Stocks Making the Biggest Premarket Moves: Ups, Lucid, Beyond Meat, Novo Nordisk and More

Check out the companies making headlines in premarket trading.

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Sagimet Biosciences— Witnessing a notable surge of 31%, the biopharmaceutical enterprise has garnered attention due to a significant upgrade provided by Goldman Sachs. The reputable financial institution has accentuated the potential for robust growth within Sagimet, primarily attributed to advancements in their treatment for non-alcoholic steatohepatitis (NASH).

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Banking Sector— A widespread decline has been observed across U.S. bank stocks subsequent to Moody's decision to downgrade the ratings of several key institutions, including M&T Bank, Citizens Financial, Bank of New York Mellon, and Truist Financial. Moody's rationale for this action points to the challenges posed by a heightened interest rate environment and associated asset-liability management (ALM) risks, which continue to impede the progress of U.S. banks. Notable financial giants such as Goldman Sachs and JPMorgan Chase have experienced reductions of over 1% in their stock value, while the regional bank ETF (KRE) has experienced a substantial decline of almost 3%.

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Home Improvement Retailers, Home Depot and Lowe's— Both prominent home improvement retailers have witnessed a decline of over 1% each during premarket trading. This alteration in value follows the decision by Telsey Advisory Group to downgrade the market performance outlook of both stocks. This change is rooted in a more cautious perspective on consumer spending patterns and the weakening trends within the housing market.

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Eli Lilly— The pharmaceutical industry player has demonstrated a remarkable 8.6% increase in its stock value subsequent to surpassing earnings expectations. Eli Lilly's reported figures include an adjusted earnings per share of $2.11, coupled with a revenue of $8.31 billion. These results outperformed the predictions of analysts surveyed by Refinitiv, who had projected figures of $1.98 per share and $7.58 billion in revenue.

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Novo Nordisk— With an impressive upswing of 13%, the pharmaceutical company's stock value has been invigorated by the outcome of clinical trials showcasing the efficacy of its weight-loss drug, Wegovy. These results indicate a notable 20% reduction in the risk of heart disease among adults with obesity who were administered the drug.

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EchoStar— In a strategic move, billionaire Charlie Ergen has unveiled plans for a merger that would reunite Dish and EchoStar, a development that follows approximately 15 years after the original spin-off of EchoStar. As a consequence, EchoStar has observed a decline exceeding 10% in its stock value, while Dish has registered a modest gain of over 1%.

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United Parcel Service (UPS)— The shipping industry giant has encountered a reduction of nearly 5% in its stock value due to a revenue shortfall during the second quarter. UPS has reported adjusted earnings per share of $2.54 and a revenue of $22.1 billion. These figures fall short of the expectations set by analysts polled by Refinitiv, who had anticipated figures of $2.50 per share and $23.1 billion in revenue. Moreover, UPS has revised its forward guidance for the third quarter downward.

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Lucid Group— Despite reporting revenue of $151 million during the second quarter, the electric automaker has experienced a slight decrease of under 1% in its stock value. This reaction is linked to the company's announcement of a wider-than-expected loss per share, standing at 42 cents. Analysts surveyed by Refinitiv had projected a narrower loss of 33 cents per share on a revenue of $175 million. Lucid Group remains committed to its goal of manufacturing over 10,000 vehicles in the current year.

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Palantir Technologies— Following the disclosure of its second-quarter results, data analytics firm Palantir Technologies has observed a decline of 3.4% in its stock value. Palantir's earnings report indicates earnings per share of 5 cents and a revenue of $533 million, aligning with the expectations of analysts surveyed by Refinitiv.

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Chegg— Demonstrating a remarkable surge exceeding 20%, educational technology company Chegg has surpassed second-quarter revenue expectations while also outlining strategic plans to incorporate AI-focused approaches. Chegg's reported revenue of $183 million has outperformed the predicted $177 million, as anticipated by analysts surveyed by Refinitiv. However, the earnings per share of 28 cents fell slightly short of the projected 29 cents.

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Hims & Hers Health— Marking an increase of 17%, the telehealth sector entity has garnered positive attention due to the delivery of better-than-expected quarterly results. Hims & Hers Health reported an adjusted loss per share of 3 cents and a revenue of $208 million, surpassing the projections of analysts surveyed by Refinitiv, who had anticipated a loss of 5 cents per share and a revenue of $205 million. The company has also revised its forward guidance for the third quarter to a range of $217 million to $222 million.

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Beyond Meat— Witnessing a decline exceeding 14%, the plant-based meat industry leader has experienced a reduction in stock value due to a revenue shortfall during the second quarter. Beyond Meat has reported an adjusted loss per share of 83 cents on a revenue of $102.1 million. This falls short of Refinitiv's projected figures of 86 cents loss per share and $108.4 million in revenue, with the company attributing these challenges to weakened demand within the U.S.

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Paramount Global— Reflecting a positive trend, the media conglomerate's stock value has risen by over 2% during premarket trading following the release of quarterly earnings that surpassed expectations. Paramount Global has highlighted the sustained growth within its streaming segment, boasting approximately 61 million subscribers by the close of the quarter. Notably, subscription revenue has surged by more than 47%, reaching $1.22 billion. Additionally, the firm has reached an agreement to divest book publisher Simon & Schuster to KKR for a substantial sum of $1.62 billion.

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