Today's Morning Movers and Top Ratings: META, ARM, MRNA, SHAK and More

$Meta Platforms (META.US)$ stock rose 8.9% following stronger-than-expected second-quarter earnings and a positive future outlook.

$ConocoPhillips (COP.US)$ stock increased by 0.8% after reporting a second-quarter profit that surpassed estimates, aided by higher output and oil prices.

$Ferrari (RACE.US)$ stock climbed 3.3% as the company raised its full-year revenue and core earnings forecasts, having exceeded estimates in the second quarter.

$Labcorp Holdings (LH.US)$ stock went up by 3.8% due to the lab operator exceeding second-quarter profit and revenue expectations and raising its annual sales growth forecast.

$Biogen (BIIB.US)$ stock edged up by 0.3% after the company increased its full-year earnings forecast, with new treatments and cost reductions expected to offset declining sales of its older multiple sclerosis drugs.

$Shake Shack (SHAK.US)$ shares surged by nearly 17% in premarket trading following the release of their second-quarter results. The burger chain reported revenue of $316 million, exceeding an LSEG estimate of $314 million, and also increased the lower end of its full-year revenue guidance.

$Arm Holdings (ARM.US)$ stock dropped 9.3% after issuing a cautious revenue outlook, leading to concerns over slow returns from investments in AI computing.

$Moderna (MRNA.US)$ stock declined by 11% after the company lowered its full-year revenue outlook, pointing to weaker EU sales and a competitive vaccine market in the U.S.

$Spirit Airlines (SAVE.US)$ stock decreased by 3.3% following predictions of lower-than-expected revenue for the current quarter, due to overcapacity and intense competition.

$Mobileye Global (MBLY.US)$ stock tumbled 9.5% after the company reduced its yearly revenue and profit forecasts, attributing the cut to fluctuating demand for driver-assistance chips in China.