These Stocks Moved the Most Today: Eli Lilly, Fortinet, AppLovin, Sunrun, Airbnb, Duolingo, and More

Markets were rising after President Donald Trump’s Tariffs came into effect Thursday. (Spencer Platt/Getty Images)

Stocks were mixed Thursday after President Donald Trump’s sweeping tariffs went into effect and initial jobless claims came in higher than expected. The Nasdaq Composite rebounded from a midday slide to hit a record close.

These stocks made notable moves:

Eli Lilly slumped 14% after the pharmaceutical giant shared an update on its experimental weight-loss pill ahead of quarterly financial results. New data showed a 12.4% body weight reduction over 72 weeks. This compares to a 14.9% reduction over 68 weeks for patients taking Novo Nordisk’s Wegovy. U.S.-listed shares of Novo climbed 7.5%.

Fortinet sank 22%. The cybersecurity company reported second-quarter adjusted earnings of 64 cents a share, beating analysts’ calls for 59 cents. Revenue of $1.6 billion was largely in line with analysts’ forecasts. Management’s comments, however, cast doubt on the company’s opportunity updating or renewing IT infrastructure going forward, KeyBanc analysts noted.

AppLovin rose 12% after as the digital advertising technology company posted second-quarter earnings and guidance that beat expectations late Wednesday. Revenue was $1.26 billion in the quarter, up 77% from last year and above expectations. Free cash flow came in a little soft at $768 million and share buybacks were much lower in the quarter.

Airbnb tumbled 8%. The travel company predicted slower growth in the second half of the year and said its margins would be lower than last year, largely due to tough comparable figures. Second-quarter results were solid, with earnings of $1.03 a share on revenue of $3.1 billion in the quarter, beating analysts’ expectations.

Peloton Interactive swung to a surprise profit in its fiscal fourth quarter. The exercise equipment maker reported posted a profit of 5 cents a share, versus analysts’ expectations for a loss of 7 cents a share. The stock rose 0.6%. However, CEO Peter Stern cautioned operating costs remained too high, and said the company was launching a cost restructuring plan intended to achieve at least $100 million of run-rate savings by the end of fiscal 2026.

Nuclear-energy stock Vistra gained 2.4%. The company posted better-than-expected net income and reaffirmed its guidance, which, combined with upbeat commentary on the earnings call, drove shares higher. Clean-energy peer Constellation Energy was down 0.6%.

Sunrun soared 32% after the solar panel installer reported strong earnings after the closing bell Wednesday. Earnings came in at $1.07 a share in the second quarter; analysts were expecting a loss of 9 cents. Revenue of $569 million also came in above the $559 million Wall Street had projected.

DraftKings traded down 0.4%, even after the online gaming company posted better-than-expected earnings Wednesday and reiterated its full-year outlook. Second-quarter revenue rose 37% from last year to $1.5 billion as DraftKings added more customers and engagement increased alongside good outcomes in its sportsbook operations.

Shares of Duolingo jumped 14% after the language-learning app hiked its third-quarter and full-year guidance on the back of a strong second quarter. Revenue rose 41% from the prior year, while earnings came in 55% above consensus, at 91 cents a share.

Lyft pared some of its earlier gains but still rose 1.6%. Although the ride-hailing company missed analysts’ revenue expectations in the second quarter, earnings of 10 cents a share beat analysts’ calls for 4 cents, according to FactSet. Rival Uber Technologies reported better-than-anticipated earnings in its latest quarter. Shares were up 3.9% on Thursday.

Zillow fell 0.6%. The home-services company reported quarterly earnings shy of estimates but revenue ahead of expectations. The company, known for its home-listings portal, said tariffs and economic uncertainty contributed to a relatively muted property-buying season.

Earnings reports were expected Thursday from Block, Expedia Group, Flutter Entertainment, Gilead Sciences, Pinterest, Rocket Lab, Take-Two Interactive Software, Trade Desk and Twilio.

Write to Elsa Ohlen at elsa.ohlen@barrons.com and Mackenzie Tatananni at mackenzie.tatananni@barrons.com