PNC Financial, Citizens Financial, M&T Bank — Regional slope stocks were broadly nether unit connected Tuesday aft Moody's downgraded the recognition successful respective smaller institutions. The ratings bureau besides said immoderate larger banks were nether reappraisal for a downgrade. Shares of M&T Bank and Webster Financial, which had their recognition standing downgraded, fell by 2% each. Citizens and PNC astir 3% each aft their ratings were enactment connected reappraisal for a downgrade. Larger slope stocks, specified arsenic Goldman Sachs and JPMorgan Chase, were besides little connected the day.
Organon — The banal precocious 8% connected better-than-expected net for the 2nd quarter. The wellness attraction institution reported net per stock of $1.31. Analysts surveyed by StreetAccount expected 97 cents per share. Organon posted $1.61 cardinal successful revenue, beating analysts' expectations of $1.57 billion.
Beyond Meat — The plant-based nutrient institution fell 16% during midday trading aft missing connected second-quarter revenue, citing anemic U.S. demand. Beyond Meat posted an adjusted nonaccomplishment of 83 cents per stock connected $102.1 cardinal successful revenue, portion Refinitiv forecasted 86 cents and $108.4 million.
Chegg – The acquisition exertion banal added much than 6%. Chegg reported second-quarter revenues of $183 million, topping the $177 cardinal expected by analysts, per Refinitiv. The institution besides highlighted immoderate AI-focused plans, alleviating immoderate fears of the technology's rising menace to Chegg's concern model.
Novo Nordisk — Shares of the pharmaceutical rallied 18% aft caller proceedings information showed Novo Nordisk's value nonaccomplishment cause Wegovy chopped the hazard of major cardiovascular events by 20%.
EchoStar, Dish — Dish shares rallied much than 8% aft billionaire Charlie Ergen announced helium would consolidate his telecom empire, astir 15 years aft EchoStar was spun off. EchoStar shares slipped little than 1%.
Datadog – Shares tanked 19% aft the bundle institution chopped its full-year guidance. The institution said it present expects revenues to scope betwixt $2.05 cardinal and $2.06 billion, versus a erstwhile scope of $2.08 cardinal to $2.10 billion.
Eli Lilly — Shares jumped 16% aft on better-than-expected earnings in the 2nd quarter. The institution posted an adjusted $2.11 per stock connected gross of $8.31 billion, portion analysts polled by Refinitiv forecast net per stock of $1.98 and $7.58 cardinal successful revenue. Eli Lilly besides raised its full-year guidance connected beardown income from its diabetes attraction Mounjaro and different drugs. Additionally, Lilly got a assistance connected Novo Nordisk's cardiovascular survey showing its obesity cause was was highly effective. The survey could origin insurers to screen value nonaccomplishment drugs.
Palantir Technologies — The information analytics institution slid 7% aft posting its second-quarter results. Palantir reported net of 5 cents per stock connected gross of $533 million, which came retired successful enactment with expectations from analysts polled by Refinitiv.
Fox Corp. — The media elephantine gained 4.2% aft reporting gross that was successful enactment with the Street's expectation. Fox's gross was $3.03 cardinal for the 2nd quarter, matching expectations from analysts surveyed by FactSet. The institution besides raised its semi-annual dividend for Class A and Class B shares.
International Flavors & Fragrances — The banal declined much than 18% connected second-quarter results that missed expert expectations. The fragrance and cosmetics institution reported gross of $2.93 billion, falling shorter than analysts' estimates of $3.07 billion, according to StreetAccount. The institution besides lowered its guidance for the upcoming quarter, citing higher manufacturing absorption costs and little measurement driven by lawsuit destocking.
See Corp. — Shares of the packaging institution mislaid 7% aft See missed gross expectations for the 2nd quarter. Sealed Air reported $1.38 cardinal successful revenue, citing weakness successful its extremity markets, portion analysts surveyed from FactSet expected $1.41 billion. The institution besides lowered its net and gross guidance.
— CNBC's Samantha Subin, Jesse Pound, Alex Harring and Hakyung Kim contributed reporting.
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