These Stocks Moved the Most Today: SoFi, UnitedHealth, PayPal, Merck, Novo Nordisk, UPS, Sarepta, Boeing, Norfolk Southern, and More

Traders work on the floor of the New York Stock Exchange. (Michael M. Santiago/Getty Images)

Stocks fell Tuesday as some of the biggest names in corporate America issued quarterly earnings updates and the Federal Reserve kicked off a two-day meeting at which the central bank is expected to hold steady on interest rates.

These stocks made notable moves Tuesday:

SoFi Technologies rose 6.6%. The fintech reported better-than-expected adjusted earnings and posted revenue of $858 million, marking 44% growth and the company’s highest growth rate in over two years. Management boosted SoFi’s full-year outlook “given the strong first half of the year,” raising estimates for adjusted net revenue to $3.375 billion, compared with a prior range of $3.235 billion to $3.31 billion.

UnitedHealth Group reported second-quarter adjusted earnings of $4.08 a share, missing analysts’ estimates of $4.48. Revenue of $111.6 billion beat expectations of $111.5 billion. UnitedHealth said it expects adjusted earnings in 2025 of “at least” $16 a share and revenue in the range of $445.5 billion and $448 billion. The stock declined 7.5%.

Sarepta Therapeutics stock surged 14% after the U.S. Food and Drug Administration said the company could lift its voluntary pause on shipments of its gene therapy for ambulatory patients with Duchenne muscular dystrophy. Sarepta said it imminently would resume shipping Elevidys for treatment of patients who can walk with DMD. Shipments of the medicine were paused by request of the FDA following safety concerns.

United Parcel Service declined 11% after reporting second-quarter adjusted earnings of $1.55 a share, below consensus of $1.57. UPS said it wouldn’t provide revenue or operating profit guidance for fiscal 2025 since economic visibility was still too poor to provide projections.

Merck declined 1.7%. The pharmaceutical giant posted second-quarter revenue that missed Wall Street forecasts and said it would be laying off workers as part of an extensive cost-savings plan. Sales of Gardasil, Merck’s human papillomavirus vaccine, fell 55% to $1.1 billion in the second quarter.

Shares of Boeing were down 4.4% after the aerospace giant posted a second-quarter adjusted loss of $1.24 a share, narrower than analysts’ calls for a loss of $1.40. The commercial jet maker reported revenue of $22.7 billion, topping forecasts of $21.7 billion.

Novo Nordisk sank 22% in U.S. trading after the Danish weight-loss drugmaker unexpectedly cut its full-year guidance, citing lower sales expectations for its blockbuster drugs Wegovy and Ozempic in the U.S. market.

Corning jumped 12%. The maker of specialty glass and ceramics posted second-quarter earnings of 54 cents a share, up from 12 cents a year earlier. Adjusted earnings in the period of 60 cents a share beat analysts’ estimates of 57 cents.

Whirlpool tumbled 13% after the appliance maker reduced its full-year adjusted earnings guidance to between $6 and $8 a share, down from previous expectations of $10. Second-quarter earnings and revenue missed analysts’ estimates as the period “continued to be impacted by competitors stockpiling Asian imports into the U.S.,” Whirlpool said. The company said it was recommending to its board an annual dividend of $3.60 a share, down from $7.

Spotify Technology fell 12% after reporting a surprise second-quarter loss and as revenue missed analysts’ estimates.

PayPal Holdings logged its sixth consecutive quarter of profitable growth and reported second-quarter earnings that topped expectations. Transaction margin dollars, a key measure of profitability, grew 7% from the prior year to $3.8 billion. Shares fell 8.7%.

Norfolk Southern was down 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, which values Norfolk at $320 a share, each Norfolk share will be swapped for one share of Union Pacific and $88.82 in cash. Union Pacific fell 2.4%.

VeriSign fell 9.3% after the domain-name-registry provider launched a secondary offering by affiliates of Berkshire Hathaway for 4.3 million VeriSign common shares. The sale will bring Berkshire Hathaway’s stake in VeriSign to below 10%. Berkshire will own about nine million shares following the deal, which will be underwritten by J.P. Morgan.

Cadence Design Systems reported second-quarter adjusted earnings of $1.65 a share, topping analysts’ consensus of $1.56, and raised expectations for fiscal-year adjusted profit to $6.85 to $6.95 a share, which also was better than current estimates. The maker of electronic systems and software also said it would pay $140.6 million under a plea agreement with the U.S. government to settle claims it illegally exported products to China between 2015 and 2021. Shares climbed 9.7%.

Amkor Technology soared 18%. The semiconductor packaging and test services company posted better-than-anticipated second-quarter earnings and revenue, and issued third-quarter revenue guidance that beat consensus estimates.

Nucor fell 2.7% after second-quarter earnings and revenue missed analysts’ estimates. Nucor, which is the largest steel maker in the U.S., said it expects third-quarter earnings to be “nominally lower” than the second quarter. The company cited “decreased earnings in the steel mills segment and similar earnings in the steel products and raw materials segments.”

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

Write to Joe Woelfel at joseph.woelfel@barrons.com and mackenzie.tatananni@barrons.com