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    Target is rolling out Starbucks curbside pickup across the country as it looks for sales jolt

    Target is adding Starbucks drinks and food to curbside pickup at stores across the country.
    The big-box retailer wants to jolt sales as shoppers spend more on experiences and buy fewer discretionary items.
    The company will report quarterly earnings next week.

    A worker delivers an order to a drive-up customer at a Target store in Miami, Florida, Aug. 19, 2020.
    Joe Raedle | Getty Images

    Target is looking to jolt sales by adding Starbucks drinks and food to its curbside pickup service at stores across the country.
    The big-box retailer on Wednesday said it will expand that offer to its more than 1,700 stores that have Starbucks cafes and Drive Up, its curbside pickup service. That’s the vast majority of its nearly 2,000 locations. The company said it will begin the chain-wide rollout this summer and will have the new feature across stores by October.

    Target has experimented with ways to sweeten the shopping experience and deepen customer loyalty, especially as consumers buy fewer discretionary items and prioritize spending on experiences such as concerts and dining out. Among its strategies, the discounter has opened more mini Ulta Beauty shops, debuted curbside returns and invested in speedier shipping.
    Target has a licensing agreement with Starbucks. Baristas at its stores are employed by Target.
    The retailer began testing the Starbucks curbside pickup service at some stores in the fall. The feature allows shoppers to tack on a coffee drink or another Starbucks menu item when picking up groceries, a birthday present or any other curbside pickup order they made online.
    Target said it proved popular. The Iced brown sugar oat milk shaken espresso, birthday cake pop and iced caramel macchiato topped the list of most commonly ordered items.
    Target’s curbside pickup service, Drive Up, helped fuel the company’s e-commerce and sales growth during the Covid-19 pandemic. The company’s annual revenue shot up about $31 billion, or nearly 40%, from the fiscal year that ended in January 2020 to the fiscal year that ended January 2023.

    The company declined to say how much Starbucks lifted sales and visits at the nearly 250 stores where it tested, citing the quiet period before it reports earnings.
    Yet, according to Target, curbside pickup has led to more business. Customers who try Drive Up for the first time end up spending 20% to 30% more at Target than they did previously, the company said. That explains why Target has added other features and more items to curbside pickup, including beer and wine.
    But Target has had a rocky stretch over the past year. It missed Wall Street’s earnings expectations three out of four quarters in the most recent fiscal year as it coped with a glut of unsold inventory and higher-than-expected markdowns.
    Target will report its fiscal second-quarter earnings next Wednesday. The company said in May that it anticipates slower sales to continue, even as its profit margins improve.
    It predicted comparable sales will range from a low-single-digit decline to a low-single-digit increase for the fiscal year. Target said its full-year earnings per share will range between $7.75 and $8.75. 
    Shares of Target are down about 12% this year, lagging the approximately 17% gain of the S&P 500 during the same period. The company’s stock closed Tuesday at $130.98, down about 1%.
    For its part, Starbucks has been diversifying its store formats in recent years as customers spend less time lingering inside its cafes and more time ordering from their phones or in drive-thru lanes. The coffee giant has opened cafes reserved for mobile orders, with walk-up windows, and inside Amazon Go locations.
    The cafe locations inside grocery and Target stores drive sales for Starbucks, and incremental traffic for those retailers, even as their customers pulled back on visits and spending, Starbucks’ then-CEO Howard Schultz said in February.
    — CNBC’s Amelia Lucas contributed this report. More

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    China’s consumer prices fall for the first time in 2 years, as fears of deflation grow

    China reported a 0.3% drop in consumer prices in July from a year ago, and a 4.4% year-on-year drop in producer prices in July, according to the National Bureau of Statistics Wednesday.
    Excluding food and energy prices, China’s so-called core CPI rose by 0.8% from a year ago, the highest since January, according to official data accessed via Wind Information.
    Second-quarter data prompted several economists to warn of growing risk of deflation — a persistent decrease in prices over time.

    Customers at a fresh food market in Shanghai, China, on Monday, Aug. 7, 2023.
    Bloomberg | Bloomberg | Getty Images

    BEIJING — China reported inflation data for July that pointed to a modest improvement from June.
    The consumer price index fell by 0.3% in July from a year ago, but was up by 0.2% when compared with June, according to the National Bureau of Statistics Wednesday.

    The year-on-year CPI print for July was slightly better than expectations for a 0.4% decline, according to analysts polled by Reuters. It was still the first year-on-year decline since early 2021, according to official data accessed via Wind Information.
    The producer price index fell by 4.4% in July from a year ago, better than the 5.4% decline in June, the data showed.
    However, the year-on-year PPI read was worse than the 4.1% forecast by a Reuters poll.

    “Both CPI and PPI are in deflation territory,” said Zhiwei Zhang, president and chief economist of Pinpoint Asset Management, in a note following the data release. “The economic momentum continues to weaken due to lacklustre domestic demand.”
    “The CPI deflation may put more pressure on the government to consider additional fiscal stimulus to mitigate the challenge,” he added.

    A 26% year-on-year drop in pork prices, a staple food in China, contributed to the overall decline in the CPI in July. Tourism prices rose by 13.1% from a year ago.

    Core CPI, which excludes food and energy prices, rose by 0.8% from a year ago — the highest since January, according to official data accessed via Wind Information.
    Producer prices will likely turn higher on a year-on-year basis before the consumer price index does, said Bruce Pang, chief economist and head of research for Greater China at JLL.
    He expects consumer prices will still be dragged down in the coming months by falling pork prices and a high base effect, while core CPI may gradually rise.

    Sluggish consumer demand

    Read more about China from CNBC Pro

    Oxford Economics expects China’s consumer price index to grow by 0.5% this year and the producer price index to fall by 3.5%.
    “China’s weak demand follow-through in Q2 can be attributed to its relatively contained demand-side stimulus during Covid, years of regulatory tightening, and an ongoing housing correction,” Louise Loo, lead economist at Oxford Economics, said in a note Tuesday.
    It’s a “positive development” that authorities are choosing targeted easing, rather than large-scale stimulus, Loo said.
    China reported trade data Tuesday that showed a sharp plunge in both overseas and domestic demand.

    Exports fell by 14.5% in July from a year ago, while imports dropped by 12.4% in U.S. dollar terms — both worse than analysts had expected.
    The sharp decline in the imports figure was partly due to commodity price declines, but Loo’s estimates indicate imports declined in real volume terms by around 0.4%.
    China is set on Aug. 15 to release retail sales, industrial production and other data for July.
    Correction: This article has been updated to accurately reflect that Oxford Economics expects China’s producer price index to fall 3.5% this year. An earlier version of the story misstated it. More

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    ESPN launches sportsbook in partnership with Penn Entertainment

    Penn Entertainment is partnering with Disney’s ESPN to rebrand and relaunch its sportsbook as ESPN Bet.
    The move comes as ESPN has been exploring further moves in the sports-betting space in recent years.
    Penn is rebranding the Barstool Sportsbook as ESPN Bet, and will be divesting its stock in Barstool Sports.

    SportsCenter at ESPN Headquarters.
    The Washington Post | The Washington Post | Getty Images

    Disney’s ESPN is launching a betting sportsbook, putting the sports entertainment unit deeper into the wagering world.
    U.S. gambling company Penn Entertainment said it is partnering with ESPN to rebrand and relaunch its sportsbook as ESPN Bet. It’s the first time ESPN’s brand will be on a sports-betting platform.

    ESPN Bet will take over Penn’s Barstool Sportsbook and become ESPN’s exclusive operation. It will launch this fall in the 16 legalized betting states.
    ESPN had been looking for a partner in the sports-betting business for sometime. Last fall, former Disney CEO Bob Chapek said that while ESPN will never take bets itself, it wanted to partner with a gambling company.
    The deal gives ESPN another revenue stream as cord-cutting weighs on the traditional TV business. Meanwhile, the deal allows Disney to shore up cash as it loses money on its streaming unit and is likely to acquire Comcast’s stake in Hulu early next year.
    Disney CEO Bob Iger also recently signaled on CNBC that the company is looking for a strategic partner and is open to offloading its cable TV networks.
    The deal, announced Tuesday, gives Penn the exclusive right to the ESPN Bet trademark in the U.S. for 10 years, which may be extended another 10 years if the two come to a mutual agreement.

    As part of the deal, Penn will pay ESPN $1.5 billion in cash over the 10-year period. The agreement also grants ESPN about $500 million of warrants to buy approximately 31.8 million Penn common shares that will vest over the same period.
    ESPN will also have the option to designate one nonvoting board observer to Penn’s board, or after three years, designate a board member subject to certain regulatory approvals and a minimum ownership threshold.
    Penn will be divesting its stock in Barstool Sports to founder David Portnoy. Penn became sole owner of Barstool in February when the company completed its acquisition of Barstool for $388 million.
    Through the latest agreement, Penn will have the right to 50% of the gross proceeds that Portnoy receives in any future sale or other monetization of Barstool.
    Penn’s stock was up roughly 20% in after-hours trading Tuesday, while Disney was slightly up. Disney and Penn both report earnings on Wednesday.
    Penn said in Tuesday’s release the deal will add an estimated $500 million to $1 billion in annual long-term adjusted earnings potential in its interactive segment.
    In February, Penn reported that its sports-betting business turned a profit in the final three months of the fiscal year, the first U.S. sports gambling company to do so during that period. Typically it’s harder for a sportsbook to post a profit during the third and fourth quarters because companies spend more on marketing and promotions during the football season.
    At the time, Penn had attributed the profitability to its marketing approach and relying on cross-platform promotion from Barstool.
    — CNBC’s Alex Sherman contributed to this report.
    Correction: Penn Entertainment reported in February that its sports-betting business turned a profit in the final three months of the fiscal year. An earlier version misstated the month. More

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    Rocket Lab results match Wall Street estimates, company adds contracts for 10 launches

    Rocket Lab reported quarterly results on Tuesday that largely met Wall Street’s expectations.
    “The second quarter saw strong performance across Rocket Lab’s launch and space systems businesses,” Rocket Lab founder and CEO Peter Beck said in a statement.
    The company also added contracts for 10 more Electron rocket launches in the year ahead.

    Rocket Lab

    Rocket Lab on Tuesday reported second-quarter results that largely met Wall Street’s expectations, and the company said it added contracts for 10 more launches in 2023 and 2024.
    “The second quarter saw strong performance across Rocket Lab’s launch and space systems businesses with three successful Electron [rocket] launches, more than 17 spacecraft featuring Rocket Lab satellite components deployed to orbit, and multiple new launch contracts signed with new and returning customers,” Rocket Lab founder and CEO Peter Beck said in a statement.

    The company reported a net loss of $45.9 million, or 10 cents per share, compared with a loss of 9 cents a share expected, according to analysts surveyed by Refinitiv. That was wider than the loss of 8 cents a share in the same quarter a year earlier.
    Revenue grew 12% year over year in the second quarter to $62 million, versus $61.8 million expected by analysts surveyed by Refinitiv.
    Rocket Lab’s launch business saw $22.5 million in revenue in the second quarter, while its space systems unit brought in $39.6 million. Its contract backlog increased from the previous quarter, rising by $40.1 million to $534.3 million.
    On the company’s call with investors, Rocket Lab CFO Adam Spice said the space systems business had “a bit of a timing issue with … [recognizing] revenue over certain programs on the satellite manufacturer side.”
    “We expect to make up a lot of that ground in the fourth quarter,” Spice said.

    Rocket Lab stock rose about 3% in after-hours trading from its close at $6.66 a share. The stock is the top performing pure-play space stock in 2023, up 77% year-to-date.
    For the third quarter, Rocket Lab expects revenue to grow to between $73 million and $77 million.

    Sign up here to receive weekly editions of CNBC’s Investing in Space newsletter.

    The company said it passed “significant milestones” in the development of its coming Neutron rocket. Those developments included completing a second stage tank for the rocket, as well as finishing construction of a stand to conduct cryogenic tank tests – key for verifying the rocket’s design ahead of a first launch. Rocket Lab also expects to begin construction of Neutron’s launch site in Virginia in the third quarter.
    Beck told CNBC after the report that recent changes to Neutron’s design came partially from customers pushing to use more of the rocket’s capability on each launch.
    “We’ve seen customers push for fewer and fewer launches, even if the economics are the same, and do downrange landings and use the full ‘throw’ of the vehicle,” Beck said. “The fastest route to getting the vehicle fully commercial is in fact to land it downrange on a barge.”
    A key part of Rocket Lab’s progress toward the first Neutron launch is the development of its Archimedes line of rocket engines. Beck told CNBC that Archimedes features “new manufacturing technologies” that Rocket Lab “hasn’t really disclosed in any great detail.” They “enable a much lower cost per engine” and “are coming along nicely,” he said.
    “We’ll be pulling it all together here for the end of the year for a big engine test,” Beck said.

    Rocket Lab

    Rocket Lab added orders for 10 launches of its Electron rocket since the end of the first quarter. Commercial satellite companies BlackSky and Synspective booked five and two Electron launches, respectively, while “a government customer” purchased two launches and “a confidential customer” ordered a “HASTE” mission. The launches are largely expected to happen in 2024.
    HASTE is a modified Electron rocket that flies hypersonic test missions, rather than carry satellites to orbit. The company launched its inaugural HASTE mission in June, flying for its customer Dynetics’ Leidos under a contract from the Pentagon.
    Rocket Lab has “multiple relationships with multiple customers” for HASTE missions, Beck said, but the classified nature of the launches makes it “difficult to give too much insight.” He added that “we see a healthy pipeline of these kinds of missions.”
    “We have a longstanding relationship with some of these customers. They know who we are, they know the quality of the work they get from us,” Beck said, adding that “the U.S. has lagged thoroughly behind in hypersonics for a long time and this capability is incredibly affordable.” More

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    UAW leader defends union’s lofty demands, (literally) trashes Stellantis contract proposals

    UAW President Shawn Fain heavily criticized early -bargaining proposals from Stellantis before throwing the packet of papers into a trash can.
    He defended lofty demands for its members working for the Detroit automakers, including significant pay increases.
    The current national agreements between the UAW and GM, Ford and Stellantis expire Sept. 14.

    During a Facebook Live on Aug. 8, 2023, UAW President Shawn Fain
    Screenshot

    The leader of the United Auto Workers on Tuesday adamantly defended lofty demands for the union’s members who work for the Detroit automakers, while calling recent contract proposals from Stellantis “trash.”
    UAW President Shawn Fain during a Facebook Live webcast heavily criticized early-bargaining proposals from the Chrysler and Jeep parent company before throwing the packet of papers into a garbage can.

    Fain laid out reported changes to the contract involving holiday and vacation days, absenteeism, 401(k) contributions, profit-sharing payments and other proposals that he described as “concessionary.”
    “Stellantis’ proposals are a slap in the face. They’re an insult to our members’ hard work over the last four years,” Fain said. “Rather than honoring the sacrifice made by the employees [during the Covid pandemic], management’s chosen to spit in our faces.”
    Stellantis did not immediately respond for comment.
    The theatrics are the latest and most elaborate by the union leader since negotiations began in earnest last month with Stellantis, Ford Motor and General Motors.
    They come a week after the UAW publicly said it wants double-digit pay raises and defined-benefit pensions for all workers, citing 40% pay raises on average over the last four years for the CEOs of the companies.

    Fain on Tuesday called proposed pay increases “well deserved.” The union last week said it presented its  economic demands that included “big wage increases,” more paid time off and reestablishing retiree medical benefits as well as cost-of-living-adjustments.
    The current contracts between the UAW and Detroit automakers expire on Sept. 14.
    Contract talks between the union and automakers usually begin in earnest in July ahead of mid-September expirations of the previous four-year agreements. Typically, one of the three automakers is the lead, or target, company that the union selects to negotiate with first and the others extend their deadlines. However, Fain has said this year may be different, without going into specific details.
    Fain reiterated Tuesday that Sept.14 “is a deadline, it’s not a reference point.”
    “To the Big Three, the clock is ticking. It’s time to get down to business,” Fain said during the Facebook event.
    Fain also criticized Stellantis CEO Carlos Tavares for not meeting with union leaders to open the negotiations. Tavares, who is based in Europe, has publicly said that he did not plan to be involved in the day to day of the bargaining, instead relying on his regional leaders. More

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    Stocks making the biggest moves after hours: Penn Entertainment, Super Micro Computer, Rivian and more

    People walk by electric truck maker Rivian’s newly opened storefront in the Meatpacking District of Manhattan, New York City, June 23, 2023.
    Spencer Platt | Getty Images

    Check out the companies making headlines after hours.
    Rivian Automotive — Rivian Automotive dipped about 2.5% in extended trading. The decline comes even after the electric automaker beat second-quarter expectations on the top and bottom lines. Rivian reported an adjusted loss of $1.08 per share on revenue of $1.12 billion. Analysts polled by Refinitiv had expected a loss per share of $1.41 on revenue of $1.0 billion.

    Super Micro Computer — Super Micro Computer tumbled 12% in extended trading even after reporting an earnings beat. The information technology company reported fiscal fourth-quarter adjusted earnings of $3.51 per share on revenue of $2.18 billion. Analysts polled by Refinitiv expected per share earnings of $2.96 on revenue of $2.08 billion. It also issued first-quarter guidance, the midpoint of which was slightly above estimates.
    Axon Enterprise — Axon Enterprise advanced 10% after the weapons maker behind the Taser and other products beat top and bottom line expectations in its latest earnings results. Axon reported second-quarter adjusted earnings of $1.11 per share, exceeding the 62 cents per share consensus estimate from FactSet. It posted revenue of $374.6 million, higher than the $350.5 million forecast by analysts.
    Penn Entertainment — Penn Entertainment surged 22% after the entertainment and casino company said it’s launching an online sportsbook with ESPN, called ESPN Bet, this fall.
    Take-Two Interactive Software — Take-Two Interactive Software popped 3.4% in extended trading after reaffirming full-year bookings guidance. However, the video game company reported revenue of $1.20 billion in its first quarter, lower than the consensus estimate of $1.21 billion, according to Refinitiv. Take-Two also issued second-quarter bookings guidance of 1.40 billion to 1.45 billion, compared with estimates for 1.45 billion.
    Twilio — Shares gained 10% after Twilio reported a beat on the top and bottom lines in its latest earnings results. Twilio reported second-quarter adjusted earnings of 54 cents per share on revenue of $1.04 billion. Analysts polled by Refinitiv had anticipated per share earnings of 30 cents on revenue of $986 million.

    Bumble — Bumble shares dipped 3.5% in extended trading. The online dating company posted second-quarter earnings of 5 cents per share on revenue of $260 million. Analysts had expected per share earnings of 3 cents on revenue of $257 million, according to Refinitiv.
    Lyft — Lyft shares were 6% lower in extended trading after initially popping more than 12% following the release of the ride-hailing company’s second-quarter results. Lyft posted revenue of $1.02 billion, in line with the estimate from analysts polled by Refinitiv. Meanwhile, adjusted per share earnings came in at 16 cents, beating the expectation of a loss of 1 cent per share. More

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    Rivian raises 2023 EV production guidance, posts narrower-than-expected quarterly loss

    EV maker Rivian Automotive reported a loss for the second quarter that was narrower than expected.
    Rivian now expects to build about 52,000 vehicles in 2023, more than twice the number it made in 2022.
    The EV maker had $10.2 billion in cash remaining as of June 30.

    Production of electric Rivian R1T pickup trucks on April 11, 2022 at the company’s plant in Normal, Ill.
    Michael Wayland / CNBC

    Electric vehicle maker Rivian Automotive on Tuesday reported a loss for the second quarter that was narrower than expected and raised its production guidance for the full year.
    It now expects to build about 52,000 vehicles in 2023, more than twice the number it made in 2022 and up from its previous production guidance of 50,000 vehicles.

    Rivian delivered 12,640 vehicles during the second quarter, up 59% from its first-quarter total and well above the 4,467 EVs it delivered in the second quarter of 2022. It produced 13,992 vehicles in the quarter, up from 9,395 in the first quarter of 2023 and 4,401 in the second quarter of 2022.
    Here are the key numbers from Rivian’s report, with consensus analyst estimates as reported by Refinitiv:

    Adjusted loss per share: $1.08 vs. $1.41 expected.
    Revenue: $1.12 billion vs. $1 billion expected.

    Rivian’s net loss for the quarter was $1.2 billion, or $1.27 per share. A year ago, Rivian reported a net loss of $1.71 billion, or $1.89 per share. On an adjusted basis, Rivian reported a loss of $1.02 billion, or $1.08 per share.
    Revenue in the second quarter rose to $1.12 billion from $364 million in the same period in 2022. Rivian’s second-quarter revenue included $34 million from the sale of regulatory credits.
    “Our second quarter results reflect our continued focus on cost efficiency as we accelerate the drive towards profitability,” CEO RJ Scaringe said in a statement to CNBC. “We have achieved meaningful reductions in both R1 and EDV vehicle unit cost across the key components, including material costs, overhead and logistics. It was a strong quarter, and we remain focused on ramping production, driving cost efficiencies, developing future technologies, and enhancing the customer experience.”

    Rivian’s gross loss, or negative gross profit, was $412 million in the quarter, down from $704 million a year ago and a roughly $35,000 per vehicle improvement from the first quarter of 2023. Increased production, with the related economies of scale, and “our continued efforts to drive material cost reductions through commercial negotiations and engineering design change” drove the improvement, it said.
    Rivian reiterated that it expects to reach a positive gross profit sometime in 2024.
    The EV maker had $10.2 billion in cash remaining as of June 30, down from $11.78 billion as of March 31. It also had about $1.1 billion in credit lines available as of quarter end, for total liquidity of $11.3 billion. Capital expenditures in the second quarter were $255 million, versus $359 million in the same period last year.
    For the full year, Rivian now expects about $1.7 billion in capex, down from $2 billion in its prior guidance.
    Rivian took a number of steps earlier this year to slow spending and bolster its balance sheet, including a 6% staff reduction in February and a $1.3 billion sale of convertible notes in March. The company also delayed the launch of its upcoming smaller R2 vehicle platform to 2026, from 2025.
    Rivian produced roughly 23,400 vehicles in the first half of 2023. The company is currently building the R1T pickup, the R1S SUV and a series of electric delivery vans for Amazon at its factory in Normal, Illinois. More

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    Stocks making the biggest moves midday: Beyond Meat, Chegg, PNC Financial, Dish and more

    Getty Images

    PNC Financial, Citizens Financial, M&T Bank — Regional bank stocks were broadly under pressure Tuesday after Moody’s downgraded the credit in several smaller institutions. The ratings agency also said some larger banks were under review for a downgrade. Shares of M&T Bank and Webster Financial, which had their credit rating downgraded, fell on Tuesday. Citizens and PNC fell more than 1.5% each after their ratings were put on review for a downgrade. Larger bank stocks, such as Goldman Sachs and JPMorgan Chase, were also lower to close the day.
    Organon — The stock advanced just above 9% on better-than-expected earnings for the second quarter. The health-care company reported earnings per share of $1.31. Analysts surveyed by StreetAccount expected 97 cents per share. Organon posted $1.61 billion in revenue, beating analysts’ expectations of $1.57 billion.

    Beyond Meat — The plant-based meat company fell 14.3% after missing on second-quarter revenue, citing weak U.S. demand. Beyond Meat posted an adjusted loss of 83 cents per share on $102.1 million in revenue, while Refinitiv forecast 86 cents and $108.4 million.
    Chegg — The education technology stock added more than 4.5%. Chegg reported second-quarter revenue of $183 million, topping the $177 million expected by analysts, per Refinitiv. The company also highlighted some artificial intelligence-focused plans, alleviating some fears of the technology’s rising threat to Chegg’s business model.
    Novo Nordisk — Shares of the pharmaceutical company rallied 17.4% after new trial data showed Novo Nordisk’s weight loss drug Wegovy cut the risk of major cardiovascular events by 20%.
    EchoStar, Dish — Dish shares rallied 9.6% after billionaire Charlie Ergen announced he would consolidate his telecommunications empire, about 15 years after EchoStar was spun off. EchoStar shares gained about 1%.
    Datadog — Shares tanked 17.2% after the software company cut its full-year guidance. The company said it now expects revenue to range between $2.05 billion and $2.06 billion, versus a previous range of $2.08 billion to $2.10 billion.

    Eli Lilly — Shares jumped 14.9% after Eli Lilly reported better-than-expected earnings in the second quarter. The company posted an adjusted $2.11 per share on revenue of $8.31 billion, while analysts polled by Refinitiv forecast earnings per share of $1.98 and $7.58 billion in revenue. Eli Lilly also raised its full-year guidance on strong sales from its diabetes treatment Mounjaro and other drugs. Additionally, Eli Lilly got a lift on Novo Nordisk’s cardiovascular study showing its obesity drug was highly effective. The study could cause insurers to cover weight-loss drugs.
    Palantir Technologies — The data analytics company slid 5.3% after posting its second-quarter results. Palantir reported earnings of 5 cents per share on revenue of $533 million, which came out in line with expectations from analysts polled by Refinitiv.
    Fox Corp. — The media giant gained 5.6% after reporting revenue that was in line with the Street’s expectations. Fox’s revenue was $3.03 billion for the second quarter, matching expectations from analysts surveyed by FactSet. The company also raised its semiannual dividend for Class A and Class B shares.
    International Flavors & Fragrances — The stock declined more than 19.4% on second-quarter results that missed analysts’ expectations. The fragrance and cosmetics company reported revenue of $2.93 billion, falling shorter than analysts’ estimates of $3.07 billion, according to StreetAccount. The company also lowered its guidance for the upcoming quarter, citing higher manufacturing absorption costs and lower volume driven by customer destocking.
    See Corp. — Shares of the packaging company lost 9.5% after See missed revenue expectations for the second quarter. Sealed Air reported $1.38 billion in revenue, citing weakness in its end markets, while analysts surveyed from FactSet expected $1.41 billion. The company also lowered its earnings and revenue guidance.
    — CNBC’s Samantha Subin, Jesse Pound, Alex Harring and Hakyung Kim contributed reporting. More