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Midday movers: Lilly, Palo Alto and Fabrinet rise; Lowe's, Boeing fall

Published 08/20/2024, 06:46 AM
Updated 08/20/2024, 11:29 AM
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(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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