Midday movers: Palantir and Spotify surge, and more

(Updated - February 6, 2024 11:10 AM EST)

Investing.com -- Main U.S. indexes were mixed Tuesday as investors waded through a deluge of corporate earnings reports amid lingering doubts about the timing of Fed rate cuts following recent comments from officials.

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

Eli Lilly (NYSE:LLY) erased a pre-market gain of 5% despite forecasting 2024 sales that topped estimated thanks in large part to soaring expected demand for its weekly diabetes injection. Shares were slightly lower midday, but still up since Monday.

Shares in NXP Semiconductors (NASDAQ:NXPI) rose 1%in after the automotive chipmaker reported fourth-quarter results that beat Wall Street estimates and current-quarter income guidance that was in-line with expectations.

Spotify (NYSE:SPOT) shares rose 7% after the music streaming giant posted a first-quarter monthly active users outlook that was stronger than anticipated.

U.S.-listed Chinese stocks, including Alibaba (NYSE:BABA) and NetEase (NASDAQ:NTES), rose after the China Securities Regulatory Commission rolled out new support measures for the domestic stock market. The regulator vowed to guide more local funds and asset managers to buy into the Chinese market, and said it would instruct local firms to repurchase more shares.

Palantir (NYSE:PLTR) shares surged 25% after the software and analysis firm unveiled a better-than-projected annual profit forecast.

Chegg (NYSE:CHGG) shares fell 1% after the online educational services provider's first-quarter adjusted core earnings outlook missed estimates.

United Parcel Service (NYSE:UPS) shares rose 4% after analysts at UBS lifted their recommendation for the courier to buy from neutral.

Symbotic (SYM) declined 23% after forecasting a sharp decline in EBITDA in the second quarter. Analysts expressed hope that the warehouse automation technology company's profitability guidance was conservative.

GE HealthCare (NASDAQ:GEHC) climbed 10.6% after it topped EPS and revenue estimates. Management said it was confident heading into 2024 amid the backdrop of an improved capital equipment landscape.

Willis Towers Watson (NASDAQ:WTW) climbed 5% after it posted strong earnings in the fourth quarter due to strong organic growth and margins. It also maintained its full year outlook.

Additional reporting by Louis Juricic