Why Merck Shares Are Trading Lower By 10%? Here Are Other Stocks Moving In Tuesday's Mid-Day Session

Author: Avi Kapoor | July 30, 2024 01:53pm

Shares of Merck & Co., Inc. (NYSE:MRK) fell sharply during Tuesday's session after the company reported second-quarter financial results and cut its FY24 adjusted EPS guidance below estimates.

Merck reported second-quarter sales of $16.1 billion, up 7% year-over-year, beating the consensus estimate of $15.84 billion. Excluding the impact of foreign exchange, sales increased 11%. Merck reported adjusted EPS of $2.28, a shift from an EPS loss of $(2.06), beating the consensus of $2.15, according to data from Benzinga Pro.

Merck shares dipped 9.5% to $115.50 on Tuesday.

Here are some other stocks moving in today’s mid-day session.

Gainers

• Imunon, Inc. (NASDAQ:IMNN) shares jumped 147.8% to $2.9250 after the company announced topline results from its Phase 2 OVATION 2 study with IMNN-001. The results showed an 11.1-month improvement in median overall survival compared to standard-of-care alone in the intent-to-treat population.
• Agape ATP Corporation (NASDAQ:ATPC) surged 97% to $0.1731. AGAPE ATP strengthened wellness division via innovative incubation with emerging local SMEs.
• Processa Pharmaceuticals, Inc. (NASDAQ:PCSA) shares climbed 53% to $2.60 after the company announced FDA clearance of its IND application for a Phase 2 clinical trial of NGC-Cap in breast cancer.
• INVO Bioscience, Inc. (NASDAQ:INVO) gained 33% to $1.1513.
• Jet.AI Inc. (NASDAQ:JTAI) shares gained 29% to $0.3850.
• 2U, Inc. (NASDAQ:TWOU) jumped 28% to $3.4018.
• CalciMedica, Inc. (NASDAQ:CALC) jumped 26.3% to $5.24.
• JetBlue Airways Corporation (NASDAQ:JBLU) rose 20.6% to $7.16 after the company reported better-than-expected second-quarter financial results.
• Lumen Technologies, Inc. (NYSE:LUMN) rose 19.1% to $2.3050.
• Commvault Systems, Inc. (NASDAQ:CVLT) gained 19.1% to $146.77 after the company reported better-than-expected first-quarter financial results and issued second-quarter revenue guidance above estimates. Also, the company raised its FY25 revenue guidance.
• Harmonic Inc. (NASDAQ:HLIT) climbed 18.8% to $13.96 after the company reported better-than-expected second-quarter financial results and issued third-quarter revenue guidance above estimates.
• Meta Data Limited (NYSE:AIU) gained 18.8% to $5.42.
• Enveric Biosciences, Inc. (NASDAQ:ENVB) rose 18.3% to $0.59 after jumping around 6% on Monday.
• Inspirato Incorporated (NASDAQ:ISPO) gained 18.3% to $6.20 after jumping over 50% on Monday.
• Sprouts Farmers Market, Inc. (NASDAQ:SFM) shares gained 15.9% to $98.13 after the company reported better-than-expected second-quarter financial results and issued its third-quarter earnings guidance above estimates.
• NeoGenomics, Inc. (NASDAQ:NEO) gained 16.1% to $17.00 following upbeat earnings.
• Tilray Brands, Inc. (NASDAQ:TLRY) rose 16.1% to $2.1250 after the company reported better-than-expected quarterly financial results.
• Sprouts Farmers Market, Inc. (NASDAQ:SFM) gained 15.5% to $97.79 after the company reported better-than-expected second-quarter financial results. Additionally, the company issued third-quarter earnings guidance above estimates.
• Howmet Aerospace Inc. (NYSE:HWM) climbed 14.1% to $94.56 following better-than-expected second-quarter earnings, issued strong guidance, raised its dividend, increased its buyback authorization and issued strong guidance.
• Repligen Corporation (NASDAQ:RGEN) gained 13.4% to $156.48 following -quarter earnings.
• Varonis Systems, Inc. (NASDAQ:VRNS) climbed 13.3% to $54.92 as the company reported better-than-expected second-quarter financial results and raised its FY24 guidance on Monday.
• Hayward Holdings, Inc. (NYSE:HAYW) gained 11% to $14.98 after the company reported better-than-expected second-quarter EPS results.
• F5, Inc. (NASDAQ:FFIV) shares rose 10.6% to $196.46 after the company reported better-than-expected third-quarter financial results and raised its FY24 earnings guidance above estimates.
• Pharming Group N.V. (NASDAQ:PHAR) shares gained 9.8% to $8.28. Pharming Group will report second quarter financial results on Aug. 1.
• PayPal Holdings, Inc. (NASDAQ:PYPL) climbed 8.5% to $63.98 after the company reported better-than-expected second quarter financial results.
• Stanley Black & Decker, Inc. (NYSE:SWK) rose 8.1% to $104.28 after the company reported better-than-expected second quarter financial results. Additionally, the company revised its FY24 adjusted EPS forecast upward.
• Gartner, Inc. (NYSE:IT) gained 6.4% to $500.83 following better-than-expected quarterly earnings.

Losers

• QXO, Inc. (NASDAQ:QXO) shares fell 80.8% to $11.44. This sudden decline was triggered by the registration of two private placements with the U.S. Securities and Exchange Commission, which unlocked millions of shares and led to increased selling pressure, Bloomberg reported on Tuesday.
• VBI Vaccines Inc. (NASDAQ:VBIV) declined 64.8% to $0.1960 after the company was granted protection under Canada’s CCAA by the Ontario Superior Court. The company received approval for a DIP loan, and Ernst & Young was appointed as the monitor during the restructuring process.
• CNS Pharmaceuticals, Inc. (NASDAQ:CNSP) dipped 40.8% to $0.6158 after the company announced it entered into an exclusive license agreement with Cortice Biosciences.
• BIMI Holdings Inc. (NASDAQ:BIMI) tumbled 37% to $0.73.
• Bloomz Inc. (NASDAQ:BLMZ) dipped 30.7% to $1.78.
• Ekso Bionics Holdings, Inc. (NASDAQ:EKSO) fell 26.6% to $1.0901 after the company reported worse-than-expected quarterly sales results.
• Novavax, Inc. (NASDAQ:NVAX) shares declined 25.2% to $12.27 after declining 4% on Monday.
• VSee Health, Inc. (NASDAQ:VSEE) fell 23.3% to $2.7999.
• SmartRent, Inc. (NYSE:SMRT) dipped 21.5% to $1.8850 after the company announced a CEO resignation and suspended its 2024 outlook.
• Symbotic Inc. (NASDAQ:SYM) shares fell 21.1% to $28.13 after the company reported worse-than-expected third-quarter earnings results and issued fourth-quarter revenue guidance below estimates.
• Woodward, Inc. (NASDAQ:WWD) fell 16.5% to $152.91 after the company reported mixed third-quarter financial results and lowered its FY24 revenue guidance below estimates.
• NIP Group Inc. (NASDAQ:NIPG) fell 16.2% to $13.82. NIP Group announced the closing of its initial public offering and partial exercise of underwriters' option to purchase additional ADSs.
• Merchants Bancorp (NASDAQ:MBIN) dipped 16.2% to $43.68 after the company reported worse-than-expected quarterly financial results. Additionally, Raymond James downgraded the stock.
• Amkor Technology, Inc. (NASDAQ:AMKR) shares fell 14.2% to $32.24 after the company issued roughly in-line guidance.
• OneWater Marine Inc. (NASDAQ:ONEW) dipped 13.2% to $26.43 after the company reported worse-than-expected third-quarter financial results and issued weak guidance.
• Celldex Therapeutics, Inc. (NASDAQ:CLDX) shares fell 11.6% to $37.06 after reporting Phase 2 results for barzolvolimab in chronic inducible urticaria.
• Transcat, Inc. (NASDAQ:TRNS) declined 11.2% to $120.00 following weak quarterly sales.
• CrowdStrike Holdings, Inc. (NASDAQ:CRWD) dipped 9.7% to $233.65 following reports indicating Delta Air Lines would seek compensation from the cybersecurity company for last week’s outage.
• Rambus Inc. (NASDAQ:RMBS) shares dipped 9.3% to $50.61 following weak quarterly sales.
• Corning Incorporated (NYSE:GLW) fell 8.7% to $38.99 following second-quarter results.
• Lattice Semiconductor Corporation (NASDAQ:LSCC) shares fell 8.3% to $50.40 after the company reported worse-than-expected second-quarter financial results and issued weak third-quarter revenue guidance.
• Ecolab Inc. (NYSE:ECL) declined 6.7% to $231.31 after the company reported worse-than-expected second-quarter sales results.
• The Procter & Gamble Company (NYSE:PG) fell 6.2% to $159.37 following a quarterly revenue miss.
• Diageo plc (NYSE:DEO) fell 5.5% to $124.30 after the company missed annual profit expectations.
• Fresenius Medical Care AG (NYSE:FMS) shares declined 4.5% to $19.45 following weak quarterly sales.

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