Biggest stock movers today: AMZN, INTC, DNA, and more

Stock futures were trading lower on Friday as investors weighed the quarterly reports of tech behemoths and dismal nonfarm payroll data, which rose less than expected while unemployment increased.

Here are some of Friday’s biggest stock movers:

Biggest stock gainers

• Following mixed Q2 results, Block (NYSE:SQ) shares rose over 6% as the company raised its full-year outlook, predicting adjusted EBITDA of $2.9B, surpassing its previous estimate of $2.76B and the Visible Alpha consensus of $2.81B. This represents a 33% adjusted EBITDA margin, up from the previously projected 31%. Block also accelerated its Rule of 40 target (gross profit percent growth + adjusted operating income margin) to 35% for 2024 from prior 32%, while maintaining its long-term goal of 40% by 2026. For Q3, the company anticipates adjusted EBITDA of $695M, exceeding the Visible Alpha consensus of $686.4M.
• Cloudflare (NYSE:NET) shares jumped nearly 8% after reporting upbeat Q2 results and outlook. For Q3, the cloud connectivity company expects earnings per share of $0.18, above the consensus of $0.15, and revenue ranging from $423M to $424M vs. the consensus of $423.34M.
• MercadoLibre (NASDAQ:MELI) shares surged 8% after delivering strong Q2 results. The Latin American e-commerce giant outperformed forecasts thanks to strong growth in Brazil and Mexico, as well as improving conditions in Argentina. Gross merchandise volume jumped 20% Y/Y, while total payment volume surged 36%. Commerce and fintech revenue soared 53% and 28%, respectively, demonstrating the company’s resilience against foreign exchange headwinds.

Biggest stock losers

• Amazon’s (NASDAQ:AMZN) stock price plummeted over 9% after the company released mixed second-quarter results and provided a disappointing outlook for the third quarter. For the upcoming quarter, Amazon anticipates net sales between $154B and $158.5B, falling short of analyst expectations of $158.43B. While operating income is projected to increase from $11.2B in the same period last year to a range of $11.5B to $15B, it still lags the market consensus of $15.66B.
• Intel (NASDAQ:INTC) shares plunged more than 20% after the chipmaker said it would lay off over 15% of its employees as part of a $10B cost-reduction plan. The company reported weaker-than-expected Q2 earnings, suspended its dividend starting Q4, and slashed capital expenditures by over 20% now expecting to spend between $25B and $27B. For 2025, Intel projects Capex to range between $2B and $23B. Intel’s outlook for the Q3 is also disappointing, with revenue projections of $12.5B to $13.5B, significantly lower than the consensus of $14.39B and adjusted EPS loss of $0.03, far short of the consensus earnings of $0.30.
• Snap (NYSE:SNAP) tumbled 18% following its Q2 earnings report, which narrowly missed revenue expectations and projected lower profitability for the current quarter. SNAP’s Q3 EBITDA forecast of $70M to $100M fell short of analysts’ expectations of $110M. The company guided to third-quarter daily active users of 441M and revenue of $1.335B-$1.375B, compared to the $1.36B consensus. Snap also trimmed outflows from operating cash, with cash flow at -$21M versus -$82M a year ago and free cash flow at -$73M compared to -$119M a year ago.
• Ginkgo Bioworks Holdings (NYSE:DNA) shares plummeted 22% after announcing plans for a potential reverse stock split ranging from 1:20 to 1:40. This move, necessitated by Nasdaq compliance warnings, will require shareholder approval at a special meeting scheduled for August 14, 2024.
• Booking Holdings (NASDAQ:BKNG) shares fell over 6% despite beating Q2 estimates. The online travel giant’s forecast of decelerating room-night growth in Q3 overshadowed its strong quarterly performance. CEO Glenn Fogel attributed the expected slowdown to a shortened booking window compared to the previous quarter.