On this episode of Stock Movers:
- Palantir (PLTR) reported a 48% increase in revenue for the second quarter to more than $1 billion, citing the “astonishing impact” of artificial technology on its business.The data software company also raised its revenue outlook for the full year to $4.14 billion to $4.15 billion, exceeding analysts’ prior expectation of $3.91 billion.The shares gained in extended trading after closing at $160.66 in New York. Denver-based Palantir has seen its stock price surge more than 500% over the past year — buoyed by high expectations from investors, growth in demand for AI tools and a deep reach into both the private and public sectors.
- Spotify (SPOT) shares rose after the company announced it’s raising premium subscription prices across many markets outside the US. The Swedish music streaming company is updating prices across South Asia, the Middle East, Africa, Europe, Latin America, and the Asia-Pacific region, according to a statement on Monday. Over the next month, customers will receive an email outlining the new price plan. Subscription prices vary by country, but the statement included a sample email describing a price increase of €1 per month to €11.99 ($13.87).
- Tyson (TSN)'s top boss said a long-awaited push to rebuild the US cattle herd will begin “in earnest” next year — though the meat producer doesn’t expect to benefit before 2028. Signs that ranchers are starting to retain heifers for breeding are setting a stronger outlook for Tyson’s money-losing beef business, even as it will take another couple of years for the move to translate into increased supplies of slaughter-weight animals, Chief Executive Officer Donnie King said on Monday. Rebuilding the US herd is essential for beef producers. For years, ranchers have slashed herd sizes due to high interest rates, expensive feed and persistent drought. That has created the worst shortage in decades, pushing cattle prices to record highs and squeezing profits as processors struggle to pass on higher costs to consumers. Shares rose during trading today.
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