Biggest stock movers today: META, MRNA, TDOC, and more

Stock futures were trading higher on Thursday, as investors weighed the Federal Reserve’s hint of potential interest rate cuts against the ongoing rally in the technology sector.

Here are some of Thursday’s biggest stock movers:

Biggest stock gainers

• Meta Platforms (NASDAQ:META) shares surged 7% after the social media giant reported better-than-expected Q2 results, highlighting strong growth in key metrics. Operating income rose 58%, family daily active people increased by 7%, ad impressions across the family of apps grew by 10%, and the average price per ad also rose by 10%. The social media giant expects Q3 sales to be in the range of $38.5B-$41B, compared to the consensus of $39.2B. Meta also boosted its 2024 capex range to $37B-$40B from the previous $35B-$40B and hinted at significant capex growth in 2025.
• Shares of Carvana (NYSE:CVNA) jumped 11% following strong Q2 results. The company earned a profit of $0.14 per share, up from a loss of $0.55 per share a year ago and beating expectations for a loss of $0.12 per share. Total revenue increased 15% to $3.41B. Adjusted EBITDA more than doubled from a year ago to $355M, driving up the adjusted EBITDA margin to 10.4% from 5.2%. Carvana sold over 101K vehicles in the quarter, surpassing the expected 95K and marking a 33% Y/Y increase. For Q3, the company expects a sequential increase in retail units compared to Q2 and projects adjusted EBITDA of $1.0B to $1.2B for FY24, up from $339M in 2023.
• R1 RCM (NASDAQ:RCM) shares soared 10% after the healthcare IT company agreed to be taken over by TowerBrook and Clayton, Dubilier & Rice in a deal valued at $8.9B. TowerBrook, which owns 36% of R1 RCM, and CD&R will acquire all outstanding common stock for $14.30 per share in cash, representing a 29% premium to the price before New Mountain Capital’s initial proposal and an 11% premium to R1 RCM’s last closing price.

Biggest stock losers

• Shares of Teladoc Health (NYSE:TDOC) plunged more than 12% after the telehealth provider withdrew its 2024 consolidated financial guidance and three-year business outlook following mixed Q2 results. For 2024, Teladoc projects Integrated Care segment revenue growth in the low to mid-single digits compared to 2023.
• Despite exceeding expectations in its FQ1 results, Arm Holdings (NASDAQ:ARM) shares fell about 11% as the company’s midpoint outlook for FQ2 fell short of market expectations. Arm projected adjusted earnings between $0.23 and $0.27 per share, with the midpoint implying $0.25, lower than the consensus of $0.28. Revenue is expected to range from $780M to $830M, with the midpoint suggesting $805M, compared to the consensus of $812.75M.
• Moderna (NASDAQ:MRNA) shares slumped over 10% after the biotech firm slashed its FY2024 outlook for product sales, citing lower COVID vaccine sales. Although the company exceeded Q2 expectations, its top-line revenue declined 30% Y/Y, with net product sales plunging approximately 73% to $184M, mainly due to decreased sales of its COVID-19 vaccine, Spikevax. The company revised its net product sales guidance down to $3B to $3.5B from around $4.5B.
• Hershey (NYSE:HSY) shares dropped 5% after the company reported Q2 results below expectations and issued softer profit guidance. Q2 Revenue fell 16.7% Y/Y with organic sales down 16.8%, including a 22% decline in the North America Confectionary segment. Adjusted gross margin decreased by 200 basis points, while adjusted operating profit plunged 32.8% due to higher costs and lower sales. For FY24, Hershey expects revenue around $11.4B, in line with the consensus of $11.43B, and EPS of $9.49 to $9.59, compared to the $9.57 consensus. The company remains optimistic about its salty snacks business.
• Mobileye (NASDAQ:MBLY) shares plummeted 20% after the company cut its revenue outlook for the year due to reduced shipments of EyeQ and SuperVision. The autonomous driving technology developer now expects FY2024 revenue between $1.6B and $1.68B, down from the previous outlook of $1.83B to $1.96B and below the consensus estimate of $1.87B. CEO Amnon Shashua attributed the lowered guidance to a significant softening of business conditions in China. Additionally, Bank of America reiterated its Underperform rating on Mobileye, citing uncertainty in growth and profit outlook.