Super Micro Computer, Airbnb, and Lyft Decline; Shopify Sees Gains

Updated – August 7, 2024, 12:28 PM EDT

U.S. stock futures demonstrated an uptick on Wednesday, continuing their recovery following the technology-driven sell-off at the week’s beginning.

Here’s a summary of notable U.S. stock movements today:

Walt Disney experienced a 2.4% drop in its stock during volatile trading after the entertainment giant announced reduced profits in its Experiences segment, which comprises mainly parks and consumer products—this segment accounts for just over half of the company’s profit. Conversely, its Entertainment unit, which includes Disney+, Hulu, and ESPN+, reported a profit for the first time.

Super Micro Computer saw a significant decline of 17% in its stock value after the IT company announced unsatisfactory earnings for its fiscal fourth quarter, along with the announcement of a 10-for-1 stock split, expected to begin trading on a split-adjusted basis in early October.

Airbnb‘s stock fell 13% following its forecast for third-quarter revenue, which came in below estimates, alongside a warning about contracting booking windows, indicating that travelers are booking last minute due to economic uncertainty.

CVS Health decreased by 0.9% after the healthcare conglomerate reduced its profit forecast for 2024. This adjustment was driven by rising medical costs in its health insurance unit, as demand for healthcare services remains high.

Lyft saw its stock decline by 13% after providing a cautious outlook for the current quarter, which overshadowed its robust results from the second quarter.

Novo Nordisk‘s stock decreased by 8% after the pharmaceutical manufacturer lowered its full-year profit expectations, following weaker-than-anticipated sales for its popular weight-loss medication, Wegovy, raising concerns about increased competition.

Shopify surged by 22% after exceeding expectations for quarterly revenue, attributed to the growth of its artificial intelligence tools that attracted more merchants to its platform.

Amgen‘s stock slipped by 2% after the drug manufacturer reported a slight dip of 1% in second-quarter profits, as increased expenses countered a 20% rise in revenue.

Rivian, the electric vehicle manufacturer, saw a 6% drop in its stock following a forecast indicating that production levels would remain stagnant for the year, alongside a slight reduction in expected third-quarter deliveries.

Evotec ADRs plummeted 21% after the German biotechnology company issued a profit warning, citing ongoing issues within its Shared R&D segment and increased investment for biologics capacity expansion.

Lumen Technologies‘ stock skyrocketed by 38% after revising its full-year free cash flow guidance upward from $100-300 million to $1.0-1.2 billion, leading to several upgrades from analysts.

Upstart Holdings saw its stock surge by 50% after reporting a smaller-than-expected loss for the quarter, alongside improved revenue and a strong revenue outlook that analysts described as "robust."

Reddit stock fell 6% despite exceeding expectations and raising guidance. Elevated anticipations leading up to the results may have contributed to the decline, with concerns from analysts regarding a potential slowdown in growth.

Instacart rose by 4% after releasing encouraging second-quarter results that surpassed revenue and operating profit expectations. Its operating profit forecast was also more optimistic than anticipated.

Fortinet‘s stock increased by 27% after announcing stronger-than-expected guidance for the second quarter, along with a solid forecast for the third quarter and the full year, with analysts highlighting significant margin expansion.