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United Parcel Service Inc (NYSE:UPS) is delivering some unexpected financial news, and it’s not a prime package deal. The company’s full-year financial forecast has taken a bit of a tumble, and its second-quarter revenue didn’t quite hit the high notes either. Blame it on a double whammy – labor negotiations and a dip in U.S. consumer spending gave UPS a run for its money.

In a clever move, UPS managed to dodge a potential shipping chaos bullet in July by reaching a tentative agreement with Teamsters-backed employees. This saved around a quarter of all U.S. parcel shipments from going off the rails due to a strike threat. The UPS workers, inspired by dreams of fairer pay and more comfortable work conditions (read: air-conditioned new brown trucks), made their voices heard through the Teamsters union.

Pointing fingers at the “volume impact” and the financial “hiccups” linked to this agreement, UPS has revamped its financial outlook. The new projection? Annual consolidated revenue is now expected to clock in at roughly $93 billion, and the adjusted operating margin is doing a little dance around 11.8%. Compare that to their previous forecast of a margin as high as 12.8% on a revenue stage set at approximately $97 billion.

Eli Lilly, Chegg, AMC Entertainment rise premarket; UPS, Tesla fall

U.S. futures retreated Tuesday, with corporate results to the fore as the quarterly earnings season draws to a close.

Here are some of the biggest premarket U.S. stock movers today:

  • United Parcel Service (NYSE:UPS) stock fell 5% after the delivery firm cut its full-year financial outlook and posted weaker-than-anticipated second quarter revenue, hit by labor negotiations and weaker U.S. consumer spending.
  • Eli Lilly (NYSE:LLY) stock surged 7.8% after the drugmaker beat second quarter profit expectations and raised its full-year earnings forecast, buoyed by strong demand for its new diabetes drug Mounjaro.
  • Palantir (NYSE:PLTR) stock fell 2.1% despite the data analysis firm raising its annual revenue forecast after its main growth engine, its U.S. commercial business, saw growth decelerate to 20% year-over-year from 26% growth in the first quarter.
  • Tesla (NASDAQ:TSLA) stock fell 2% after the electric vehicle manufacturer’s finance chief Zachary Kirkhorn stepped down, surprising many who considered the company veteran as a possible successor to CEO Elon Musk.
  • Chegg (NYSE:CHGG) stock soared over 20% after the online education company reported better-than-expected second quarter revenue and detailed plans to expand its foray into generative artificial intelligence, looking to take the AI fight to ChatGPT.
  • AMC Entertainment (NYSE:AMC) stock rose 3.5% after the movie theater chain posted strong second quarter revenue numbers and said the current quarter was off to a strong start driven by box-office hits such as “Barbie” and “Oppenheimer.”
  • New York Times (NYSE:NYT) stock rose 5.3% after the newspaper beat second quarter revenue expectations as strong demand for its digital bundles of news and lifestyle products countered a weak advertising market.
  • Eli Lilly, Chegg, AMC Entertainment rise premarket; UPS, Tesla fall

 

(Source: Investing.com)

In a strategic twist, Mergent BioSolutions made a bold move on Tuesday by giving the pink slip to 400 positions and dialing down activities at select facilities. This shift in gears aims to put the spotlight on their key products: the life-saving nasal spray Narcan for overdose reversal and their lineup of anthrax vaccines.

The company’s game plan involves trimming operations at Bayview, Baltimore, and Canton, Massachusetts. Additionally, they’re bidding adieu to the chief operating officer position, as part of their grand exit from the contract drug development and manufacturing arena.

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