Tuesday morning started on a sour note for U.S. equity markets, with Dow futures slipping around 0.1% as several notable names tumbled before the opening bell.

Leading the decline was Semtech Corp (SMTC), which reported a classic case of "good news, bad news" for its third quarter of fiscal 2026. The semiconductor company posted adjusted earnings of 48 cents per share, topping analyst expectations of 45 cents. Sounds great, right? Well, the revenue picture told a different story. Semtech brought in $267 million for the quarter, falling just short of the $268.83 million Wall Street was anticipating.

The market wasn't feeling generous about the earnings beat. Semtech shares dropped 7.2% to $65.00 in pre-market action, proving once again that revenue misses can overshadow positive earnings surprises.

But Semtech had plenty of company in the red this morning. Here's who else was nursing losses before the bell:

Arcus Biosciences Inc (RCUS) gave back some of Monday's gains, falling 6.7% to $21.63 after climbing 5% the previous session.

Nanobiotix SA – ADR (NBTX) dropped 6.2% to $20.64 following the company's third quarter 2025 operational and financial update along with its 2026 clinical outlook.

Zhihu Inc – ADR (ZH) slid 5.2% to $3.81 after releasing third-quarter results that apparently didn't impress investors.

Coursera Inc (COUR) declined 5% to $7.44 in pre-market trading.

Jefferson Capital Inc (JCAP) fell 4.7% to $20.40 in early action.

The big tech names weren't spared either. Nvidia Corp (NVDA) declined 4.2% to $175.00, erasing Monday's 2% gain. Coherent Corp (COHR) fell 4.2% to $145.50, while Advanced Micro Devices Inc (AMD) slipped 3.8% to $206.97 after rallying more than 5% the day before.

It's shaping up to be one of those mornings where yesterday's winners become today's losers.