Market Updates
U.S. Movers: Caterpillar, Palantir Technologies, Yum China, Uber
Scott Peters
06 Aug, 2024
New York City
Caterpillar advanced 4.2% to $329.97, and the earth moving equipment maker reported better-than-expected quarterly results.
Palantir Technologies soared 11.5% to $26.79 after the data analytics company lifted its annual revenue outlook.
The company estimated annual revenue between $2.74 billion and $2.75 billion, higher than the previously estimated range between $2.68 billion and $2.69 billion.
Uber Technologies increased 7.7% to $62.99 after the ride-hailing service provider reported better-than-expected second quarter results.
Revenue increased 16% to $10.7 billion from $9.2 billion, net income attributable to shareholders soared 158% to $1.0 billion from $394 million, and earnings per share rose to 47 cents from 18 cents a year ago.
Uber delivery segment, which includes delivery of food from restaurants and stores, saw gross bookings increase 16% to $18.1 billion from $15.6 billion, and revenue rose 8% to $3.3 billion from $3.1 billion a year ago.
The company also said gross bookings are likely to increase in the current quarter from the previous quarter on solid demand for its services.
Yum China increased 12.8% to $33.58 after the Shanghai-based franchisee of Pizza Hut and Taco Bell fast food stores reported better-than-expected quarterly results.
Revenue in the second quarter increased to $2.68 billion and fell short of market expectations, and adjusted earnings per share rose to 55 cents and surpassed market expectations of at least 49 cents.
The company also said its chief financial officer is planning to step down.
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