Top Movers of the Day

Wednesday's market faltered late due to semiconductor weakness, notably Super Micro Computer's disappointing earnings. Selling intensified, erasing earlier gains. Midday pressure came from a weak $42 billion 10-year Treasury note auction. The S&P 500 couldn't sustain above its 100-day moving average, facing technical resistance. Jobless claims data due Thursday adds to market uncertainty. Disney, Airbnb, and Lyft reported mixed earnings, contributing to market volatility. The 10-year Treasury yield rose to 3.96%, and the Cboe Volatility Index increased to 27.8, reflecting ongoing market turbulence.

Fortinet: Shares surged 25% following strong Q2 results and positive guidance, with adjusted earnings of $0.57 per share on $1.43 billion revenue.

Shopify: Stock rose nearly 18% after beating Q2 expectations and forecasting 20%-mid-20% revenue growth for Q3.

Lyft: Shares dropped over 17% due to weak Q3 guidance, expecting adjusted earnings of $90-95 million against the anticipated $103.4 million.

Airbnb: Fell more than 13% after issuing weaker-than-expected Q3 revenue guidance of $3.67-$3.73 billion.

Super Micro Computer: Dropped 20% after an earnings miss and gross margin decline, despite strong AI-driven guidance and announcing a 10-for-1 stock split.

Lumen Technologies: Shares surged 32.6% on better-than-expected Q2 revenue of $3.27 billion and a Goldman Sachs upgrade.

Upstart Holdings: Soared 39.5% on better-than-expected results, posting an adjusted loss of $0.17 per share on $128 million revenue.

Novo Nordisk: Shares tumbled over 8% after disappointing Q2 results and a lowered full-year profit outlook, amid competition from Eli Lilly.

V.F. Corporation: Stock jumped 7% on better-than-expected Q1 results, with an adjusted loss of $0.33 per share on $1.91 billion revenue.

Sunrun: Shares spiked 11% as the CEO revealed new partnerships with former SunPower dealers following SunPower's bankruptcy filing.

Global Payments: Rose 7% after beating Q2 earnings estimates, posting adjusted earnings of $2.93 per share.

Amgen: Fell around 5% after missing earnings expectations, posting adjusted earnings of $4.97 per share and narrowing its full-year outlook.

Rivian Automotive: Dipped nearly 7% as net losses widened to $1.46 billion, despite topping expectations with an adjusted loss of $1.13 per share.