Today's Morning Movers and Top Ratings: SPOT, KO, GM, UPS and More

$General Motors (GM.US)$ stock soared by 3.5% after surpassing second-quarter earnings expectations and raising its annual profit outlook again, thanks to strong demand and pricing for gas-powered trucks.

$Coca-Cola (KO.US)$ 's share price rose 1.4% as the company increased its annual organic sales and earnings forecast, indicating robust demand in both U.S. and international markets.

$Spotify Technology (SPOT.US)$ 's shares surged 13.7% following a report of second-quarter earnings that exceeded predictions, with a gross margin of 29.2%, surpassing forecasts.

$GE Aerospace (GE.US)$ 's stock climbed 3.2% after the company boosted its annual profit forecast, driven by high demand for its aftermarket services, including jet engine parts.

$Lockheed Martin (LMT.US)$ today announced robust financial results for the second quarter of 2024, with earnings and revenue that exceeded analyst expectations. The defense contractor reported second-quarter earnings per share (EPS) of $7.11, outpacing the analyst estimate of $6.45. Revenue for the quarter was also strong, coming in at $18.1 billion, surpassing the consensus estimate of $17.03 billion. Shares rose by 1.6% in premarket trading.

$United Parcel Service (UPS.US)$ 's stock plummeted 8.8% after reporting second-quarter earnings that fell short, with a notable revenue decrease in its domestic segment.

$Kimberly-Clark (KMB.US)$ 's shares dipped 0.8% despite raising its full-year profit forecast after posting second-quarter earnings that beat estimates.

$Cadence Design Systems (CDNS.US)$ 's shares declined 1.1% after the company provided a softer earnings outlook for the current quarter.

$NXP Semiconductors (NXPI.US)$ ' stock dropped 8% after the company announced second-quarter adjusted earnings that failed to meet expectations amid weak automotive customer demand.

$Polaris (PII.US)$ ' share price tumbled 12% after the automotive manufacturer reported lower-than-expected earnings for the second quarter and cut its full-year guidance.