Stocks Continue to Climb for Second Consecutive Day, Wrapping Up a Week of Turbulent Trading

The stock market saw some significant movements on Friday, with several companies in the S&P 500 experiencing notable gains and losses. Let’s take a closer look at some of the biggest movers on the index.

Advancers:
1. Akamai Technologies (AKAM) – Akamai shares surged 10.9% after the company reported better-than-expected sales and profits for the second quarter. The strong performance was driven by robust demand for cloud computing and security products. Akamai also raised its full-year earnings per share guidance, citing a successful product launch and continued momentum in the first half of 2024.

2. Expedia Group (EXPE) – Shares of the online travel platform operator jumped 10.2% after surpassing top- and bottom-line expectations for the recent quarter. The company highlighted positive demand in international markets, although concerns about macroeconomic challenges and softening travel demand were also expressed.

3. Eli Lilly (LLY) – Eli Lilly shares were up 5.5% following a strong set of earnings results. The pharmaceutical giant saw booming sales of weight-loss and diabetes treatments, contributing to its positive performance. The company is making progress on boosting supply to meet growing demand.

Decliners:
1. Insulet (PODD) – Shares of Insulet dropped 8.8% after the maker of insulin management devices suggested that new user growth may be lower than previously expected in the second half of 2024. Despite topping second-quarter sales estimates, concerns about future growth weighed on the stock.

2. Intel (INTC) – Intel shares sank 3.8% as the chipmaker continued to face challenges following a wider-than-expected quarterly loss. The company announced a $10 billion cost-saving plan, including layoffs, but analysts questioned whether these initiatives would be enough to drive a recovery. Reports also emerged that Intel postponed its „Innovation“ event.

3. Estee Lauder (EL) – Shares of Estee Lauder fell 2.8% after Deutsche Bank trimmed its price target for the cosmetic company. Estee Lauder is navigating a competitive environment in the U.S. and a challenging economic outlook in China, contributing to the decline in its stock price.

Overall, the S&P 500 saw a mix of positive and negative movements on Friday, reflecting the ongoing dynamics in the market. Investors will continue to monitor these companies and others as they navigate the ever-changing landscape of the stock market.