AstraZeneca's shares fell 8% after its heart disease drug, Wainua, did not meet targets in a late-stage clinical trial, raising concerns about the company's pipeline. PepsiCo reported mixed second-quarter results, with adjusted earnings of $2.20 per share falling short of the $2.21 expected by analysts, although revenue of $24.18 billion exceeded estimates. This led to a 1% drop in its stock.
Salesforce's stock decreased by 4% following a downgrade from KeyBanc, which cited a lack of evidence for future growth based on market checks. Stellantis also saw a 2% decline after a downgrade from J.P. Morgan, with analysts suggesting a lengthy turnaround period.
Levi Strauss dropped 4% after issuing disappointing third-quarter guidance, expecting earnings per share between 34 and 36 cents, below the 38 cents forecasted by analysts, despite beating second-quarter expectations. In contrast, AZZ's shares rose 6% after reporting earnings per share of $1.85, surpassing the $1.69 consensus estimate, and revenue of $448.5 million also exceeded expectations.
Cerebras Systems' stock increased nearly 7% following news of a major European expansion, planning to enhance its data center capacity significantly by 2027. Costco's shares fell nearly 2% after reporting a slowdown in comparable sales growth for June, with an 8.8% year-over-year increase compared to 12.5% in May