Beyond Meat, Chegg, PNC Financial

PNC Financial, Citizens Financial, M&T Bank — Regional bank stocks were broadly under pressure Tuesday after Moody’s downgraded the credit in several smaller institutions. The ratings agency also said some larger banks were under review for a downgrade. Shares of M&T Bank and Webster Financial, which had their credit rating downgraded, fell 2% each. Citizens and PNC fell about 3% each after their ratings were put on review for a downgrade. Larger bank stocks, such as Goldman Sachs and JPMorgan Chase, were also lower on the day.

Organon — The stock advanced 8% on better-than-expected earnings for the second quarter. The health-care company reported earnings per share of $1.31. Analysts surveyed by StreetAccount expected 97 cents per share. Organon posted $1.61 billion in revenue, beating analysts’ expectations of $1.57 billion.

Beyond Meat — The plant-based meat company fell 16% during midday trading after missing on second-quarter revenue, citing weak U.S. demand. Beyond Meat posted an adjusted loss of 83 cents per share on $102.1 million in revenue, while Refinitiv forecast 86 cents and $108.4 million.

Chegg — The education technology stock added more than 6%. Chegg reported second-quarter revenue of $183 million, topping the $177 million expected by analysts, per Refinitiv. The company also highlighted some artificial intelligence-focused plans, alleviating some fears of the technology’s rising threat to Chegg’s business model.

Novo Nordisk — Shares of the pharmaceutical company rallied 18% after new trial data showed Novo Nordisk’s weight loss drug Wegovy cut the risk of major cardiovascular events by 20%.

EchoStar, Dish — Dish shares rallied more than 8% after billionaire Charlie Ergen announced he would consolidate his telecommunications empire, about 15 years after EchoStar was spun off. EchoStar shares slipped less than 1%.

Datadog — Shares tanked 19% after the software company cut its full-year guidance. The company said it now expects revenue to range between $2.05 billion and $2.06 billion, versus a previous range of $2.08 billion to $2.10 billion.

Eli Lilly — Shares jumped 16% after Eli Lilly reported better-than-expected earnings in the second quarter. The company posted an adjusted $2.11 per share on revenue of $8.31 billion, while analysts polled by Refinitiv forecast earnings per share of $1.98 and $7.58 billion in revenue. Eli Lilly also raised its full-year guidance on strong sales from its diabetes treatment Mounjaro and other drugs. Additionally, Eli Lilly got a lift on Novo Nordisk’s cardiovascular study showing its obesity drug was highly effective. The study could cause insurers to cover weight-loss drugs.

Palantir Technologies — The data analytics company slid 7% after posting its second-quarter results. Palantir reported earnings of 5 cents per share on revenue of $533 million, which came out in line with expectations from analysts polled by Refinitiv.

Fox Corp. — The media giant gained 4.2% after reporting revenue that was in line with the Street’s expectations. Fox’s revenue was $3.03 billion for the second quarter, matching expectations from analysts surveyed by FactSet. The company also raised its semiannual dividend for Class A and Class B shares.

International Flavors & Fragrances — The stock declined more than 18% on second-quarter results that missed analysts’ expectations. The fragrance and cosmetics company reported revenue of $2.93 billion, falling shorter than analysts’ estimates of $3.07 billion, according to StreetAccount. The company also lowered its guidance for the upcoming quarter, citing higher manufacturing absorption costs and lower volume driven by customer destocking.

See Corp. — Shares of the packaging company lost 7% after See missed revenue expectations for the second quarter. Sealed Air reported $1.38 billion in revenue, citing weakness in its end markets, while analysts surveyed from FactSet expected $1.41 billion. The company also lowered its earnings and revenue guidance.

— CNBC’s Samantha Subin, Jesse Pound, Alex Harring and Hakyung Kim contributed reporting.

Share with your friends!

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the latest stocks updates
straight to your inbox

Subscribe to our mailing list and get interesting stuff and updates to your email inbox.

Thank you for subscribing.

Something went wrong.