Biggest stock movers today: Crypto stocks, PBI, PHG, and more

Stock futures edged on Monday as market participants eagerly awaited earnings reports from the members of the Magnificent 7 due later this week.

Here are some of Monday’s biggest stock movers:

Biggest stock gainers

• Alibaba’s (NYSE:BABA) stock rose by 3% as the Chinese e-commerce giant plans to increase revenue by implementing a 0.6% basic software service fee on confirmed transactions for vendors on Tmall and Taobao platforms. The move aims to boost its core revenue, which primarily comes from customer management fees. The policy change was communicated to merchants and will be waived once the new policy takes effect from September 1.
• NewAmsterdam Pharma Company (NASDAQ:NAMS) shares surged over 15% following positive topline data from its Phase 3 BROOKLYN clinical trial (NCT05425745). The trial evaluated obicetrapib in adult patients with heterozygous familial hypercholesterolemia, whose LDL-C is not adequately controlled. The trial met its primary endpoint, achieving a 36.3% reduction in LDL-C compared to placebo at day 84 and 41.5% reduction at day 365. The observed reductions in other biomarkers met statistical significance and were consistent with data from previous clinical trials.
• Koninklijke Philips NV (NYSE:PHG) shares soared over 10% after the Dutch device maker reported better-than-expected Q2 earnings, with comparable sales growth of 2% and a 9% increase in comparable order intake. For FY2024, Philips maintains its forecast of 3-5% comparable sales growth, an adjusted EBITA margin of 11-11.5%, and free cash flow of €0.9B-€1.1B.
• Pitney Bowes (NYSE:PBI) stock climbed 10% after news broke of a potential sale of its e-commerce fulfillment business to logistics startup Stord. Transaction details were not disclosed.
• Crypto stocks surged on Monday morning following remarks by Republican presidential candidate Donald Trump about his pro-crypto stance. Speaking at the Bitcoin 2024 conference in Nashville, Trump stated that he would include cryptocurrency in a strategic national stockpile if re-elected. Trump is already the first major U.S. party nominee to accept donations in Bitcoin (BTC-USD) and other cryptocurrencies. Following his speech, Bitcoin (BTC-USD) saw a gain of over 3%, with notable increases of more than 4% for companies such as Bit Digital (NASDAQ:BTBT), Cleanspark (NASDAQ:CLSK), Cipher Mining (NASDAQ:CIFR), Coinbase (NASDAQ:COIN), Riot Platforms (NASDAQ:RIOT), Marathon Digital (NASDAQ:MARA), and MicroStrategy (NASDAQ:MSTR).
• Despite a 17% drop in revenue Y/Y and a nearly 28% decrease in non-GAAP EPS Y/Y, On Semiconductor (NASDAQ:ON) shares surged 11.6%, exhibiting its best single-day performance since November 10, 2022, leading the S&P 500 after exceeding Q2 expectations. For Q3, the company projects revenue between $1.7B and $1.8B, compared to the consensus estimate of $1.78B, and expects non-GAAP EPS in the range of $0.91 to $1.03, vs. the consensus estimate of $0.97.

Biggest stock losers

• Abbott’s (NYSE:ABT) stock plunged over 5% following a jury verdict ordering the company to pay $495M for allegedly concealing the risks of its premature infant formula.