Midday movers: Disney, Palantir fall; International Paper, Kenvue rise

(Updated - May 7, 2024 11:35 AM EDT)

Investing.com -- Main U.S. indexes were higher Tuesday, as investors parsed comments from Federal Reserve officials as well quarterly earnings reports from Disney , Palantir and others.

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

• Walt Disney (NYSE:DIS) stock fell 9.7% despite the entertainment giant posting its first profit from its streaming unit, two quarters ahead of schedule, while raising its annual earnings per share outlook as it said turnaround efforts were yielding results.

• Apple (NASDAQ:AAPL) stock rose 0.5% after the Wall Street Journal reported the iPhone maker is developing its own chip to run artificial intelligence software in data centers, citing people familiar with the matter. Apple also unveiled a new AI focused chip and upgraded iPad Pro models during an event.

• Kenvue (NYSE:KVUE) stock rose 6% after the consumer health company, a spinoff from Johnson&Johnson (NYSE:JNJ), beat Wall Street estimates for first-quarter profit, adding it would cut 4% of its global workforce as part of a plan to cut costs.

• BP (NYSE:BP) ADRs fell 3% after the energy giant posted lower than anticipated underlying profit in the first quarter due to a slide in oil and gas prices.

• Duke Energy (NYSE:DUK) (DUK) stock rose 1.2% after the utility beat expectations for first-quarter profit, benefiting from higher rates and robust demand for electricity.

• Palantir Technologies (NYSE:PLTR) stock tumbled 14% after the data analytics firm's annual revenue forecast failed to impress analysts.

• UBS (UBS) stock rose 7.6% after the Swiss bank reported a first-quarter net profit of $1.8 billion, far above expectations, and its first quarterly profit since acquiring rival Credit Suisse in a government-brokered deal in 2023.

• Boeing (NYSE:BA) stock fell 0.5% after the Federal Aviation Administration opened an investigation into the plane manufacturer’s 787 Dreamliner after the company said some employees had committed "misconduct" by claiming some tests had been completed.

• Lucid Group (NASDAQ:LCID) stock fell 11% after the luxury electric vehicle maker forecast higher capital expenditure this year and maintained a disappointing annual production forecast amid slower-than-expected EV demand.

• Datadog, Inc. (NASDAQ:DDOG) declined 10% despite strong first quarter results, as second quarter guidance was viewed as "tepid."

• International Paper Company (NYSE:IP) gained after Reuters reported that Suzano, a Brazilian company, expressed interest in an all-cash acquisition of the company.

• GlobalFoundries (NASDAQ:GFS) rose 9% after reporting strong first quarter results and guidance.

• Ferrari (NYSE:RACE) fell 5% after in-line first quarter results fell short of the 'beat and raise' many investors were hoping for.

Additional reporting by Louis Juricic