Eli Lilly, Chegg, AMC Entertainment rise premarket; UPS, Tesla fall
Investing.com -- U.S. futures retreated Tuesday, with corporate results to the fore as the quarterly earnings season draws to a close.
Here are some of the biggest premarket U.S. stock movers today:
United Parcel Service (NYSE: UPS) stock fell 5% after the delivery firm cut its full-year financial outlook and posted weaker-than-anticipated second quarter revenue, hit by labor negotiations and weaker U.S. consumer spending.
Eli Lilly (NYSE: LLY) stock surged 7.8% after the drugmaker beat second quarter profit expectations and raised its full-year earnings forecast, buoyed by strong demand for its new diabetes drug Mounjaro.
Palantir (NYSE: PLTR) stock fell 2.1% despite the data analysis firm raising its annual revenue forecast after its main growth engine, its U.S. commercial business, saw growth decelerate to 20% year-over-year from 26% growth in the first quarter.
Tesla (NASDAQ: TSLA) stock fell 2% after the electric vehicle manufacturer’s finance chief Zachary Kirkhorn stepped down, surprising many who considered the company veteran as a possible successor to CEO Elon Musk.
Chegg (NYSE: CHGG) stock soared over 20% after the online education company reported better-than-expected second quarter revenue and detailed plans to expand its foray into generative artificial intelligence, looking to take the AI fight to ChatGPT.
AMC Entertainment (NYSE: AMC) stock rose 3.5% after the movie theater chain posted strong second quarter revenue numbers and said the current quarter was off to a strong start driven by box-office hits such as "Barbie" and "Oppenheimer."
- New York Times (NYSE: NYT) stock rose 5.3% after the newspaper beat second quarter revenue expectations as strong demand for its digital bundles of news and lifestyle products countered a weak advertising market.