Stocks making the biggest moves premarket: UPS, Lucid, Beyond Meat, Novo Nordisk and more

Check retired the companies making headlines successful premarket trading.

Sagimet Biosciences — Shares of the biopharmaceutical institution popped 31% following an upgrade from Goldman Sachs. The steadfast highlighted Sagimet could spot beardown gains acknowledgment to advancement connected a attraction for  non-alcoholic steatohepatitis (NASH).

Banks —U.S. slope stocks fell broadly aft Moody's chopped ratings connected respective institutions, including M&T Bank, Citizens Financial, Bank of New York Mellon and Truist Financial. Moody's cited a higher involvement complaint situation arsenic good arsenic asset-liability absorption risks (ALM) arsenic continued headwinds for U.S. banks. Major banks including Goldman Sachs and JPMorgan Chase traded much than 1% lower, portion the regional slope ETF (KRE) fell astir 3%.

Home Depot, Lowe's — Both location betterment retailers fell much than 1% each successful premarket trading. Telsey Advisory Group downgraded some stocks to marketplace execute earlier connected Tuesday, implicit much cautious user spending and weakening lodging marketplace trends.

Eli Lilly — The pharmaceutical banal climbed 8.6% aft an net beat. The institution reported an adjusted $2.11 per stock connected gross of $8.31 billion, portion analysts polled by Refinitiv forecasted $1.98 and $7.58 billion.

Novo Nordisk — Shares of the pharmaceutical institution popped 13% aft proceedings results showed its weight-loss cause Wegovy chopped the hazard of bosom illness by 20% successful adults with obesity.

EchoStar — Billionaire Charlie Ergen said helium would reunite Dish and EchoStar successful a merger, astir 15 years aft EchoStar was spun out. EchoStar slid much than 10%, portion Dish gained much than 1%.

United Parcel Service — Stock successful the shipping behemoth fell astir 5% aft missing connected second-quarter revenue. UPS notched an adjusted $2.54 per stock connected $22.1 cardinal successful revenue, portion analysts polled by Refinitiv expected $2.50 per stock and $23.1 billion. UPS besides lowered guardant guidance for the third-quarter.

Lucid Group — Shares of the electrical automaker slid little than 1% aft Lucid reported a wider than expected nonaccomplishment for the 2nd quarter. The institution had an adjusted nonaccomplishment of 42 cents per stock connected $151 cardinal of revenue. Analysts surveyed by Refinitiv had penciled successful a nonaccomplishment of 33 cents per stock connected $175 cardinal of revenue. Lucid said it was inactive connected way to manufacture much than 10,000 vehicles this year.

Palantir Technologies — Palantir Technologies slid 3.4% aft the information analytics institution reported its second-quarter results. Palantir reported net of 5 cents per stock connected gross of $533 million, which was successful enactment with expectations from analysts polled by Refinitiv.

Chegg — Chegg shares surged much than 20% aft topping second-quarter gross expectations and outlining plans to integrate AI-focused strategies. The acquisition exertion institution posted revenues of $183 million, up of the $177 cardinal expected by analysts, per Refinitiv. Earnings came shy of the 29 cents expected per stock astatine 28 cents.

Hims & Hers Health — The telehealth banal added 17% connected better-than-expected quarterly results. The institution reported an adjusted quarterly nonaccomplishment of 3 cents per stock connected $208 cardinal successful revenue, portion analysts polled by Refinitiv forecasted 5 cents and $205 million. Hims besides raised guardant guidance for the 3rd 4th to a scope of $217 cardinal to $222 million.

Beyond Meat — The plant-based nutrient institution fell much than 14% aft missing connected second-quarter revenue, citing anemic U.S. demand. Beyond Meat reported an adjusted nonaccomplishment of 83 cents per stock connected $102.1 cardinal successful revenue, portion Refinitiv forecasted 86 cents and $108.4 million.

Paramount Global — The media conglomerate's shares climbed much than 2% successful premarket trading aft the institution reported a quarterly net and gross beat. Paramount said its streaming conception continued to grow, with astir 61 cardinal subscribers by the extremity of the quarter. Subscription gross grew much than 47% to $1.22 billion. The steadfast also agreed to merchantability publication steadfast Simon & Schuster to KKR for $1.62 billion.

— CNBC's Yun Li, Samantha Subin, Sarah Min, Pia Singh and Jesse Pound contributed reporting.