The stock market is up today after suffering a reversal yesterday that left stocks in the red.
The S&P 500 is up 1.7% and almost back to where it was before Monday’s 3% decline. The tech-heavy Nasdaq Composite added 2.1%. The Dow Jones Industrial Average gained 1.2%. The Russell 2000 Index rose 1.8%.
Investors in healthcare stocks have some good news. Drug makers Eli Lilly and Viatris are among the top five S&P 500 gainers following better-than-expected earnings.
It’s also good news for tech stock investors. All Mag 7 stocks are up midday. Nvidia is hovering around $100 midday after its Monday tumble caused by a potential delayed delivery of its next-generation AI chips. The EV sector also popped—Rivian stock gained over 9% after revenue and earnings beat. Tesla is up 2.8%, and Lucid added 6.3%.
Eli Lilly raised 2024 full-year revenue guidance by $3 billion.
Eli Lilly
S&P 500 big stock movers today
Five S&P 500 stocks making big midday moves are:
Parker-Hannifin Corp (PH) +9.7% Monolithic Power Systems Inc (MPWR) +9.2% Vistra Corp (VTRS) +7.9% ON Semiconductor Corp (ON) +7.6% Eli Lilly and Co (LLY) +7.6%
The worst-performing five S&P 500 stocks with the largest midday drop are:
Mckesson Corp (MCK) -11.9% Monster Beverage Corp (MNST) -11.4% Epam Systems Inc (EPAM) -10.7% Warner Bros Discovery Inc (WBD) -8.5% Cencora Inc COR -1.7%
Stocks also worth noting with significant moves include:
Nvidia (NVDA) +4.5%Tesla (TSLA) +2.8%Rivian Automotive (RIVN) +9.8%Amazon (AMZN) +1.4%Meta platforms (META) +2.7%
Warner Bros. sinks on significant earnings miss
Warner Bros. Discovery stock tumbled 8.5% after the company announced disappointing earnings.
The media giant posted its second-quarter results on Wednesday. Revenue was $9.7 billion, below the $10.1 billion estimate. The company lost 36 cents per share, compared with an expected loss of 22 cents.
Related: Warner Bros. has a few ways to keep the NBA — but they won’t come cheap
Warner Bros. Discovery reported a net loss of $10 billion, which includes a $9.1 billion non-cash goodwill impairment charge from the Networks segment.
“While I am certainly not dismissive of the magnitude of this impairment, I believe it’s equally important to recognize that the flip side of this reflects the value shift across business models,” said Warner Bros. CFO Gunnar Wiedenfels during the earnings call.
Eli Lilly pops on strong earnings and outlook
Eli Lilly stock surged 8% midday after the pharmaceutical company reported upbeat second-quarter earnings.
The drug maker earned $3.92 per adjusted share, up 86%, beating the estimated $2.6 billion. Quarterly revenue was $11.3 billion, a 36% increase, and higher than the $9.92 billion Wall Street expected.
Related: Analyst revamps Eli Lilly stock price target ahead of Q2 earnings
The revenue was primarily driven by the diabetes drug Mounjaro, weight loss injection Zepbound, and cancer drug Verzenio.
CEO David Ricks said in a CNBC interview that they see “unbelievable demand” for their weight loss drug Zepbound. “We’re not even trying that hard to promote this drug,” Ricks said.
Eli Lilly raised 2024 full-year revenue guidance by $3 billion.
Viatris up after earnings beat
Viatris stock added 8% following its second-quarter earnings beat.
The drug maker earned 69 cents per share on $3.79 billion in revenue. Analysts anticipated 68 cents and $3.78 billion.
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Viatris was formed in 2020 through the merger of Mylan and Upjohn, a legacy division of Pfizer. It owns brands like Viagra, Xanax, and Lipitor. Over the last four quarters, the company has consistently missed consensus revenue estimates.
Viatris stock has fallen short of market performance so far this year. The S&P 500 is up 12% year to date, while Viatris is only up 5.5%.
Related: Veteran fund manager sees world of pain coming for stocks
