Midday movers: Meta Platforms, Lilly rise; Arm, Moderna fall

(Updated - August 1, 2024 11:44 AM EDT)

Investing.com -- U.S. stock futures declined Thursday after a measure of U.S. manufacturing activity dropped to an eight month low.

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

• Meta Platforms (NASDAQ:META) stock fell 6.3% after the Facebook-parent reported stronger-than-expected second-quarter earnings and also presented a robust outlook.

• Arm Holdings (NASDAQ:ARM) stock fell 15% after the chip designer offered up a conservative revenue forecast, sparking worries that returns from a spending frenzy on AI computing would be relatively slow to materialize.

• Moderna (NASDAQ:MRNA) (MRNA) stock slumped 18% after the drugmaker cut its full-year revenue guidance, citing low EU sales and a competitive vaccine environment in the U.S..

• ConocoPhillips (NYSE:COP) stock fell 2% despite the oil and gas producer posting a second-quarter profit that beat estimates, benefiting from higher output and oil prices.

• Ferrari (NYSE:RACE) stock rose 2% after the Italian luxury car manufacturer raised its forecasts for its full-year revenues core earnings, after it beat estimates in the second quarter.

• Labcorp (LH) stock rose 6% after the lab operator beat expectations for second-quarter profit and revenue on strong demand for its diagnostic tests, and raised its sales growth forecast for the year.

• Spirit Airlines (NYSE:SAVE) (SAVE) stock fell 7% after the carrier forecast its current-quarter revenue below estimates, as excess capacity and intense competition on its routes hamper its pricing power.

• Biogen (NASDAQ:BIIB) stock fell 1.7% despite the drugmaker lifting its full-year earnings forecast, as the launch of new treatments and its cost-cutting program are expected to make up for falling sales of its older multiple sclerosis medicines.

• Mobileye Global (NASDAQ:MBLY) (MBLY) stock fell 19% after the automotive tech company cut its annual revenue and profit forecasts, blaming volatile demand for its driver-assistance chips in China.

• Eli Lilly (NYSE:LLY) rose 3% after its drug Zepbound demonstrated significant long-term health benefits for patients with obesity-related heart failure.

• Carvana (CVNA) rose 9% after reporting strong revenue and operating profit in the second quarter. Analysts raised their price target on the stock today.

• Western Digital (NASDAQ:WDC) fell 11% despite beating estimates for second quarter EPS, as guidance trailed consensus estimates. Its poor performance triggered analysts to downgrade the stock.

Additional reporting by Louis Juricic