Published: August 4, 2026
Corporate earnings dominated global markets on Tuesday, producing double-digit moves in several high-profile stocks. Caterpillar and Palantir rallied after stronger-than-expected results, while BioNTech, NRG Energy, Zalando and Lufthansa fell as investors reacted to weaker forecasts or rising costs.
The contrasting performances underline an important feature of the current earnings season: beating quarterly estimates is helpful, but guidance, margins and cash-flow expectations are having an even greater influence on share prices.
Today’s notable stock movers
| Company | Market reaction* | Main catalyst |
|---|---|---|
| Palantir | +17.4% | Strong AI demand and higher annual revenue forecast |
| Caterpillar | +12% | Revenue surge and stronger 2026 outlook |
| Bayer | +3.7% | Better-than-expected operating profit |
| Marathon Petroleum | +2.1% premarket | Refining margin boom |
| Pfizer | -0.5% | Strong products offset by impairment charges |
| BioNTech | -5.5% | Lower COVID-19 vaccine revenue forecast |
| NRG Energy | -10% | Profit miss and higher interest expenses |
| Lufthansa | -10.6% | Warning over fuel costs and lower profit |
| Zalando | -16.8% | Reduced revenue and earnings outlook |
*Approximate market moves reported during the August 4 session. Prices can change throughout the trading day.
Caterpillar surges as infrastructure and AI demand accelerate
Caterpillar delivered one of the strongest industrial earnings reports of the day. The machinery manufacturer reported second-quarter revenue of $20.54 billion, representing a 24% increase from the previous year.
Adjusted earnings reached $8.17 per share, comfortably exceeding the $6.20 expected by analysts. Revenue from Caterpillar’s construction industries division increased by 35%, while its energy and transportation business recorded 17% growth.
Demand associated with data-centre construction was an important contributor. Artificial-intelligence infrastructure requires substantial investment not only in semiconductors and servers, but also in power generation, cooling, backup systems and construction equipment.
Caterpillar consequently raised its full-year revenue growth forecast. The company also lowered its anticipated 2026 tariff costs to approximately $2.2 billion. Its shares climbed around 12%, their strongest daily performance in more than 17 years, according to Reuters.
The results suggest that the AI investment cycle is increasingly benefiting traditional industrial businesses alongside technology companies.
Palantir raises forecast following 93% revenue growth
Palantir Technologies reinforced its position as one of the most closely watched AI stocks. Second-quarter revenue jumped 93% year over year to $1.94 billion, exceeding the $1.80 billion expected by analysts.
Adjusted earnings came to $0.41 per share, compared with a consensus estimate of $0.35. Revenue from U.S. government customers increased by 90% to $809 million, while commercial demand for the company’s artificial-intelligence software also remained strong.
Palantir raised its annual revenue forecast to between $8.150 billion and $8.158 billion, up from its previous range of $7.650 billion to $7.662 billion. Management also projected third-quarter revenue of approximately $2.16 billion, ahead of market expectations.
The shares advanced more than 17% following the announcement. Details of the results and revised forecasts were reported by Reuters.
Palantir’s valuation remains demanding, however. Investors will expect the company to maintain rapid growth as competition across the enterprise AI market intensifies.
BP and Marathon Petroleum benefit from stronger energy markets
BP reported second-quarter underlying replacement-cost profit of $5.73 billion, beating the $5.11 billion expected by analysts and more than doubling the $2.35 billion recorded one year earlier. It was the company’s highest quarterly net profit since the third quarter of 2022.
The British energy group benefited from stronger refining and trading operations, alongside higher energy prices. BP increased its quarterly dividend by 4% to 8.66 cents per share.
The company also announced plans to sell its U.S. biogas business, Archaea Energy, as it concentrates more capital on conventional oil and gas operations. Its expected 2026 capital expenditure was raised to between $13.5 billion and $14 billion. Reuters has the full BP earnings report.
In the United States, Marathon Petroleum posted adjusted earnings of $17.73 per share, well above the $13.73 analyst estimate. Its refining and marketing margin doubled to $36.33 per barrel, while refinery utilisation reached 94%.
Marathon’s renewable diesel division also improved significantly, producing adjusted core profit of $258 million after recording a $19 million loss in the comparable period. The results sent its shares approximately 2.1% higher in premarket trading, according to Reuters.
Pfizer beats expectations but records an impairment charge
Pfizer’s quarterly performance showed signs of strength in several important medicines. Sales of blood thinner Eliquis increased by 21% to $2.43 billion, while cancer treatment Padcev generated $667 million, a 23% increase.
The pharmaceutical company nevertheless reported a net loss of $0.04 per share, largely because of acquisition-related expenses and a $3.8 billion impairment associated with experimental cancer drug sigvotatug vedotin.
Pfizer raised its 2026 revenue outlook to between $60.5 billion and $62.5 billion and announced an additional $2.5 billion in planned cost reductions. The company now expects cumulative net savings of approximately $9.7 billion through 2029.
Its shares initially slipped by around 0.5%, suggesting that investors remained cautious about pipeline productivity and restructuring costs despite the stronger commercial performance. Reuters reported the figures here.
Bayer gains as agricultural operations recover
Bayer reported a 1.9% increase in adjusted EBITDA to €2.14 billion, beating analysts’ expectations of approximately €1.94 billion.
The German company benefited from improved demand for seed technology and dicamba-based agricultural products. Bayer also reduced its projected year-end net debt to between €29 billion and €30 billion, partly reflecting the €3 billion sale of a minority interest in its contraceptive business to Apollo.
Bayer shares gained approximately 3.7%. The company continues to face strategic and financial challenges, but its improved operating performance and lower debt forecast provided investors with some reassurance. Further details are available in the Reuters results report.
BioNTech falls after cutting its sales forecast
BioNTech moved in the opposite direction after reducing its full-year revenue forecast. The company now expects 2026 sales of between €1.6 billion and €1.9 billion, down from its previous range of €2.0 billion to €2.3 billion.
Second-quarter revenue fell to €105.6 million from €260.8 million a year earlier, while the company’s net loss widened to €820.8 million.
BioNTech is investing heavily to transform itself from a COVID-19 vaccine producer into a broader oncology company. That transition requires considerable research expenditure before its cancer-drug pipeline can potentially produce meaningful commercial revenue.
The company also named Guido Oelkers as its next chief executive and lowered its expected research and development spending range. Its shares fell approximately 5.5%, according to Reuters.
McDonald’s U.S. sales growth disappoints
McDonald’s reported adjusted earnings of $3.38 per share, but its comparable sales figures were less convincing.
U.S. comparable sales increased by 0.8%, below the approximately 1.1% expected by analysts and well below the 2.5% growth recorded one year earlier. Global comparable sales rose by 1.3%.
The company acknowledged difficulties in the execution of its value promotions and changes to some digital offers. McDonald’s also appointed Skye Anderson as the new head of its U.S. operations, replacing Joe Erlinger.
The results indicate that lower-income consumers remain selective, even as restaurant chains introduce discounted meals to protect customer traffic. Reuters covered the McDonald’s announcement.
NRG, Zalando and Lufthansa punished after negative updates
NRG Energy shares dropped approximately 10% after the electricity producer missed quarterly profit expectations. Higher interest expenses and costs connected with its LS Power acquisition weighed on the result. The reaction illustrates the financial pressure facing capital-intensive companies when borrowing costs remain elevated. Reuters reported the NRG results.
In Europe, Zalando fell nearly 17% after reducing its 2026 revenue and profit forecasts. Lufthansa declined more than 10% after warning that higher fuel costs would cause annual profit to fall.
These declines contrasted with a new record for the broader STOXX Europe 600 index, demonstrating how company-specific guidance can produce substantial losses even during a generally positive market session. The European movers were detailed in Reuters’ market coverage.
What investors should watch next
The second-quarter earnings season has so far been stronger than historical averages. Approximately 85% of the S&P 500 companies that had reported by Tuesday exceeded analysts’ expectations, compared with a long-term average of roughly 68%.
However, the market reaction to individual reports remains highly selective. Investors appear willing to reward companies exposed to AI infrastructure, industrial investment and favourable energy margins. At the same time, they are rapidly selling companies that lower guidance or reveal pressure on financing costs and consumer demand.
The next phase of earnings season will therefore be about more than headline profits. Forward orders, capital expenditure, operating margins, debt costs and management guidance are likely to determine which stocks can maintain their momentum.
This article is provided for informational purposes only and does not constitute investment advice. Market prices and percentage changes may have moved since publication.
