Meta Platforms, Ferrari, ConocoPhillips rise premarket; Arm, Moderna fall

Investing.comAug 1, 2024 12:06 PM

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Investing.com -- U.S. stock futures rose Thursday after the Federal Reserve opened the door for a rate cut in September, while the quarterly earnings season continued.

Here are some of the biggest premarket U.S. stock movers today

Meta Platforms (NASDAQ:META) stock rose 7.9% after the Facebook-parent reported stronger-than-expected second-quarter earnings and also presented a robust outlook.
Arm Holdings (NASDAQ:ARM) stock fell 9.6% after the chip designer offered up a conservative revenue forecast, sparking worries that returns from a spending frenzy on AI computing would be relatively slow to materialize.
Moderna (NASDAQ:MRNA) stock slumped 11% after the drugmaker cut its full-year revenue guidance, citing low EU sales and a competitive vaccine environment in the U.S..
ConocoPhillips (NYSE:COP) stock rose 0.8% after the oil and gas producer posted a second-quarter profit that beat estimates, benefiting from higher output and oil prices.
Ferrari (NYSE:RACE) stock rose 4.8% after the Italian luxury car manufacturer raised its forecasts for its full-year revenues core earnings, after it beat estimates in the second quarter.
Labcorp (NYSE:LH) stock rose 3.8% after the lab operator beat expectations for second-quarter profit and revenue on strong demand for its diagnostic tests, and raised its sales growth forecast for the year.
Spirit Airlines (NYSE:SAVE) stock fell 3.3% after the carrier forecast its current-quarter revenue below estimates, as excess capacity and intense competition on its routes hamper its pricing power.
Biogen (NASDAQ:BIIB) stock rose 0.3% after the drugmaker lifted its full-year earnings forecast, as the launch of new treatments and its cost-cutting program are expected to make up for falling sales of its older multiple sclerosis medicines.
Mobileye Global (NASDAQ:MBLY) stock fell 10% after the automotive tech company cut its annual revenue and profit forecasts, blaming volatile demand for its driver-assistance chips in China.

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