Biggest stock movers today: PYPL, SOFI, TLRY, CRWD, and more

Stock futures were trading higher on Tuesday as investors braced for the Federal Reserve’s policy meeting. The tech sector is also in focus, with Microsoft kicking off a week of Big Tech earnings reports from the Magnificent 7.

Here are some of Tuesday’s biggest stock movers:

Biggest stock gainers

• Tilray (NASDAQ:TLRY) shares climbed 8% after the company reported a strong FQ4 with top-line growth of 24% Y/Y, driven by a 127% surge in beverage-alcohol revenue to $76.7M. This key segment also saw a 146% increase in gross profit, contributing significantly to the company’s overall improved financial performance. The cannabis-turned-consumer packaged goods company narrowed its quarterly loss to $15.4M, a substantial improvement from the previous year’s loss of $119.8M, primarily due to non-cash expenses.
• F5 (NASDAQ:FFIV) shares jumped more than 14% after reporting better than expected FQ3 results and FQ4 outlook. The company projected earnings per share between $3.38 and $3.50 and revenue in the range of $720M to $740M for the final quarter, surpassing analyst estimates of $3.33 EPS and $717.4M in revenue. CEO François Locoh-Donou said, “Based on our visibility to strong fourth quarter software demand, we now expect fiscal year 2024 revenue toward the top end of our prior expectations, at approximately $2.8B, or roughly flat with last year, and we are also raising our earnings growth expectations for the year. We now expect to deliver approximately 12% non-GAAP earnings per share growth compared to fiscal year 2023.”
• SoFi Technologies (NASDAQ:SOFI) shares rose 3% after it increased its 2024 earnings and revenue guidance, following upbeat Q2 results. The lender and banking app company expects Q3 adjusted net revenue of $625M-$645M above the consensus of $612M, and GAAP EPS of $0.04 (consensus of $0.03). It now expects FY2024 GAAP EPS of $0.09-$0.10, up from its prior guidance of $0.08-$0.09. SoFi expects growth in tangible book value of ~$800M-$1B and to add at least 2.3M new members in 2024. The company reaffirms its expectation for a total capital ratio above 16%.
• PayPal Holdings’ (NASDAQ:PYPL) stock rose 8% after Q2 results exceeded expectations, boosted its FY2024 earnings guidance, and raised its share repurchase outlook. The company now expects 2024 adjusted EPS between $3.88-$3.98 compared with its previous guidance of ~$3.83 and the consensus of $4.16., with Q3 non-GAAP EPS growth in the high single digits from $0.98 in the year-ago quarter, and revenue growth in the mid-single digits from $7.42B in the prior-year period. It also expects to buy back $6B of shares in 2024, up from its prior guidance of at least $5B.
• JetBlue (NASDAQ:JBLU) shares jumped 20% after the airline reported a surprising Q2 profit due to cost-cutting and efficiency measures. CEO Joanna Geraghty credited the “JetForward” strategy, which focuses on profitable routes and delays $3B in Airbus purchases. CFO Ursula Hurley emphasized leveraging existing assets for positive cash flow. The initiatives aim to add $800M to $900M in EBIT from 2025 to 2027. For Q3, JetBlue forecasts a 1.5% to 5.5% revenue decline and a 6% to 8% rise in CASM ex-fuel. For FY24, revenue is expected to fall 4% to 6%, with CASM ex-fuel up 6.5% to 8.5%.

Biggest stock losers

• CrowdStrike (NASDAQ:CRWD) shares fell nearly 8% after news broke that Delta Air Lines (DAL) had hired veteran lawyer David Boies of Boies Schiller Flexner to pursue damages against the cybersecurity firm and Microsoft (MSFT). The move comes in response to a massive tech outage earlier this month that led to thousands of flight cancellations. While no lawsuit has been filed yet, the potential legal action has cast a shadow over CrowdStrike’s stock.
• Lattice Semiconductor (NASDAQ:LSCC) shares plunged over 15% after the company reported a downbeat Q2 and outlook. The company experienced a steep 35% decline in Q2 revenue and projected Q3 sales between $117M and $137M, significantly below the prior year’s $192.2M and the consensus of $142.5M.
• Despite topping estimates in Q2, shares of pharmaceutical giant Merck (NYSE:MRK) declined about 7% as the company trimmed its profit outlook for 2024 to a level below consensus. While the company raised its FY2024 revenue guidance to $63.4B—$64.4B from $63.1B—$64.3B, in line with the consensus, it slashed EPS outlook due to a $0.77 one-time charge from recent acquisitions to $7.94–8.04 from $8.53–8.65, which fell short of the consensus of $8.45.