On this episode of Stock Movers: 

- Paycom (PAYC) reported second-quarter results that beat expectations and raised its full-year forecast. Analysts also see potential from an AI product. Our Bloomberg Intelligence team sees the results as positive, “the company appears to be on pace to meet customer-count estimates,” and “the launch of AI-driven IWant, which requires full suite access, could drive sales by encouraging wider product adoption across all modules”

- Fortinet (FTNT) shares tumbled as much as 26% on Thursday, in biggest intraday fall since August 2023, after the software company gave an update to its firewall refresh cycle. At least five analysts downgraded their rating on the stock saying the product refresh cycle is now looking like a “much smaller catalyst than expected. Bloomberg Intelligence analyst Mandeep Singh says, “Fortinet is unlikely to see any big lift from its product refresh cycle amid expectations of muted services gains through 2H”

- Eli Lilly (LLY) tumbled as disappointing data on its new weight-loss pill overshadowed strong growth from the company’s current obesity medicine, which helped drive it to raise its yearly profit and sales outlook. Lilly’s results from an obesity pill study, a drug key to unlocking billions of dollars of growth, didn’t perform as well as Wall Street expected. It resulted in lower weight loss and higher rates of nausea and vomiting than anticipated, side effects associated with so-called GLP-1 drugs. The data was a boon for rival Novo Nordisk. Lilly fell more than 10% when markets opened in New York on Thursday. Novo rose as much as 14.3% in Copenhagen, the most in almost four months.

On this episode of Stock Movers:&nbsp; - Paycom (PAYC) reported second-quarter results that beat expectations and raised its full-year forecast. Analysts also see potential from an AI product. Our Bloomberg Intelligence team sees the results as positive, &ldquo;the company appears to be on pace to meet customer-count estimates,&rdquo; and &ldquo;the launch of AI-driven IWant, which requires full suite access, could drive sales by encouraging wider product adoption across all modules&rdquo; - Fortinet (FTNT) shares tumbled as much as 26% on Thursday, in biggest intraday fall since August 2023, after the software company gave an update to its firewall refresh cycle. At least five analysts downgraded their rating on the stock saying the product refresh cycle is now looking like a &ldquo;much smaller catalyst than expected. Bloomberg Intelligence analyst Mandeep Singh says, &ldquo;Fortinet is unlikely to see any big lift from its product refresh cycle amid expectations of muted services gains through 2H&rdquo; - Eli Lilly (LLY) tumbled as disappointing data on its new weight-loss pill overshadowed strong growth from the company&rsquo;s current obesity medicine, which helped drive it to raise its yearly profit and sales outlook. Lilly&rsquo;s results from an obesity pill study, a drug key to unlocking billions of dollars of growth, didn&rsquo;t perform as well as Wall Street expected. It resulted in lower weight loss and higher rates of nausea and vomiting than anticipated, side effects associated with so-called GLP-1 drugs. The data was a boon for rival Novo Nordisk. Lilly fell more than 10% when markets opened in New York on Thursday. Novo rose as much as 14.3% in Copenhagen, the most in almost four months.

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Stock Movers

Paycom Rallies, Fortinet Disappoints, Lilly Falls

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