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

(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