Biggest stock movers today: PLTR, LCID, and more

Stock futures bounced back Tuesday morning after a three-day global sell-off. Investor concerns over a potential US economic slowdown and overvalued tech stocks had triggered recent selling pressure.

Here are some of Tuesday’s biggest stock movers:

Biggest stock gainers

• Lucid Group’s (NASDAQ:LCID) stock climbed nearly 6% despite mixed Q2 results that showed a 33% year-over-year revenue increase. While producing 2,110 vehicles and delivering 2,394 in the quarter, the company remains on track for an annual production target of around 9,000 vehicles. CEO Peter Rawlinson emphasized Lucid’s technological advancements, including a milestone efficiency of 5.0 miles per kilowatt-hour, solidifying its position as a technology leader.
• Palantir Technologies (NYSE:PLTR) stock soared 12% after reporting strong Q2 results. Revenue surged 27% Y/Y, driven by its AI platform. US commercial revenue jumped 55%, while government revenue grew 24%. The company raised its FY2024 revenue forecast to $2.75B from $2.74B, surpassing consensus of $2.70B. Additionally, Palantir projected Q3 revenue between $697M and $701M, well above the consensus estimate of $681.4M.
• CSX Corporation’s (NASDAQ:CSX) stock gained over 4% after reporting marginally better-than-expected Q2 earnings. While revenue met analyst predictions, profits surpassed estimates. The company experienced volume growth of 2.1% compared to expectations of 1.6%, but pricing declined by 2%. Positive contributions from merchandise pricing and intermodal transportation were tempered by lower export coal prices and fuel surcharges. Operating and gross margins improved sequentially, while adjusted EBITDA remained stable.
• Lumen Technologies (NYSE:LUMN) stock surged over 45% after announcing $5B in new contracts. The company attributed this growth to the booming demand for connectivity fueled by AI advancements. Lumen is also in active conversations with customers to secure an additional $7B in potential sales to capitalize on this rising demand.

Biggest stock losers

• ZoomInfo Technologies (NASDAQ:ZI) stock plummeted by over 15% following its Q2 earnings report, which fell short of expectations. The company’s Q3 revenue forecast of $298M to $301M trailed the consensus estimate of $317.51M, and adjusted EPS is projected to be between $0.21 and $0.22, lower than the consensus of $0.25. Moreover, the company revised its FY2024 revenue guidance downward from $1.255B to $1.27B to a range of $1.19B to $1.205B, missing the market consensus of $1.26B. Adjusted EPS for the year is now anticipated to be between $0.86 and $0.88, below the previous estimate of $1.00 to $1.02 and the consensus of $1.01.
• Solar energy company SunPower (NASDAQ:SPWR) filed for Chapter 11 bankruptcy on Monday, causing its stock to plummet 27% on Tuesday morning. The company announced to sell its Blue Raven Solar, New Homes, and non-installing Dealer network to Complete Solaria (CSLR) for $45M and is exploring options for its remaining assets through a bankruptcy sale process.