The stock market is trading slightly lower midday. The S&P 500 lost 0.2%, and the tech-heavy Nasdaq Composite is down 0.3%. The Dow Jones Industrial Average and the Russell 2000 Index dropped 0.1%.Trending stocks: Nvidia is down 2% following a six-day rally. Other Mag 7 stocks are experiencing minor fluctuations, with price changes of less than 1%.In the retail sector, Estée Lauder's disappointing outlooks and concerns over slowing demand continue to weigh on the shares, causing a 5% midday drop. Home Depot rival Lowe's lost 1% after a revenue miss and a weak full-year outlook. Walmart added 1%.
Eli Lilly raised 2024 full-year revenue guidance by $3 billion.Eli Lilly
S&P 500 big stock movers todayFive S&P 500 stocks making big midday moves are:Palo Alto Networks Inc (PANW) +8.9% Darden Restaurants Inc (DRI) +4.3% PayPal Holdings Inc (PYPL) +3.4% Albemarle Corp (ALB) +2.7% Eli Lilly and Co (LLY) +2.5%The worst-performing five S&P 500 stocks with the largest midday drop are:Insulet Corp (PODD) -5.8% Dexcom Inc (DXCM) -5.6% Estee Lauder Companies Inc (EL) -4.7% Boeing Co (BA) -4.6% First Solar Inc (FSLR) -3.8% Stocks also worth noting include:Nvidia (NVDA) -2.2%Nio Inc - ADR (NIO) -5.5%Intel (INTC) -2.7%Super Micro Computer (SMCI) -2.7% Walmart Inc (WMT) +1%Eli Lilly pops on weight loss drug successEli Lilly stock added 2% after a study showed that weight loss injection Zepbound and diabetes drug Mounjaro could lower the risk of developing Type 2 diabetes by 94% in overweight adults.The drug maker’s earlier research also revealed that patients who took Zepbound were 38% less likely to be hospitalized or die because of heart complications.Related: Analysts reset targets for Eli Lilly shares"Obesity is a chronic disease that puts nearly 900 million adults worldwide at an increased risk of other complications such as type 2 diabetes," said Lilly’s senior vice president Jeff Emmick in the press release. "Tirzepatide (Zepbound and Mounjaro) reduced the risk of developing type 2 diabetes by 94% and resulted in sustained weight loss over the three-year treatment period."Eli Lilly reported strong Q2 financial results on August 8. The company posted an adjusted earnings per share of $3.92, up 86%, surpassing the expected $2.76. Quarterly revenue was $11.3 billion, up 36% from the previous quarter and higher than Wall Street's anticipated $9.92 billion. Lilly also raised its 2024 full-year revenue guidance by $3 billion.Lowe’s falls after revenue missLowe’s stock lost 1.3% after the company reported a revenue miss and a weak full-year outlook.For the quarter ended August 2, the company earned $4.10 per share adjusted, topping the $3.97 expected by analysts. But, revenue of $23.59 billion missed the anticipated $23.91 billion.Related: Struggling Home Depot rival files for Chapter 11 bankruptcyComparable sales, which excludes the effect of newly opened stores, decreased 5.1% due to “continued pressure in DIY bigger ticket discretionary spending and unfavorable weather adversely impacting sales in seasonal and other outdoor categories,” the company said in a press release.The company lowered its full-year sales forecast to $82.7 to $83.2 billion, down from $84 to $85 billion. Comparable sales are expected to drop 3.5% to 4%, revised from a prior estimate of a 2% to 3% decline.“Inflation remains high,” Lowe’s CEO Marvin Ellison said in an interview with CNBC. “And big-ticket purchases are being delayed as customers sit back and wait for interest rates to fall.”Palo Alto Networks surges on solid earnings and outlookPalo Alto stock jumped 8% after the company posted upbeat Q4 financial results and provided rosy fiscal 2025 guidance.For the fiscal fourth quarter, the cybersecurity company’s non-GAAP earnings per share were $1.51, topping the analysts’ forecast of $1.41. Revenue of $2.2 billion grew 12% and also beat the expected $2.16 billion. More Tech Stocks:Sony’s Bungie criticized for layoffs after CEO spends millionsNvidia stock tumbles in tech slump amid questions over key chipAnalysts adjust Palantir stock price target ahead of earningsPalo Alto also provided robust guidance for the fiscal first quarter and full year 2025.The company's management anticipates annual revenue will range from $9.10 billion to $9.15 billion, compared with analysts' estimate of $9.11 billion.“Our top-line strength showed through in our remaining performance obligation and Next-Generation Security ARR,” said CFO Dipak Golechha, “At the same time, we successfully balanced profitable growth, as our non-GAAP operating margins increased by more than 300 basis points for the year with strong cash generation, marking one of the best years for Palo Alto Networks.”Related: Veteran fund manager sees world of pain coming for stocks
