Stocks making the biggest moves midday: Beyond Meat, Chegg, PNC Financial, Dish and more
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 on Tuesday. Citizens and PNC fell more than 1.5% each after their ratings were put on review for a downgrade. Larger bank stocks, such as Goldman Sachs and JPMorgan Chase, were also lower to close the day.
Organon — The stock advanced just above 9% 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 14.3% 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 4.5%. 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 17.4% 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 9.6% after billionaire Charlie Ergen announced he would consolidate his telecommunications empire, about 15 years after EchoStar was spun off. EchoStar shares gained about 1%.
Datadog — Shares tanked 17.2% 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 14.9% 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 5.3% 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 5.6% 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 19.4% 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 9.5% 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.