Biggest stock movers today:WW, MMM, DXCM, COUR, and more

Stock futures edged higher on Friday as the market looks to rebound from the recent tech-led sell-off after the Federal Reserve’s preferred inflation gauge core PCE came in as expected.

Here are some of Friday’s biggest stock movers:

Biggest stock gainers

• Coursera’s (NYSE:COUR) stock skyrocketed by nearly 24% after reporting strong quarterly results, driven primarily by the surging demand for generative AI courses. CEO Jeff Maggioncalda attributed the success to over two million enrollments in their AI catalog. The company also reaffirmed FY2024 revenue guidance in the range of $695M to $705M vs. the consensus of $699.91M, with adjusted EBITDA projected between $24M and $28M, aligning with its annual EBITDA margin commitment of approximately 4%.
• Despite reporting a 16% drop in its first-half profit, NatWest (NYSE:NWG) shares rose by more than 6% after the company upgraded its financial outlook for 2024, projecting a total income of £14B, up from the previous guidance of £13B to £13.5B. Additionally, NatWest announced the acquisition of a mortgage portfolio valued at nearly £2.4B ($3.09B) from Metro Bank (OTCPK:MTRBF) in a bid to bolster its retail banking business amid intense competition in the UK banking sector.
• 3M (NYSE:MMM) stock skyrocketed 15% to a 52-week-high following a better-than-expected Q2 earnings report. Under the leadership of new CEO William Brown, the industrial conglomerate delivered strong results and raised its full-year adjusted profit outlook to a range of $7.00 to $7.30 per share, up from the previous estimate of $6.80 to $7.30.
• Shares of Bristol-Myers Squibb (NYSE:BMY) soared 8% after the company exceeded Q2 expectations, raised its FY2024 EPS outlook, and announced a Phase 3 trial win for its experimental antibody therapy, cendakimab. The company updated its guidance for non-GAAP revenue to the upper end of the low single-digit range and increased its diluted EPS forecast to $0.60–$0.90, up from $0.40–$0.70.

Biggest stock losers

• WW International (NASDAQ:WW) shares dropped 10% after Morgan Stanley downgraded the company from overweight to equal-weight and reduced the price target from $6.50 to $1.25. Analyst Nathan Feather cited weakening trends in WW’s core behavioral dieting app and clinical segments, with app downloads down 16% Y/Y in Q2 and clinic web traffic down 18% Q/Q. Feather expressed concerns over the company’s ability to ramp up its clinic segment quickly enough to counteract the declining core business, potentially leading to lowered revenue and subscriber guidance and doubts about achieving positive free cash flow.
• DexCom (NASDAQ:DXCM) shares plunged over 35% after the company released mixed Q2 results. Despite a 15% Y/Y increase in revenue, the company’s lower-than-expected revenue outlook alarmed investors. DexCom projected Q3 revenue between $975M and $1B, falling short of the $1.15B consensus estimate. Additionally, the FY2024 revenue forecast of $4B to $4.05B was significantly below the $4.33B consensus.
• Boston Beer (NYSE:SAM) shares fell over 4% after disappointing Q2 results. The company reported a 4% decline in revenue due to lower sales volumes, partially offset by price increases. Depletion also fell by 4%, with shipment volume dropping 6.4% primarily due to weakness in the Truly Hard Seltzer brand.