Midday movers: Lilly, Palo Alto and Fabrinet rise; Lowe's, Boeing fall
(Updated - August 20, 2024 11:24 AM EDT)
Investing.com -- U.S. stock futures traded lower Tuesday, consolidating after recent strong gains as investors seek clues over future interest rate decisions.
Here are some of the biggest U.S. stock movers today:
Palo Alto Networks (NASDAQ:PANW) stock gained 7% after the company forecast fiscal 2025 revenue and profit above estimates, a sign of growing demand for its cybersecurity products as the digital threat landscape evolves.
Lowe’s (NYSE:LOW) stock fell 1.75% after the home improvement retailer lowered its annual profit and comparable sales forecasts, as hopes of a recovery in big-ticket home improvement projects turn dim in the face of cautious consumer spending.
Tesla (NASDAQ:TSLA) stock fell 0.5% after the European Commission cut its proposed tariff on imports of the EV manufacturer’s cars built in China.
Medtronic (NYSE:MDT) (MDT) stock rose 3% after the medical device maker slightly lifted the lower end of its annual profit forecast, banking on sustained demand for its medical devices and growth from its new launches.
Boeing (NYSE:BA) stock fell 5% after the plane manufacturer grounded its 777X test fleet after an inspection showed the failure of a key engine mounting structure, according to a report by the Air Current.
Coinbase (NASDAQ:COIN) stock fell 4% after the cryptocurrency exchange operator was hurt by choppy bitcoin prices.
Morgan Stanley (MS) stock fell 0.5% after Reuters reported that Morgan Stanley International Chairman Jonathan Bloomer was aboard a luxury yacht that sank off the coast of Sicily early Monday.
Xpeng (NYSE:XPEV) stock fell 6.4% despite the Chinese EV manufacturer reported a 60% jump in revenue in the second quarter, compared with the same period in 2023, amounting to $1.1 billion.
Fabrinet (NYSE:FN) (FN) stock rose 15% after the provider of precision optical, electro-mechanical and electronic manufacturing services reported strong fourth-quarter revenue and earnings, outlining its growth strategy, including a major expansion with the construction of a new facility.
Eli Lilly&Co. (NYSE:LLY) rose 3.4% after it said its weight loss drug reduced the risk of developing type 2 diabetes by 94% in individuals with pre-diabetes and those who were obese.
Netflix (NASDAQ:NFLX) rose 1.4%, hitting a record high, following the company's announcement of a successful close to its 2024 Upfront negotiations.
Additional reporting by Louis Juricic
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