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    Beyond Meat stock slides more than 15% after company reports weak sales, cuts forecast

    Beyond Meat reported weak sales, cut its full-year revenue forecast and walked back its goal of becoming cash-flow positive in the second half of the year.
    U.S. demand for Beyond’s meat alternatives is declining at a faster rate, even as the company cuts its prices.
    Beyond’s stock is up 5% this year, giving it a market value of $830 million.

    Vegetarian sausages from Beyond Meat Inc, the vegan burger maker, are shown for sale at a market in Encinitas, California.
    Mike Blake | Reuters

    Beyond Meat’s stock fell more than 15% in premarket trading Tuesday after the company reported weak sales, cut its full-year revenue forecast and walked back its goal of becoming cash-flow positive in the second half of the year.
    The company, which makes meat substitutes, has struggled for roughly two years as U.S. consumer interest in its products has waned. As its sales have declined, Beyond has turned its attention to cutting costs and becoming a profitable company.

    However, CEO Ethan Brown told analysts on the company’s conference call Monday evening that its weak sales will likely delay its target of becoming cash-flow positive by the second half of 2023.
    U.S. demand for Beyond’s meat alternatives appears to be declining at a faster rate, even as the company cuts its prices 8.6%, mostly through discounts. Its U.S. retail volume fell 34% during the period, while its domestic food service volume cratered 44%
    Beyond’s second-quarter net sales fell 30.5% to $102.1 million, falling short of Refinitiv estimates of $108.4 million. The company reported a loss of 83 cents per share, beating the loss of 86 cents per share expected by Wall Street.
    Beyond also cut its full-year revenue outlook to a range of $360 million to $380 million, compared to the $388 million Wall Street expected, according to Refinitiv.
    To reinvigorate demand, Beyond is focusing on fighting consumer perceptions that its products aren’t healthy. Brown blamed special interest groups for seeding fear and doubt around Beyond’s ingredients and manufacturing process.
    As of Monday’s closing price, Beyond’s stock was up 24% this year, giving it a market value of $981 million. Its share price is hovering under $13, a far cry from four years ago, when it was trading at an all-time high of $234.90 and valued at $13.4 billion. More

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    Philadelphia Fed President Patrick Harker suggests interest rate hikes are at an end

    Philadelphia Fed President Patrick Harker on Tuesday indicated that the central bank could be at the end of its current rate-hiking cycle.
    “I believe we may be at the point where we can be patient and hold rates steady and let the monetary policy actions we have taken do their work,” the FOMC voting member said in a speech.
    Harker indicated there are unlikely to be rate cuts anytime soon.

    Patrick Harker at Jackson Hole, Wyoming
    David A. Grogan | CNBC

    Philadelphia Federal Reserve President Patrick Harker on Tuesday indicated that the central bank could be at the end of its current rate-hiking cycle.
    A voter this year on the rate-setting Federal Open Market Committee, the central bank official noted progress in the fight against inflation and confidence in the economy.

    “Absent any alarming new data between now and mid-September, I believe we may be at the point where we can be patient and hold rates steady and let the monetary policy actions we have taken do their work,” Harker said in prepared remarks for a speech in Philadelphia.
    That statements comes after the FOMC in July approved its 11th hike since March 2022, taking the Fed’s key interest rate from near-zero to a target range of 5.25%-5.5%, the highest in more than 22 years.
    While projections committee members made in June pointed to an additional quarter-point hike this year, there are differences of opinion on where to go from here. New York Fed President John Williams also indicated, in an interview with the New York Times published Monday, that the rate increases could be over. Governor Michelle Bowman said Monday that she thinks additional hikes are probably warranted.
    Markets are pricing in more than an 85% probability that the Fed holds steady at its Sept. 19-20 meeting, according to CME Group data. Pricing action indicates the first decrease could some as soon as March 2024.
    Harker indicated there are unlikely to be rate cuts anytime soon.

    “Allow me to be clear about one thing, however. Should we be at that point where we can hold steady, we will need to be there for a while,” he said. “The pandemic taught us to never say never, but I do not foresee any likely circumstance for an immediate easing of the policy rate.”
    The Fed was forced into tightening mode after inflation hit its highest level in more than 40 years. Officials at first dismissed the price increases as “transitory,” then were forced into a round of tightening that included four consecutive three-quarter point increases.
    While many economists fear the moves could drag the economy into recession, Harker expressed confidence that inflation will progress gradually to the Fed’s 2% goal, unemployment will rise only “slightly” and economic growth should be “slightly lower” than the pace so far in 2023. GDP increased at a 2% annualized pace in the first quarter and 2.4% in the second quarter.
    “In sum, I expect only a modest slowdown in economic activity to go along with a slow but sure disinflation,” he said. “In other words, I do see us on the flight path to the soft landing we all hope for and that has proved quite elusive in the past.”
    Harker did express some concern over commercial real estate as well as the impact that the resumption of student loan payments will have on the broader economy.
    Policymakers will get their next look at the progress against inflation on Thursday, when the Bureau of Labor Statistics releases its July reading on the consumer price index. The report is expected to show prices rising 0.2% from a month ago and 3.3% on a 12-month basis, according to economists polled by Dow Jones. Excluding food and energy costs, the CPI is projected to grow 0.2% and 4.8% respectively. More

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    Novavax shares jump after Covid vaccine maker posts surprise quarterly profit

    Shares of Novavax jumped as much as 20% after the Covid vaccine maker reported a surprise second-quarter profit.
    The results come as Novavax works to strengthen its financial position, especially after it raised doubts about its ability to stay in business earlier this year.
    The company is pinning its hopes on the launch of its updated Covid-19 shot this fall, a global cost-cutting push launched in May and a promising vaccine pipeline to help it stay afloat. 

    Medical syringes and Novavax logo displayed in the background are seen in this illustration photo taken in Krakow, Poland on December 2, 2021.
    Jakub Porzycki | NurPhoto | Getty Images

    Shares of Novavax jumped as much as 20% in premarket trading Tuesday after the Covid vaccine maker reported a surprise second-quarter profit.
    The results come as Novavax works to strengthen its financial position, particularly after it raised doubts about its ability to stay in business earlier this year.

    The company is pinning its hopes on the launch of its updated Covid shot in the U.S. commercial market this fall, a global cost-cutting push announced in May and a promising vaccine pipeline to help it stay afloat. 
    The Maryland-based company’s stock has dropped more than 23% this year, putting its market value at around $650 million. 
    Here’s what Novavax reported compared with Wall Street’s expectations, based on a survey of analysts by Refinitiv. 

    Earnings per share: 58 cents per share, vs. a loss of $1.39 per share expected
    Revenue: $424.43 million, vs. $239.2 million expected

    Novavax posted a net income of $58 million, or 58 cents per share, for the quarter. That compares with a net loss of $510.5 million, or $6.53 per share, reported during the same quarter last year. 
    The biotech company generated second-quarter sales of $424.4 million, up from the $185.9 million from the same period a year ago. 

    Novavax CEO John Jacobs told CNBC that the company pulled forward some sales that “might have drifted” into the third quarter from prior Covid vaccine purchase agreements, recognizing those sales instead in the second quarter. 
    He noted that there will be “little to no sales” in the third quarter because the Food and Drug Administration won’t make a decision on Novavax’s new Covid shot until late September. The company can only start rolling out the vaccine to the public after a potential approval from the agency. 
    Most of Novavax’s revenue in the third quarter will come from grants, according to Jacobs. He said the company will squeeze “most of the seasonal opportunity” of its new shot into the fourth quarter, when the nation typically sees Covid cases and vaccinations peak. 
    The company lowered its full-year revenue forecast to $1.3 billion to $1.5 billion, down slightly from the $1.4 billion to $1.6 billion guidance provided in May. 
    But Jacobs noted that the adjustment reflects part of a cash settlement the Canadian government agreed to pay for forfeiting Covid vaccine doses that were previously scheduled for delivery.
    The new guidance does not include $100 million in cash that Canada paid during the second quarter – an amount that “would have been revenue” had the parties completed the transaction, he said.
    “We’re still on track for the revenue, but we’d rather have it in cash,” Jacobs told CNBC. “That’s a good thing for Novavax.” 
    Novavax also said it’s continuing to execute its global cost-cutting plan, which involves slashing 25% of the company’s workforce and consolidating the company’s facilities and infrastructure, among other efforts. 
    The plan is expected to reduce 2024 research and development as well as selling, general and administrative expenses costs by approximately 40% to 50% compared with 2022.
    SG&A expenses usually include the costs of promoting, selling and delivering a company’s products and services.
    The company reported R&D expenses of $258 million and SG&A expenses of $162 million last year.

    SK bioscience deal

    Separately on Tuesday, Novavax announced a new strategic partnership agreement with SK bioscience, a South Korea-based biotech manufacturer. 
    The agreement extends a previous contract manufacturing arrangement between the two companies, which provided SK bioscience with the rights to exclusively manufacture and commercialize Novavax’s Covid vaccine in South Korea and the non-exclusive rights to do so in Thailand and Vietnam. 
    Novavax CEO Jacobs noted the company will receive royalty payments for sales in those markets and an upfront payment of $4 million from SK bioscience.
    SK bioscience will also purchase $85 million in Novavax’s common stock at $13 per share, reflecting a 59% premium to the past 90-day trading value. 
    The agreement also removes $195 million in manufacturing liabilities from Novavax’s balance sheet, according to Jacobs. In exchange, Novavax will pay SK bioscience $65 million in cash. More

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    Billionaire Charlie Ergen merging Dish and EchoStar to expand mobile and satellite telecom empire

    Billionaire Charlie Ergen is consolidating his telecom empire, merging his satellite and broadband services companies Dish Network and EchoStar in an all-stock deal.
    As of Monday’s close, EchoStar had a nearly $2 billion market value, while Dish’s market value was just above $4 billion, according to FactSet.
    The deal reunites two businesses that have been separate for about 15 years, after Ergen spun EchoStar out of Dish in 2008.

    Charles Ergen, chairman and co-founder of Dish Network Corp
    Jonathan Alcorn | Bloomberg | Getty Images

    Billionaire Charlie Ergen is consolidating his telecom empire, merging his satellite and broadband services companies Dish Network and EchoStar in an all-stock deal.
    “This is a strategically and financially compelling combination that is all about growth and building a long-term sustainable business,” Ergen, chairman of both Dish and EchoStar, said in a statement.

    As of Monday’s close, EchoStar had a nearly $2 billion market value, while Dish’s market value was just above $4 billion, according to FactSet.
    The deal reunites two businesses that have been separate for about 15 years, after Ergen spun EchoStar out of Dish in 2008. Founded in 1980, EchoStar sold satellite dishes before launching its own subscription satellite service in 1995.
    Since the spinoff, Dish has acquired assets from EchoStar, including its broadcast satellite service, while EchoStar has focused on satellite communications, such as its Hughes subsidiary’s consumer internet service.

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    The merger will exchange 2.85 shares of Dish common stock for each share of EchoStar stock, a 12.9% premium for EchoStar shareholders as of the July 5 trading close. The companies noted that was “the last full trading day prior to media speculation regarding a potential transaction,” with Semafor reporting on July 6 that a potential combination was under consideration.
    EchoStar CEO Hamid Akhavan will serve as CEO of the combined company. Erik Carlson, the current CEO of Dish, will leave the company after the transaction closes.

    Ergen and Akhavan will join CNBC’s David Faber at 10:15 a.m. ET for an exclusive interview.
    Dish – which owns also Boost Mobile, Ting, Republic Wireless and Gen Mobile – is looking to expand beyond satellite TV into the mobile telecom market, with its Dish Wireless business. As part of Tuesday’s merger announcement, Dish said its 5G network now covers more than 70% of the U.S.
    Dish has also expanded into streaming TV services, through its Sling TV subsidiary.
    EchoStar – which launched its most powerful satellite yet, JUPITER 3, last month – also reported second-quarter results on Tuesday. The company reported net income of $9.1 million and revenue of $453.1 million for the quarter, marking year-over-year declines of 13% and 9%, respectively.
    EchoStar subsidiary Hughes saw total broadband subscribers decline to 1.1 million at quarter end, with the company noting increasing bandwidth usage by U.S. subscribers and “competitive pressures.” The company’s new JUPITER 3 satellite is anticipated to bolster Echostar’s network capacity, with service slated to begin in the fourth quarter. More

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    Italian bank shares slide after government surprises with windfall tax

    Italian Deputy Prime Minister Matteo Salvini announced on Monday a 40% levy on banks’ extra “excess” profits derived from higher interest rates.
    The one-off tax will be equal to around 19% of banks’ net profits for the year, analysts at Citi estimated based on currently available data.
    “We see this tax as substantially negative for banks given both the impact on capital and profit as well as for cost of equity of bank shares,” Citi said.

    ROME – August 7, 2023: (L-R) Carlo Nordio, Minister of Justice, Adolfo Urso, Minister of Enterprise and Made in Italy, Matteo Salvini, Deputy Prime Minister and Minister of Transport, Francesco Lollobrigida, Minister of Agriculture and Orazio Schillaci, Minister of Health hold a press conference at Palazzo Chigi at the end of the Council of Ministers No. 47.
    Simona Granati – Corbis/Corbis via Getty Images

    Italian banking shares took a beating on Tuesday morning after Italy’s cabinet approved a 40% windfall tax on lenders’ “excess” profits in 2023.
    As of 2:32 p.m. in Rome, BPER Banca shares were 10% lower and Banco BPM shares dropped 9%, while Intesa Sanpaolo and Finecobank were both down more than 8% and UniCredit fell more than 6%.

    The effects were seen beyond Italy, with Germany’s Commerzbank down around 3.2% and Deutsche Bank trading 2% lower.
    Italian Deputy Prime Matteo Salvini told a press conference on Monday that the 40% levy on banks’ extra profits derived from higher interest rates, amounting to several billion euros, will be used to cut taxes and offer financial support to mortgage holders.
    “One only has to look at the banks’ first-half 2023 profits, also the result of the European Central Bank’s rate hikes, to realise that we are not talking about a few millions, but we are talking one can assume of billions,” Salvini said, according to a Reuters translation.
    “If [it is true that] the cost of money burden for households and businesses has increased and doubled, it has not equally doubled what is given to current account holders.”

    ‘Substantially negative for banks’

    The one-off tax will be equal to around 19% of banks’ net profits for the year, analysts at Citi estimated based on currently available data.

    “We see this tax as substantially negative for banks given both the impact on capital and profit as well as for cost of equity of bank shares. The new simulated impact is also higher [than] the simulation we ran in April,” Citi Equity Research Analyst Azzurra Guelfi said in a note Tuesday.
    The tax will apply to “excess” net interest income in both 2022 and 2023 resulting from higher interest rates, and will be applied on NII exceeding 3% year-on-year growth in 2022 from 2021 levels, and exceeding 6% year-on-year growth in 2023 versus 2022. Banks are required to pay the tax within six months after the end of the financial year.
    “The introduction of this tax (which was discussed, then left pending) could lead to Italian banks increasing their cost of deposits in order to reduce the extra profit, and this comes after a round of results when every bank increases 2023 guidance for NII and assuming a slowdown of growth in 2H (due to raising deposit beta, even if expectation below previous guidance),” Citi said.
    “It is not clear whether the tax will apply to domestic NII only (we base our simulation on this), and this could have larger impact for UCI vs. peers (given international franchise).” More

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    Restaurant Brands’ sales rise, fueled by Burger King and Tim Hortons growth

    Restaurant Brands International reported second-quarter adjusted earnings of 85 cents per share and revenue of $1.78 billion.
    Burger King and Tim Hortons both reported double-digit same-store sales growth.

    Burger King fast food restaurant with menu and customers.
    Jeff Greenberg | Universal Images Group | Getty Images

    Restaurant Brands International on Tuesday reported double-digit same-store sales growth at Burger King and Tim Hortons for its second quarter.
    Shares of the company were roughly unchanged in premarket trading.

    Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

    Earnings per share: 85 cents adjusted vs. 77 cents expected
    Revenue: $1.78 billion vs. $1.75 billion expected

    Restaurant Brands reported second-quarter net income of $351 million, or 77 cents per share, up from $346 million, or 76 cents per share, a year earlier.
    Excluding items, the company earned 85 cents per share.
    Net sales rose 8.3% to $1.78 billion. Restaurant Brands’ same-store sales climbed 9.6% in the quarter, driven by strong growth at Tim Hortons and Burger King.
    The company’s international markets and Tims’ locations in Canada saw customer visits increase during the quarter, Restaurant Brands CEO Josh Kobza told CNBC. However, U.S. traffic ranged from flat to “a little bit negative” across Popeyes, Burger King and Firehouse Subs.

    Other restaurant companies, including rival McDonald’s, have reported growing U.S. traffic as customers trade down from more expensive restaurants. Kobza said it is hard to say if Restaurant Brands is seeing the same behavior.
    Tim Hortons, which accounts for more than half of Restaurant Brands’ revenue, reported same-store sales growth of 11.4%, topping StreetAccount estimates of 6.5%. The coffee chain’s same-store sales climbed 12.5% in its Canadian home market.
    “We showed strength across all our core categories, but also a lot of growth in some of the big target places we’re trying to take the business, like our P.M. food and cold beverages,” Kobza said.
    Recent menu launches at Tims have included its BBQ Crispy Chicken bowl and Sparkling Quenchers, which both aim to draw in more customers in the afternoon.
    Burger King’s same-store sales rose 10.2%, beating estimates of 5.3%. In the United States, where the company is trying to reinvigorate the brand, the burger chain’s same-store sales increased 8.3%.
    Restaurant Brands spent $10 million on advertising for Burger King in the U.S. during the quarter. The company also invested $11 million in restaurant upgrades, including renovations. Restaurant Brands plans to spend $400 million on Burger King’s comeback in its home market over the course of the turnaround.
    Popeyes saw same-store sales growth of 6.3%, topping expectations of 3.5%.
    Firehouse Subs, the most recent addition to Restaurant Brands’ portfolio, reported same-store sales growth of 2.1%. More

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    Moody’s cuts ratings of 10 U.S. banks and puts some big names on downgrade watch

    Among the smaller lenders receiving an official ratings downgrade were M&T Bank, Pinnacle Financial, BOK Financial and Webster Financial.
    Major lenders Bank of New York Mellon, U.S. Bancorp, State Street, Truist Financial, Cullen/Frost Bankers and Northern Trust are now under review for a potential downgrade.

    A general view of the New York Stock Exchange (NYSE) on Wall Street in New York City on May 12, 2023.
    Angela Weiss | AFP | Getty Images

    Moody’s cut the credit ratings of a host of small and mid-sized U.S. banks late Monday and placed several big Wall Street names on negative review.
    The firm lowered the ratings of 10 banks by one rung, while major lenders Bank of New York Mellon, U.S. Bancorp, State Street, Truist Financial, Cullen/Frost Bankers and Northern Trust are now under review for a potential downgrade.

    Moody’s also changed its outlook to negative for 11 banks, including Capital One, Citizens Financial and Fifth Third Bancorp.
    Among the smaller lenders receiving an official ratings downgrade were M&T Bank, Pinnacle Financial, BOK Financial and Webster Financial.
    “U.S. banks continue to contend with interest rate and asset-liability management (ALM) risks with implications for liquidity and capital, as the wind-down of unconventional monetary policy drains systemwide deposits and higher interest rates depress the value of fixed-rate assets,” Moody’s analysts Jill Cetina and Ana Arsov said in the accompanying research note.
    “Meanwhile, many banks’ Q2 results showed growing profitability pressures that will reduce their ability to generate internal capital. This comes as a mild U.S. recession is on the horizon for early 2024 and asset quality looks set to decline from solid but unsustainable levels, with particular risks in some banks’ commercial real estate (CRE) portfolios.”
    Regional U.S. banks were thrust into the spotlight earlier this year after the collapse of Silicon Valley Bank and Signature Bank triggered a run on deposits across the sector. The panic eventually spread to Europe and resulted in the emergency rescue of Swiss giant Credit Suisse by domestic rival UBS.

    Though authorities went to great lengths to restore confidence, Moody’s warned that banks with substantial unrealized losses that are not captured by their regulatory capital ratios may still be susceptible to sudden losses of market or consumer confidence in a high interest rate environment.
    The Federal Reserve in July lifted its benchmark borrowing rate to a 5.25%-5.5% range, having tightened monetary policy aggressively over the past year and a half in a bid to rein in sky-high inflation.
    “We expect banks’ ALM risks to be exacerbated by the significant increase in the Federal Reserve’s policy rate as well as the ongoing reduction in banking system reserves at the Fed and, relatedly, deposits because of ongoing QT,” Moody’s said in the report.
    “Interest rates are likely to remain higher for longer until inflation returns to within the Fed’s target range and, as noted earlier, longer-term U.S. interest rates also are moving higher because of multiple factors, which will put further pressure on banks’ fixed-rate assets.”
    Regional banks are at a greater risk since they have comparatively low regulatory capital, Moody’s noted, adding that institutions with a higher share of fixed-rate assets on the balance sheet are more constrained in terms of profitability and ability to grow capital and continue lending.
    “Risks may be more pronounced if the U.S. enters a recession – which we expect will happen in early 2024 – because asset quality will worsen and increase the potential for capital erosion,” the analysts added.
    Though the stress on U.S. banks has mostly been concentrated in funding and interest rate risk resulting from monetary policy tightening, Moody’s warned that a worsening in asset quality is on the horizon.
    “We continue to expect a mild recession in early 2024, and given the funding strains on the U.S. banking sector, there will likely be a tightening of credit conditions and rising loan losses for U.S. banks,” the agency said. More

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    Stocks making the biggest moves premarket: UPS, Lucid, Beyond Meat, Novo Nordisk and more

    A UPS worker checks an Amazon box to be delivered in New York.
    Eduardo Munoz | Reuters

    Check out the companies making headlines in premarket trading.
    Sagimet Biosciences — Shares of the biopharmaceutical company popped 31% following an upgrade from Goldman Sachs. The firm highlighted Sagimet could see strong gains thanks to progress on a treatment for  non-alcoholic steatohepatitis (NASH).

    Banks —U.S. bank stocks fell broadly after Moody’s cut ratings on several institutions, including M&T Bank, Citizens Financial, Bank of New York Mellon and Truist Financial. Moody’s cited a higher interest rate environment as well as asset-liability management risks (ALM) as continued headwinds for U.S. banks. Major banks including Goldman Sachs and JPMorgan Chase traded more than 1% lower, while the regional bank ETF (KRE) fell nearly 3%.
    Home Depot, Lowe’s — Both home improvement retailers fell more than 1% each in premarket trading. Telsey Advisory Group downgraded both stocks to market perform earlier on Tuesday, over more cautious consumer spending and weakening housing market trends.
    Eli Lilly — The pharmaceutical stock climbed 8.6% after an earnings beat. The company reported an adjusted $2.11 per share on revenue of $8.31 billion, while analysts polled by Refinitiv forecasted $1.98 and $7.58 billion.
    Novo Nordisk — Shares of the pharmaceutical company popped 13% after trial results showed its weight-loss drug Wegovy cut the risk of heart disease by 20% in adults with obesity.
    EchoStar — Billionaire Charlie Ergen said he would reunite Dish and EchoStar in a merger, about 15 years after EchoStar was spun out. EchoStar slid more than 10%, while Dish gained more than 1%.

    United Parcel Service — Stock in the shipping behemoth fell nearly 5% after missing on second-quarter revenue. UPS notched an adjusted $2.54 per share on $22.1 billion in revenue, while analysts polled by Refinitiv expected $2.50 per share and $23.1 billion. UPS also lowered forward guidance for the third-quarter.
    Lucid Group — Shares of the electric automaker slid less than 1% after Lucid reported a wider than expected loss for the second quarter. The company had an adjusted loss of 42 cents per share on $151 million of revenue. Analysts surveyed by Refinitiv had penciled in a loss of 33 cents per share on $175 million of revenue. Lucid said it was still on track to manufacture more than 10,000 vehicles this year.
    Palantir Technologies — Palantir Technologies slid 3.4% after the data analytics company reported its second-quarter results. Palantir reported earnings of 5 cents per share on revenue of $533 million, which was in line with expectations from analysts polled by Refinitiv.
    Chegg — Chegg shares surged more than 20% after topping second-quarter revenue expectations and outlining plans to integrate AI-focused strategies. The educational technology company posted revenues of $183 million, ahead of the $177 million expected by analysts, per Refinitiv. Earnings came shy of the 29 cents expected per share at 28 cents.
    Hims & Hers Health — The telehealth stock added 17% on better-than-expected quarterly results. The company reported an adjusted quarterly loss of 3 cents per share on $208 million in revenue, while analysts polled by Refinitiv forecasted 5 cents and $205 million. Hims also raised forward guidance for the third quarter to a range of $217 million to $222 million.
    Beyond Meat — The plant-based meat company fell more than 14% after missing on second-quarter revenue, citing weak U.S. demand. Beyond Meat reported an adjusted loss of 83 cents per share on $102.1 million in revenue, while Refinitiv forecasted 86 cents and $108.4 million.
    Paramount Global — The media conglomerate’s shares climbed more than 2% in premarket trading after the company reported a quarterly earnings and revenue beat. Paramount said its streaming segment continued to grow, with about 61 million subscribers by the end of the quarter. Subscription revenue grew more than 47% to $1.22 billion. The firm also agreed to sell book publisher Simon & Schuster to KKR for $1.62 billion.
    — CNBC’s Yun Li, Samantha Subin, Sarah Min, Pia Singh and Jesse Pound contributed reporting. More