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Midday movers: Coca-Cola, Spotify rise; UPS, Comcast fall

Investing.com
·2 min read

(Updated - July 23, 2024 11:33 AM EDT)

Investing.com -- U.S. stock futures gained Tuesday ahead of the release of key corporate earnings, particularly from the important tech sector.

Here are some of the biggest U.S. stock movers today:

General Motors (NYSE:GM) stock fell 6% despite the auto giant beating second-quarter profit and revenue expectations, and raised its annual profit forecast for a second time this year, buoyed by strong pricing and demand for gas-powered trucks. Analysts expressed concerns that results have peaked.

Coca-Cola (NYSE:KO) stock rose 1% after the soft drinks giant raised its annual organic sales and profit forecast, signaling strong demand for its beverages in its U.S. and international markets.

United Parcel (NYSE:UPS) Service (UPS) stock fell 13% after the package delivery service reported disappointing second-quarter earnings, amid revenue weakness in the domestic business.

Spotify (NYSE:SPOT) stock soared 12% after the music streaming service reported better-than-expected earnings for the second quarter, with its gross margin coming in at 29.2%, easily topping forecasts.

Kimberly-Clark (NYSE:KMB) stock fell 4% after the household products manufacturer raised its forecast for full-year profit after beating estimates for second-quarter profit.

Comcast (NASDAQ:CMCSA) stock fell 5.8% after the U.S. telecom and media firm missed estimates for quarterly revenue as it had fewer movie releases during the period, while attendance at its theme parks stayed low

GE Aerospace (GE) stock rose 7% after the industrial giant raised its annual profit forecast on strong demand for its aftermarket services, including jet-engine parts.

Cadence Design (NASDAQ:CDNS) stock initially fell 2% after the electronic design stock offered up soft earnings guidance for the current quarter. The stock later pared the decline, trading flat midday.

Crown Holdings (NYSE:CCK) stock rose 9% after the packaging product maker reported full-year guidance that exceeded expectations.

NXP Semiconductors (NASDAQ:NXPI) (NXPI) stock slid 10% after the Dutch company reported second-quarter adjusted earnings missing expectations, as it battles sluggish demand from automotive customers.

Polaris (NYSE:PII) stock fell 7% after the automotive manufacturer posted weaker than expected second-quarter earnings and slashed its full-year guidance.

Danaher (NYSE:DHR) rose 6.8% after the life-sciences company reported strong second quarter results, driven in part by positive momentum in its bioprocessing business.

Lockheed Martin (NYSE:LMT) rose 2.8%, hitting its highest level in more than a year, after it raised its full year guidance. Analysts called its performance in the second quarter "solid."


Additional reporting by Louis Juricic

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