Midday movers: Palantir, Uber, Kenvue rise; Vulcan Materials falls
(Updated - August 6, 2024 12:30 PM EDT)
Investing.com -- U.S. stock futures rose Tuesday, rebounding after the previous session recession-inspired sharp losses.
Here are some of the biggest U.S. stock movers today:
Palantir (NYSE: PLTR) stock rose 13% after the software services provider raised its annual revenue and profit forecast for the second time this year.
Caterpillar (NYSE: CAT) stock rose 4% after the industrial giant reported a rise in quarterly adjusted profit, lifted by resilient demand for its larger excavators and other construction equipment against the backdrop of increased infrastructure spending in the U.S.
Uber (NYSE: UBER) stock rose 10% as the ride-hailing firm beat estimates for second-quarter revenue and core profit, helped by steady demand for its ride-sharing and food-delivery services.
Yum! Brands (NYSE: YUM) stock rose 4% despite the fast food giant, which includes Taco Bell and KFC, reporting a bigger-than-expected fall in same-store sales for the second quarter as sticky inflation discouraged lower-income Americans from dining out.
Alphabet (NASDAQ: GOOGL) stock rose 0.1%, helped by the overall positive tone even as the tech giant lost its legal battle against the Department of Justice, with its Google unit being deemed a monopoly.
Lucid Group (NASDAQ: LCID) stock rallied over 2% on better-than-expected revenue in the second quarter and after the EV manufacturer announced that its largest shareholder, Saudi Arabia’s Public Investment Fund (PIF), will invest up to $1.5 billion in cash.
CrowdStrike (NASDAQ: CRWD) stock rose 3.5% after brokerage Piper Sandler raised its rating on the cybersecurity company to ‘overweight’ from ‘neutral’, saying the ramifications of the recent outage event will likely be short-lived and at negligible cost.
Kenvue (NYSE: KVUE) stock rose 14% after the consumer health company beat estimates for second-quarter profit and revenue, helped primarily by better-than-expected sales in its essential health products unit that sells brands including Band-Aid, Listerine and Carefree.
Vulcan Materials (NYSE: VMC) fell 3% after the construction aggregates produce lowering its guidance for full year operating profit.
FIS (NYSE: FIS) rose 6% after beating second quarter EPS estimates and raising full year guidance. Management said results reflect the continued positive momentum of the business.
Additional reporting by Louis Juricic