Stocks continue upward trend for second consecutive day to end turbulent week of trading

The stock market saw some significant movements on Friday, with several companies in the S&P 500 experiencing notable changes in their stock prices. Let’s take a closer look at some of the biggest movers on that day.

Advancers:
1. Akamai Technologies (AKAM) – Akamai Technologies saw its shares surge by 10.9% after the company reported better-than-expected sales and profits for the second quarter. The strong performance was attributed to high demand for cloud computing and security products. Akamai also raised its full-year earnings per share guidance, indicating a successful product launch and continued momentum.
2. Expedia Group (EXPE) – The online travel platform operator exceeded top- and bottom-line expectations for the recent quarter, leading to a 10.2% jump in its shares. Despite positive demand in international markets, Expedia expressed concerns about macroeconomic challenges and softening travel demand.
3. Eli Lilly (LLY) – Eli Lilly’s shares were up by 5.5% following a strong set of earnings results. The pharmaceutical giant reported booming sales of weight-loss and diabetes treatments, contributing to its positive performance.

Decliners:
1. Insulet (PODD) – Insulet experienced the heaviest losses among S&P 500 stocks, with its shares dropping by 8.8%. The maker of insulin management devices suggested that new user growth may be lower than expected in the second half of 2024, despite surpassing second-quarter sales estimates.
2. Intel (INTC) – Intel’s shares sank by 3.8% as the chipmaker extended its August downdraft. The company reported a wider-than-expected quarterly loss and announced a cost-saving plan that includes laying off 15% of its workforce. Analysts raised concerns about the effectiveness of these initiatives in driving a recovery.
3. Estee Lauder (EL) – Deutsche Bank trimmed its price target for Estee Lauder, leading to a 2.8% decline in the cosmetic company’s shares. Estee Lauder is facing a tough competitive environment in the U.S. and challenging economic conditions in China.

Overall, the stock market exhibited a mix of positive and negative movements on Friday, reflecting the dynamic nature of the financial markets. Investors should continue to monitor these developments closely to make informed decisions regarding their investment portfolios.