Stocks making the biggest moves midday: Beyond Meat, Chegg, PNC Financial, Dish & more
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PNC Financial, Citizens Financial, M&T Bank — Regional bank stocks were broadly under pressure on 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 by 2% each. Citizens and PNC around 3% each after their ratings were put on review for a downgrade. Larger bank stocks, such as Goldman Sachs and JPMorgan Chase, were also lower on the day.
Organon — The stock advanced 8% 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 16% during midday trading 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 forecasted 86 cents and $108.4 million.
Chegg – The education technology stock added more than 6%. Chegg reported second-quarter revenues of $183 million, topping the $177 million expected by analysts, per Refinitiv. The company also highlighted some AI-focused plans, alleviating some fears of the technology's rising threat to Chegg's business model.
Novo Nordisk — Shares of the pharmaceutical rallied 18% 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 more than 8% after billionaire Charlie Ergen announced he would consolidate his
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