Big Stock Moves: Fortinet, Shopify, Lyft

Airbnb's stock took a significant hit, dropping over 13% after the company announced weaker-than-expected revenue guidance for the third quarter. The firm projected revenues between $3.67 billion and $3.73 billion, falling short of analysts' expectations of $3.84 billion. In contrast, Lumen Technologies reported $3.27 billion in revenue, slightly exceeding the $3.25 billion forecast, and received an upgrade from Goldman Sachs, moving from a sell to a neutral rating. In other earnings news, Upstart reported an adjusted loss of 17 cents per share on revenue of $128 million, outperforming analyst expectations of a 39-cent loss on $125 million in revenue. Meanwhile, Novo Nordisk's shares fell more than 8% after the Wegovy drugmaker revealed disappointing second-quarter results and revised its full-year operating profit outlook. The company posted an adjusted loss of 33 cents per share on revenue of $1.91 billion, which was better than the anticipated loss of 37 cents per share on $1.85 billion in revenue. Global Payments saw a positive response in its stock, rising approximately 7% after surpassing second-quarter earnings estimates. Conversely, Amgen's adjusted earnings of $4.97 per share fell just short of the $4.98 expected by analysts. Lastly, Reddit's shares declined by about 6.8%, despite reporting second-quarter results that exceeded estimates, as the company projected third-quarter sales between $290 million and $310 million, above the $278.7 million anticipated by analysts.