Novo Nordisk jumps on positive Wegovy comment, but Beyond Meat stock skids as revenue slumps and other stocks on the move

By MarketWatch

Here are some of the biggest stock movers on Tuesday:

Stock gainers:

Chegg Inc. CHGG rallied 8.5% after its second-quarter revenue of $182.9 million beat the FactSet consensus estimate of $176.5 million and said its AI education tool has drawn "very positive" responses.

Novo Nordisk A/S (NOVO-B.KO)was up 17% after Wolfe research said success in its Wegovy drug in reducing cardiovascular events in obese adults is an important win for the obesity category with positive implications for that company and rival Eli

Lilly & Co. (LLY). Lilly stock was up 16.8% after the drug giant reported second-quarter profit and revenue that climbed above expectations and provided a big boost its full-year outlook. It's also expected to benefit from the obesity drug business as well.

Shares of Kyndryl Holdings Inc.(KD) rallied more than 22% after the managed infrastructure-service company posted a surprise break-even quarter and forecast pretax profit this year International Business Machines Corp. (IBM) spun off Kyndryl back in November.

Canadian cannabis producer Tilray Brands Inc. (TLRY) on Monday said it had agreed to buy eight beer and drink brands from Anheuser-Busch InBev (ABI.BT). Shares of Tilray rose 20%.

Stock decliners:

Datadog Inc. (DDOG) fell 19.3% after the cloud application observability and security software company fell short of its revenue forecast for the balance of the year.

United Parcel Service Inc.(UPS) stock dropped 2.7% after it missed revenue estimates and lowered its outlook as it faces labor negotiations.

Beyond Meat Inc.(BYND) tumbled 21.4% following an earnings report that included a 30% drop in revenue year-over-year for the struggling maker of plant-based meat items.

International Flavors & Fragrances Inc. shares (IFF) plummeted 18% on higher-than-expected inventory costs fueled a big earnings miss, and the company cut its sales outlook

RingCentral Inc. (RNG) stock fell more than 15.1% after the company reported second-quarter results that slightly exceeded analysts' estimates. The company is also welcoming Hewlett Packard Enterprise Co. (HPE) chief financial officer Tarek Robbiati as its new chief executive.

Alteryx Inc. (AYX) dropped 18.9% after it said it expects third-quarter revenue of $208 million to $212 million, below the FactSet consensus estimate of $213.7 million.

-MarketWatch

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08-08-23 1029ET

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