U.S. stock futures pointed higher Thursday morning, with Dow futures adding around 100 points. But not every company was sharing in the optimism.

Birkenstock Holding PLC (BIRK) led the decliners, tumbling despite what looked like a solid earnings report. The footwear company posted fourth-quarter earnings of 60 cents per share, handily beating the 40-cent consensus estimate. Revenue of $615.4 million also topped expectations of $606.7 million.

So why the selloff? Forward guidance. Birkenstock projected fiscal 2026 adjusted earnings per share between $2.22 and $2.40, roughly in line with the $2.30 analyst consensus. But revenue guidance of $2.69 billion to $2.75 billion fell short of the $2.75 billion Wall Street was expecting. That modest miss was enough to send shares down 10.6% to $41.50 in pre-market trading.

Other Notable Decliners

Insmed Inc (INSM) suffered the steepest drop, plunging 20.1% to $158.59 after halting its Brensocatib program for chronic rhinosinusitis with nasal polyps. The Phase 2b trial missed both primary and secondary endpoints, a significant setback for the biotech company.

DBV Technologies SA (DBVT) pulled back 12.6% to $19.72, giving up some gains after surging 25% Wednesday on positive Phase 3 trial results for its VITESSE study.

Instacart (CART) declined 6.6% to $42.62 following reports from Reuters that the Federal Trade Commission is examining the company's AI pricing tool. Regulatory scrutiny is never what investors want to wake up to.

Nouveau Monde Graphite Inc (NMG) fell 6.2% to $2.87 after announcing an overnight marketed public offering, a move that typically dilutes existing shareholders.

CytomX Therapeutics Inc (CTMX) dropped 7.5% to $3.80, while Option Care Health Inc (OPCH) declined 4.8% to $31.36 in pre-market action.

Beyond Meat Inc (BYND) extended its losses, falling another 2.4% to $1.02 after already declining around 5% Wednesday.