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Thursday, December 7, 2023

Midday movers: M&T Bank, United Parcel Service, Eli Lilly and more

Midday movers: M&T Bank, United Parcel Service, Eli Lilly and more
© Reuters.

 

LLY
+14.87%

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NYT
+8.50%

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UPS
-0.88%

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MTB
-1.46%

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TSLA
-0.70%

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BOKF
-1.93%

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WBS
-0.91%

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CHGG
+4.29%

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AMC
-0.59%

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UA
+0.57%

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PLTR
-5.39%

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Investing.com — U.S. stocks were falling on Tuesday after Moody’s Investors Service downgraded the debt of some banks, putting pressure on the sector and stoking fears of a coming credit slowdown.

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

M&T Bank Corp (NYSE:MTB) shares fell 2.5% after being among the banks lowered by Moody’s, which cited rising interest rates. Webster Financial Corporation (NYSE:WBS) shares fell 2.7%, and BOK Financial Corporation (NASDAQ:BOKF) shares fell 2.6%.

United Parcel Service (NYSE:UPS) stock fell 0.7% 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 13% 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 6.4% 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 1% 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 rose 6.7% 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 fell 1% 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.”

Peter Nurse contributed to this report

Source: Investing.com

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