Beyond Meat, Chegg, PNC Financial, Dish & more

PNC Financial, citizen finances, M&T Bank – Shares in regional banks were generally under pressure on Tuesday after Moody’s downgraded the credit ratings of several smaller institutions. The rating agency also said some larger banks were under review for a downgrade. Shares of M&T Bank and Webster Financial, which received a credit rating downgrade, each fell 2%. Citizens and PNC each about 3% after their ratings were reviewed for a downgrade. Larger bank stocks, such as Goldman Sachs And JPMorgan Chasewere also lower that day.

Organon — The stock gained 8% on better-than-expected second-quarter earnings. The healthcare company reported earnings per share of $1.31. Analysts polled by StreetAccount were expecting 97 cents a share. Organon posted revenue of $1.61 billion, beating analysts’ expectations of $1.57 billion.

Beyond meat – The plant-based meat company tumbled 16% during midday trade after it failed to post revenue in the second quarter due to weak U.S. demand. Beyond Meat posted an adjusted loss of 83 cents a share on revenue of $102.1 million, while Refinitiv forecast 86 cents and $108.4 million.

chegg – Education technology stock is up more than 6%. Chegg reported revenue of $183 million in the second quarter, beating the $177 million expected by analysts, according to Refinitiv. The company also hinted at some AI-focused plans, allaying some fears that the technology could pose an increasing threat to Chegg’s business model.

Novo Nordisk – Shares of the drug rose 18% after new study data showed Novo Nordisk’s weight-loss drug Wegovy reduced the risk of serious cardiovascular events by 20%.

EchoStar, Court – Dish shares soared more than 8% after billionaire investor Charlie Ergen announced he would consolidate his telecom empire some 15 years after EchoStar spun off. EchoStar’s shares slipped less than 1%.

data dog – Shares plunged 19% after the software company lowered its full-year guidance. The company said it now expects revenue to be between $2.05 billion and $2.06 billion, up from a previous range of $2.08 billion to $2.10 billion.

Eli Lilly — Shares rose 16% on better-than-expected second-quarter earnings. The company posted adjusted earnings per share of $2.11 on sales of $8.31 billion, while analysts polled by Refinitiv expected earnings per share of $1.98 and sales of 7, $58 billion forecast. Eli Lilly also raised its full-year guidance on strong sales of its diabetes drug Mounjaro and other drugs.

Palantir Technologies – The data analytics company fell 7% after releasing its second-quarter results. Palantir reported earnings of 5 cents a share on sales of $533 million, in line with expectations of analysts polled by Refinitiv.

Fox Corp. – The media giant surged 4.2% after reporting sales in line with the Street’s expectations. Fox’s second-quarter revenue was $3.03 billion, in line with expectations of analysts polled by FactSet. The company also increased its semi-annual dividend for Class A and Class B shares.

International flavors and fragrances — The stock fell more than 18% on second-quarter results that fell short of analysts’ expectations. According to StreetAccount, the perfume and cosmetics company reported sales of $2.93 billion, falling short of analyst estimates of $3.07 billion. The company also lowered its guidance for the coming quarter, citing higher production absorption costs and lower volume due to customer destocking.

See Corp. — Shares of the packaging company fell 7% after See missed second-quarter sales expectations. Sealed Air reported revenue of $1.38 billion, citing weakness in its end markets, while analysts polled by FactSet were expecting $1.41 billion. The company also lowered its earnings and revenue guidance.

— CNBC’s Samantha Subin, Jesse Pound, Alex Harring and Hakyung Kim contributed coverage. Beyond Meat, Chegg, PNC Financial, Dish & more

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