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Midday Movers: Coinbase, Eli Lilly, ConocoPhillips and More

Stock Markets Aug 04, 2022 01:43PM ET
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© Reuters

By Liz Moyer

Investing.com -- U.S. stocks wobbled on Thursday as investors awaited Friday's jobs report for July. Here are the midday movers for Aug. 4:

  • Coinbase Global Inc (NASDAQ:COIN) shares jumped nearly 15%, boosted by retail investors swooping in and by an agreement with BlackRock (NYSE:BLK), the giant asset management firm, to allow institutional clients to trade in Bitcoin.

  • Eli Lilly and Company (NYSE:LLY) shares dipped 3% after the pharmaceutical maker said second-quarter earnings were lower than expected and it lowered its forecast for the full year.
  • ConocoPhillips (NYSE:COP) shares were up about 0.2% at midday despite a strong second quarter that saw profit soar thanks to high oil prices. Conoco, like other oil majors, is benefitting from the global energy crunch that has boosted fuel prices.
  • Walmart Inc (NYSE:WMT) stock fell 3% after the biggest U.S. retailer planned to cut corporate jobs, the latest big company to pare back in the face of slowing economic conditions. Just last month, Walmart warned profit would be dinged by a shift in consumer behavior amid high inflation.
  • Shake Shack Inc (NYSE:SHAK) shares fell 7.7% after the burger chain missed revenue expectations while rival burger chain owner Restaurant Brands International Inc (NYSE:QSR), parent of Burger King, posted better than expected results and a 9% jump in same-store sales. Shares of Restaurant Brands rose more than 6%.
Midday Movers: Coinbase, Eli Lilly, ConocoPhillips and More
 

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Gregory Paulson
Gregory Paulson Aug 04, 2022 2:19PM ET
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Defensive move for WMT. Not sure selloff is from firing some pencil necks.
 
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