On this episode of Stock Movers:
- Intel (ITNC) shares are lower after President Trump called on the chief executive officer of Intel Corp. to resign because of what he called conflicts of interest, adding to the challenges for a company that is supposed to anchor restoration of the US semiconductor industry. A spokesperson for Intel didn’t immediately respond to a request for comment on Trump’s post. This week, Republican Senator Tom Cotton asked the chairman of Intel’s board to answer questions about Chief Executive Officer Lip-Bu Tan’s ties to China, including investments in the country’s semiconductor companies and others with connections to the country’s military. Intel said it would address the matters in the letter with the senator, stating that "Intel and Mr. Tan are deeply committed to the national security of the United States and the integrity of our role in the U.S. defense ecosystem".
- Peloton (PTON) is soaring after it projected a sales decline for the current quarter and said it would cut jobs, but expressed confidence in a turnaround plan under new management. The company reported revenue of $607 million in the quarter ending in June, a 6% decline, but beat estimates, and said overall gross profit improved and operating expenses shrank by 20%. Peloton plans to cut 6% of its workers globally to reduce costs, and will also expand its microstore lineup, third-party retail availability, and create a unified division for selling equipment to gyms.
- Eli Lilly (LLY) is lower on news its experimental pill helped patients shed roughly 11% of their body weight in a late-stage study. The result falls on the lower end of Wall Street's expectations, as investors had hoped the pill would be as effective as Novo Nordisk A/S's Wegovy. Full year revenue did come in higher in Eli Lilly's earnings today as well.
- Airbnb (ABNB) are lower after issuing a better-than-expected outlook for the third quarter due to encouraging summer travel demand. The company expects growth rates to be "relatively stable" from the 7.4% achieved in the second quarter, but warned of tougher year-over-year comparisons later in the year.
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