Eli Lilly, UPS, U.S. Bancorp, Chegg, Beyond Meat, Novo Nordisk, and More Stock Movers

Stock futures declined sharply Tuesday after Moody’s Investors Service downgraded its debt ratings on a number of small and midsize U.S. and said it may downgrade the credit ratings on six major U.S. banks, including
U.S. Bancorp
and
State Street.

These stocks were poised to make moves Tuesday:

Eli Lilly
(ticker: LLY) was rising 8.6% in premarket trading after the pharmaceutical giant smashed second-quarter earnings and sales expectations and said it expects adjusted earnings in 2023 of $9.70 to $9.90 a share, up from a prior forecast of $8.65 to $8.85.

United Parcel Service
(UPS) was falling 5.2% in premarket trading after the shipping giant cut its revenue outlook for 2023 and second-quarter sales missed analysts’ estimates.

U.S. Bancorp
(USB) declined 3.6% and
State Street
(STT) was flat after Moody’s placed the credit ratings of six major U.S. banks on review for downgrade. Also on review for downgrade were
Bank of New York Mellon
(BK),
Northern Trust
(NTRS),
Cullen/Frost Bankers
(CFR) and
Truist Financial
(TFC).
Commerce Bancshares
(CBSH) and
BOK
Financial (BOKF) were among the smaller banks that had their debt ratings downgraded.

Chegg
(CHGG) jumped 21% after the online learning software posted better-than-expected second-quarter sales, and laid out a new AI-focused strategy. CEO Dan Rosensweig said
Chegg
launched the beta version of its generative AI experience in May and that feedback has been very positive.

Beyond Meat
(BYND) declined 16% after second-quarter revenue dropped 30% to $102.1 million and the maker of plant-based meats reduced its revenue forecast for the year.

Hims & Hers Health
(HIMS) jumped 16% after the telehealth consultation company posted a narrower-than-expected second-quarter loss and raised its full-year outlook.

American depositary receipts of
Novo Nordisk
(NVO) were rising 14% after the company’s obesity drug, marketed as Wegovy, was found in a study to reduce the risk of major adverse cardiovascular events in obese and overweight patients.

RingCentral
(RNG), the cloud-based telecommunications provider, said founder Vlad Shmunis would be stepping down as chief executive later this month and transitioning to executive chairman. RingCentral’s new CEO will be Tarek Robbiati, who came from
Hewlett Packard Enterprise
(HPE), where he most recently served as chief financial officer. RingCentral shares tumbled 13%.

DISH Network
(DISH) and
EchoStar
(
SATS
) agreed to combine in an all-stock merger. Dish also posted slightly better-than-expected second-quarter earnings. Dish stock was falling 1.1%, while
EchoStar
slid 10% in premarket trading.

AMC Entertainment
(AMC) rose 4.7% after the movie-theater chain reported second-quarter earnings of 1 cents a share vs. analysts’ expectations that called for a loss of 4 cents a share.

International Flavors & Fragrances
(IFF) tumbled 22% after cutting its sales forecast for the year “reflecting the company’s expectation that volumes in the second half of 2023 will not recover as previously expected.”

Write to Joe Woelfel at [email protected]

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