Stocks making biggest moves premarket: UPS, Lucid, Beyond Meat

Check out the companies making headlines in premarket trading.

Sagimet Biosciences — Shares of the biopharmaceutical company popped 31% following an upgrade from Goldman Sachs. The firm highlighted Sagimet could see strong gains due to progress on a treatment for  nonalcoholic steatohepatitis.

Banks — U.S. bank stocks fell broadly after Moody’s cut ratings on several institutions, including M&T Bank, Citizens Financial, Bank of New York Mellon and Truist Financial. Moody’s cited a higher interest rate environment as well as asset liability management risks as continued headwinds for U.S. banks. Major banks including Goldman Sachs and JPMorgan Chase traded more than 1% lower, while the regional bank ETF (KRE) fell nearly 3%.

Home Depot, Lowe’s — Each home improvement retailer fell more than 1% in premarket trading. Telsey Advisory Group downgraded both stocks to market perform earlier Tuesday, over more cautious consumer spending and weakening housing market trends.

Eli Lilly — The pharmaceutical stock climbed 8.6% after an earnings beat. The company reported an adjusted $2.11 per share on revenue of $8.31 billion, while analysts polled by Refinitiv forecast $1.98 and $7.58 billion.

Novo Nordisk — Shares of the pharmaceutical company popped 13% after trial results showed its weight-loss drug Wegovy cut the risk of heart disease by 20% in adults with obesity.

EchoStar — Billionaire Charlie Ergen said he would reunite Dish and EchoStar in a merger, about 15 years after EchoStar was spun out. EchoStar slid more than 10%, while Dish gained more than 1%.

United Parcel Service — Stock in the shipping behemoth fell nearly 5% after missing on second-quarter revenue. UPS notched an adjusted $2.54 per share on $22.1 billion in revenue, while analysts polled by Refinitiv expected $2.50 per share and $23.1 billion. UPS also lowered forward guidance for the third quarter.

Lucid Group — Shares of the electric automaker slid less than 1% after Lucid reported a wider-than-expected loss for the second quarter. The company had an adjusted loss of 42 cents per share on $151 million of revenue. Analysts surveyed by Refinitiv had penciled in a loss of 33 cents per share on $175 million of revenue. Lucid said it was still on track to manufacture more than 10,000 vehicles this year.

Palantir Technologies — Palantir Technologies slid 3.4% after the data analytics company reported its second-quarter results. Palantir reported earnings of 5 cents per share on revenue of $533 million, which was in line with expectations from analysts polled by Refinitiv.

Chegg — Chegg shares surged more than 20% after topping second-quarter revenue expectations and outlining plans to integrate artificial intelligence-focused strategies. The educational technology company posted revenue of $183 million, ahead of the $177 million expected by analysts, per Refinitiv. Earnings came shy of the 29 cents expected per share at 28 cents.

Hims & Hers Health — The telehealth stock added 17% on better-than-expected quarterly results. The company reported an adjusted quarterly loss of 3 cents per share on $208 million in revenue, while analysts polled by Refinitiv forecast 5 cents and $205 million. Hims also raised forward guidance for the third quarter to a range of $217 million to $222 million.

Beyond Meat — The plant-based meat company fell more than 14% after missing on second-quarter revenue, citing weak U.S. demand. Beyond Meat reported an adjusted loss of 83 cents per share on $102.1 million in revenue, while Refinitiv forecast 86 cents and $108.4 million.

Paramount Global — The media conglomerate’s shares climbed more than 2% in premarket trading after the company reported a quarterly earnings and revenue beat. Paramount said its streaming segment continued to grow, with about 61 million subscribers by the end of the quarter. Subscription revenue grew more than 47% to $1.22 billion. The firm also agreed to sell book publisher Simon & Schuster to KKR for $1.62 billion.

— CNBC’s Yun Li, Samantha Subin, Sarah Min, Pia Singh and Jesse Pound contributed reporting.