U.S. stock futures showed strength Friday morning, with Dow futures climbing around 200 points. But not every stock was joining the party.

Elastic NV (ESTC) led the pre-market decliners, tumbling sharply after releasing second-quarter earnings. Here's the puzzling part: the company actually beat expectations on both the top and bottom lines. Elastic reported adjusted earnings of 64 cents per share, topping the analyst consensus of 58 cents. Revenue came in at $423.48 million, beating the Street estimate of $418.16 million. Despite the solid performance, shares dropped 12.3% to $72.02 in pre-market trading.

Sometimes beating expectations isn't enough if guidance disappoints or investors were hoping for more—a reminder that stock prices reflect future expectations, not just past performance.

Other Notable Pre-Market Decliners

Several other stocks moved lower before the opening bell:

Luda Technology Group Ltd (LUD) dipped 11.1% to $8.55 in pre-market trading after gaining 39% on Thursday. What goes up quickly can come down just as fast.

AnaptysBio Inc (ANAB) fell 9.7% to $34.00 despite announcing a $100 million stock repurchase plan. Share buybacks are typically viewed as shareholder-friendly, but the market reaction suggests investors wanted something different.

Sigma Lithium Corp (SGML) fell 8.4% to $8.61 in pre-market trading after declining 9% on Thursday. The lithium sector continued its rough patch.

Veeva Systems Inc (VEEV) fell 6.7% to $252.40 in pre-market trading. Like Elastic, Veeva posted upbeat results for the third quarter after Thursday's closing bell and even raised its fiscal year earnings and revenue estimates to ranges above analyst expectations. Yet shares still declined.

American Bitcoin Corp (ABTC) declined 6.3% to $4.29 in pre-market trading.

Standard Lithium Ltd (SLI) fell 6.3% to $3.60 in pre-market trading, joining other lithium stocks in the red.

Indivior PLC (INDV) declined 5.9% to $29.90 in pre-market trading. The company concluded a legacy U.S. Department of Justice matter by paying $295 million.

HIVE Digital Technologies Ltd (HIVE) fell 5.8% to $2.75 in pre-market trading after filing for a mixed shelf offering.

Albemarle Corp (ALB) fell 5.5% to $109.99 in pre-market trading, adding to the lithium sector's woes.

Oncology Institute Inc (TOI) fell 2.1% to $3.17 in pre-market trading.