Euro Tech gains 22% on Sea Clean joint venture in Norway (CLWT:NASDAQ)

Euro Tech Holdings (CLWT) is entering Norway via a 50/50 joint venture with Sea Clean AS, called CleanPACT. The JV will promote Euro Tech's PortoBallast system. Pre-market, CLWT shares rose 67.65% to $2.28. The partnership combines Euro Tech's tech with Sea Clean's local expertise. The center will offer demos, servicing, and training.

Euro Tech Holdings (CLWT) shares rose 12.17% to $1.76 after hours on Wednesday, after a 30.83% intraday gain. The company said it selected Sea Clean AS as a strategic partner to launch a next-generation hybrid ballast water reception and treatment facility in Norway, with the mobile unit due to ship to Torvasted in early July. Euro Tech plans to present the system at SMM 2026.

The Nasdaq Composite fell 2.86% on Friday, led by selloffs in Alphabet (down 12%) and Intel (down 28%), exposing concentration risk in tech-heavy indices. The S&P 500 also dropped 1.8%, while the equal-weighted RSP ETF gained 5% in October. Investors are concerned about AI spending and slowing growth in core businesses. Nvidia, Apple, and other tech giants saw significant declines, with Nvidia losing its title as the world's most valuable company.

Intel Israel employees fear layoffs after a 30% stock plunge, the worst single-day drop since 1974, wiping $140B off its market value. The decline followed weaker earnings outlook due to semiconductor market conditions and production bottlenecks. A recent plant explosion is expected to reduce Q4 revenue by $300M and lower gross margin by 2 points, with a similar impact in Q1 2027. Intel reported Q3 revenue of $16.5B, beating forecasts, with Data Center and AI division growing 78% YoY.

The State Street Consumer Staples Select Sector SPDR ETF (XLP) rose 10.94% in October, reaching a record high of $90.38, its best monthly performance since 1998. Investors are favoring defensive stocks, according to the report.

Intel's stock fell 28.58% to $65.76, its worst drop since 1974, after its Q4 revenue forecast of $15-16B missed expectations. The decline was driven by reduced PC demand and AI-focused semiconductor production. Alphabet, Meta, and Amazon also faced financial strains due to heavy AI infrastructure investments.