These Stocks Moved the Most Today: Palantir, Uber, Sarepta, Tesla, Norwegian Cruise Line, Hertz, AMD, and More

Traders working at the New York Stock Exchange. (Photo credit: nyse)

Key Points

• Palantir Technologies falls even as third-quarter earnings exceed Wall Street estimates.
• Sarepta Therapeutics plummets after releasing disappointing drug-trial data for Duchenne muscular dystrophy treatments.
• Advanced Micro Devices is among companies scheduled to report earnings after the closing bell Tuesday.

Stocks slid on Tuesday as investors sold riskier assets in favor of consumer staples and financials.

These stocks made notable moves:

Palantir Technologies declined 8% even after the data-analytics company reported third-quarter earnings that beat analysts’ estimates and boosted its fiscal-year guidance. The stock’s hyperinflated valuation concerns some on Wall Street.

Sarepta Therapeutics plummeted 34% after the biotechnology company disclosed disappointing drug-trial data for treatments for Duchenne muscular dystrophy. The data overshadowed a narrower-than-expected third-quarter loss.

Pfizer fell 1.5%. The drugmaker reported third-quarter adjusted earnings that were better than expected and raised its full-year guidance, but falling demand for its Covid-19 products dented revenue. Also lower than expected was revenue for two cancer drugs added to Pfizer’s portfolio through its 2023 acquisition of Seagen.

Metsera surged 21%. The anti-obesity biotech said Novo Nordisk’s new bid for the company was “superior” to a revised offer from Pfizer. Novo Nordisk declined 1.8%.

Uber Technologies fell 5.1%, despite the ride-hailing company’s third-quarter earnings beat. Revenue totaled $13.5 billion, up 19% on a constant currency basis from a year earlier and above Wall Street’s call for $13.3 billion. Income from operations came to $1.1 billion, lower than the $1.6 billion. analysts had forecast.

Tesla declined 5.2% after Norway’s sovereign-wealth fund rejected Tesla CEO Elon Musk’s new $1 trillion pay package.

Shopify tumbled 6.9%. The e-commerce company reported third-quarter revenue and gross merchandise volume, a metric heavily watched by analysts, that topped expectations. However, operating income came in below estimates, and transaction and loan losses more than doubled to $148 million from $58 million last year.

Spotify Technology fell 2.3%. Third-quarter earnings and user growth beat Wall Street expectations. Spotify increased its monthly active users by 11% to 713 million, topping the company’s prior guidance of 710 million. Premium subscribers rose by 12% to 281 million, in line with expectations.

Norwegian Cruise Line Holdings sank 15%. The cruise operator posted better-than-expected adjusted third-quarter earnings, but revenue missed expectations. Norwegian also cut its full-year net yield outlook, which it described as “the most relevant measure of our pricing performance.”

Zoetis fell 14% after the animal healthcare company reported weaker-than-expected quarterly revenue and slashed its full-year outlook. Companion animal products—those meant for dogs, cats, and horses—rose 3% from a year earlier, but livestock revenue dropped 4%.

Hertz Global soared 36% on strong third-quarter earnings as the rental car company returned to profitability for the first time in two years.

Sanmina jumped 17% after the manufacturing services provider issued earnings and revenue guidance for its current fiscal first quarter that beat analysts’ estimates.

Chip maker Advanced Micro Devices was down 3.7% ahead of earnings scheduled for after the closing bell.

Earnings reports also were expected after the close from Arista Networks, Super Micro Computer, and Amgen.

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