Top Gainers Today: SoFi, UnitedHealth, PayPal, Merck, Novo Nordisk, UPS, Sarepta, Boeing, Norfolk Southern, and More

Market Volatility and Key Stock Movements on Tuesday

Stocks experienced a decline on Tuesday, as major corporations released their quarterly earnings reports and the Federal Reserve initiated a two-day meeting where it is anticipated to maintain its current interest rate policy. This period of economic uncertainty was marked by mixed performances across various sectors.

Strong Performers

SoFi Technologies saw a significant increase of 6.6% after reporting better-than-expected adjusted earnings and revenue of $858 million, representing a 44% growth. This marks the company’s highest growth rate in over two years. SoFi also raised its full-year outlook, increasing its adjusted net revenue estimate to $3.375 billion from a previous range of $3.235 billion to $3.31 billion.

Sarepta Therapeutics stock surged 14% following an announcement from the U.S. Food and Drug Administration that the company could lift its voluntary pause on shipments of its gene therapy for ambulatory patients with Duchenne muscular dystrophy. Sarepta plans to resume shipping Elevidys for treatment of patients who can walk with DMD, which had been paused due to safety concerns.

Corning experienced a 12% jump after reporting second-quarter earnings of 54 cents a share, up from 12 cents a year earlier. Adjusted earnings of 60 cents a share exceeded analysts’ estimates of 57 cents, showcasing strong performance in the specialty glass and ceramics sector.

Amkor Technology soared 18% after posting better-than-anticipated second-quarter earnings and revenue, along with third-quarter revenue guidance that surpassed consensus estimates.

Notable Declines

UnitedHealth Group saw its stock drop 7.5% despite exceeding revenue expectations. The company reported second-quarter adjusted earnings of $4.08 a share, missing analyst forecasts of $4.48. However, UnitedHealth provided an updated outlook for 2025, expecting adjusted earnings of at least $16 a share.

United Parcel Service declined 11% after reporting second-quarter adjusted earnings of $1.55 a share, slightly below the consensus of $1.57. UPS opted not to provide revenue or operating profit guidance for fiscal 2025 due to limited economic visibility.

Merck fell 1.7% as it missed Wall Street forecasts for second-quarter revenue and announced layoffs as part of a cost-savings plan. Sales of Gardasil, its human papillomavirus vaccine, dropped 55% to $1.1 billion in the second quarter.

Boeing shares fell 4.4% after the aerospace giant posted a second-quarter adjusted loss of $1.24 a share, narrower than analysts' expectations of a $1.40 loss. Revenue of $22.7 billion exceeded forecasts of $21.7 billion.

Novo Nordisk suffered a steep decline of 22% in U.S. trading after unexpectedly cutting its full-year guidance, citing lower sales expectations for its blockbuster drugs Wegovy and Ozempic in the U.S. market.

Whirlpool tumbled 13% after reducing its full-year adjusted earnings guidance to between $6 and $8 a share, down from previous expectations of $10. The appliance maker cited competition and supply chain issues as reasons for the revised outlook.

Spotify Technology fell 12% after reporting a surprise second-quarter loss and missing revenue estimates. Meanwhile, PayPal Holdings logged its sixth consecutive quarter of profitable growth, with second-quarter earnings surpassing expectations. Despite this, shares fell 8.7%.

Major Deals and Other Developments

Norfolk Southern fell 3% at $277.70 after agreeing to be acquired by Union Pacific in a deal that establishes the first transcontinental railroad. Under the terms of the deal, each Norfolk share will be swapped for one share of Union Pacific and $88.82 in cash. Union Pacific fell 2.4% in response.

VeriSign dropped 9.3% after the domain-name-registry provider launched a secondary offering by affiliates of Berkshire Hathaway for 4.3 million VeriSign common shares. This sale will reduce Berkshire Hathaway’s stake in VeriSign to below 10%.

Cadence Design Systems reported second-quarter adjusted earnings of $1.65 a share, topping analysts’ estimates of $1.56. The company also raised its fiscal-year adjusted profit outlook and agreed to pay $140.6 million to settle claims related to illegal exports to China.

Nucor fell 2.7% after missing analyst estimates for second-quarter earnings and revenue. The largest steel maker in the U.S. expects third-quarter earnings to be “nominally lower” than the second quarter, citing decreased earnings in the steel mills segment.

Earnings reports were expected after the closing bell on Tuesday from Visa, Booking Holdings, Starbucks, and Electronic Arts.