova at the other on −0.42%, 26.92 percentage points apart.
Aehr Test moved against its industry that day, but it was not the only riser. Two averages have to be kept apart: these six averaged +8.28%, while the Nasdaq semiconductor industry averaged −0.22%, so the denominators differ; FormFactor in the same set also rose 10.87%, yet Aehr Test's one-day gain beat the other five combined, which added up to 23.20 percentage points. It closed at $65.11, adding about $450M to a $2.1B market value on volume 3.1 times its daily average, with the price at 36% of its 52-week range. Earnings drove it: quarterly revenue hit a record $33.0M, up 200%, full-year revenue guidance rose to $150M from a $130M–$150M range, three times last fiscal year, and non-GAAP net income is guided at 20% of revenue or more. ⚠ But gross margin and GAAP details wait for the formal filing. Alongside it, Riot Platforms rose 18.41% with no announcement of its own, moving with a group of bitcoin miners turning to AI data centers.
Five Dimensions: Strength, Rank and Valuation Heat Full, and Volatility Control Weakest at 0
Unit: 0 to 100, 0 at the centre and 100 at the rim, all five axes on one scale. Relative strength, peer rank and valuation heat each read 100, trend position 36, and the weakest is volatility control at 0.
The pair to read together is one full axis and one empty one: relative strength 100, volatility control 0. Relative strength is 50 plus five times the excess over the industry, so Aehr Test's 26.72 percentage points works out to 183.6, capped at 100; volatility control 0 matches a beta of 3.37, meaning that for every 1% the market moves, the stock moves about 3.4% on average, in either direction. Read a full strength score alongside volatility control: a stock with a beta that high makes both its big up days and its big down days sharper than the market's.
3. What to Watch Tonight: Qualcomm Earnings, and Whether Autos and IoT Can Fill the Handset Gap
- At 13:15｜ADP employment report Seventy-five minutes before the U.S. open; it previews Friday's 13:30 payrolls report, where the market expects 65,000 new jobs and a 4.2% unemployment rate
- At 15:00｜October ISM Services PMI Thirty minutes after the U.S. open
- After the close at 21:00｜Qualcomm (QCOM) fiscal 2026 fourth-quarter earnings No exact time was given, and the call is at 21:45; Qualcomm's own guidance is revenue of $9.7B–$10.5B and non-GAAP earnings per share of $2.05–$2.25
- Also after the close｜Arm (ARM), Coherent (COHR) and AppLovin (APP) earnings Uber (UBER), GlobalFoundries (GFS) and Datadog (DDOG) report before the open
- Thursday, November 5｜Microchip (MCHP), Lumentum (LITE), Cloudflare (NET) and other earnings Weekly jobless claims follow at 13:30
Unit: billions of dollars, quarterly revenue of the handset line within the QCT segment, by fiscal quarter (the fiscal year ends in late September, and FQ3 FY26 ended June 28, 2026), with bars from zero on one shared scale. FQ4 FY25 reads $6.96B, FQ1 FY26 $7.82B, FQ2 $6.02B and FQ3 $5.09B.
- Down from $7.82B to $5.09B in two quarters, 20% below last year's $6.33B A major customer moved its modems in-house, a replacement rather than a seasonal dip
- Why not total company revenue The handset line was 59.8% of QCT last quarter, so its direction largely sets the direction of the total; in dollars, handsets fell $1.24B from a year earlier while automotive added $0.60B, IoT added $0.15B and licensing lost $0.04B, leaving the four lines $0.53B short
- ⚠ Where guidance lands decides whether long-range targets count Automotive and IoT together were 40.2% of QCT last quarter, and a rising share is what would show diversification taking hold; whether revenue lands at the top or bottom of the $9.7B–$10.5B guide decides whether the market is willing to price in the target of more than $15B in data center revenue by fiscal 2029
4. Frequently Asked Questions
Q: Aehr Test raised full-year guidance to $150M. How credible is that guide?
A: Start with how much of the full-year guide backlog already covers. On November 1 its backlog, meaning orders signed but not yet shipped and booked as revenue, was $109.3M, covering about 73% of the $150M guide, and $46.7M of new orders came in during the quarter. When backlog covers most of the full-year guide, the guide is more credible; when it covers little, every quarter has to be won again. For an equipment maker, calculate that ratio first and look at quarterly revenue second.
Q: Aehr Test rose 26.50%. Was that an industry move or its own?
A: Mostly its own. The Nasdaq semiconductor industry averaged −0.22%, a headwind, and while the six stocks in the set averaged +8.28%, taking Aehr Test out leaves the other five at 23.20 percentage points combined, about 4.64% each, so one stock outran the other five together. To tell whether a group average is being pulled up by one stock, remove that stock and average again; what remains is the temperature of the peers themselves.
Q: Both design chips, so why is AMD's data center already earning while Qualcomm's is still a target?
A: The data center revenue AMD reported after the close on November 3 was a record $8.5B, up 97%, money already booked; Qualcomm has given a target of more than $15B in data center revenue by fiscal 2029, which will take years to verify. The market prices them differently too: Qualcomm rose 1.45% to $164.43 on November 3, a market value of about $175.6B, still 36.7% below its 52-week high of $259.92. Read booked revenue and long-range targets in separate columns, because the second has to be earned quarter by quarter.
The data in this article is as of the November 3 US close and all times are UTC; guidance and expectations are company or market statements, not published figures.
Disclaimer: This article is compiled and written by the MEXC RealStocks team. The data in this article is based on the closing of the US stock market on November 3, 2026. The content is a compilation of public market information, and individual stocks are publicly discussed targets, which do not represent the recommendation or opinion of MEXC and do not constitute any investment advice. More US stock content: @MEXC | @Alpha_MEXC | @MEXC_Research
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