Stock Movers: Palantir Surges on AI-Driven Revenue, Hims & Hers Misses Estimates

Market Overview

• 📈 The US market saw broad-based buying, with 430 names gaining ground and only 71 declining.
• ⚠️ Energy was the sole sector finishing in the red, down approximately 4/10 of 1% as crude oil prices declined.
• 🚀 Communication services and tech sectors led the gainers, each rising more than 2%, with utilities also finishing up.

Top Stock Performers

• 💡 Idex Labs (IDXX) was the number one gainer in both the S&P 500 and NASDAQ 100, soaring intraday on strong performance from its companion animal division.
• 🏠 Wayfair's stock rose 13% after reporting stronger-than-expected second-quarter results, suggesting the worst may be behind the online retailer.
• 🚁 Joby Aviation gained about 19% on plans to acquire Blade Air Mobility's helicopter ride business for up to $125 million.

Notable Stock Declines

• 📉 Berkshire Hathaway's class B shares fell 3% due to a $3.8 billion impairment on its stake in Craft Hinds.
• 💡 ON Semiconductor (ON) shares dropped significantly after reporting second-quarter results where revenue slightly beat expectations but operating margins fell short.
• ⚠️ Lionell Basil, a plastics manufacturer, saw its shares decline for the sixth consecutive day, with multiple analysts cutting price targets.

Key Earnings Reports

• 📊 Palantir (PLTR) reported a 48% year-over-year revenue increase to $1 billion, exceeding expectations and raising its full-year revenue outlook to $4.14-$4.15 billion, citing the significant impact of artificial intelligence.
• 📉 Hims & Hers (HIMS) reported second-quarter revenue of $545 million, missing the analyst estimate of $552 million, and its outlook also fell short, leading to a significant drop in after-hours trading.
• ✅ Axon, maker of tasers and defense products, saw its stock jump 4% in after-hours trading due to strong net sales and higher full-year revenue and EBITDA forecasts.
• 🏢 Tanger Outlets reported total revenue of $140.7 million, beating analyst expectations, and raised its full-year 2025 guidance.