FormFactor (FORM) is down 6.91% to $138.18 as investors lighten positions ahead of its fiscal Q1 2026 earnings report scheduled for Wednesday, April 29, 2026. With the stock having rallied sharply into late April, the session’s drop is being characterized by profit-taking and de-risking into a defined near-term catalyst (the earnings print).

Pre-earnings trading can amplify moves when a stock has strong momentum and elevated expectations, because incremental buyers step aside while holders lock in gains. FORM’s upcoming report also arrives with previously communicated Q1 guideposts that create a tight “meet/beat/miss” framework, encouraging short-dated hedging and positioning shifts into the event.

The next directional catalyst is the April 29 results and any commentary on demand for probe cards tied to advanced packaging and high-bandwidth memory (HBM) workloads. Investors will be watching for confirmation that recent strength is holding, and for any signal on customer spending cadence and margin trajectory heading deeper into 2026.