Uber-Lucid Partnership, Pepsi Beats, Elevance Falls

On this episode of Stock Movers:

- Lucid (LCID) shares soar as the electric vehicle start up plans to partner up with Uber Technologies (UBER) and self-driving tech startup Nuro to launch a robotaxi fleet. Uber announced Thursday it or its third-party partners will purchase and operate Lucid Gravity SUVs outfitted with Nuro Driver technology on its ride-sharing network. The company aims to launch the first vehicle later in 2026 in an unidentified major US city, with plans to deploy at least 20,000 of the robotaxis over six years.

- PepsiCo (PEP) shares are rising after the company reported quarterly earnings and revenue that topped analyst expectations. International growth helped buoy Pepsi's second quarter earnings, as the snacks and beverage giant said it plans to lean into higher-protein offerings and smaller portion sizes. The company, which owns the Gatorade, Lipton and Quaker brands, reported organic sales growth of 2.1% in the second quarter ended June 14, outpacing the average analyst estimate. Earnings per share were $2.12, also higher than market expectations. PepsiCo also maintained its annual outlook.

- Elevance Health (ELV) shares slumped after it cut its profit guidance for the year on higher medical costs in Affordable Care Act plans and lagging reimbursement from Medicaid, the latest in a series of disappointments from health insurers in recent months. The forecast cut comes less than two months after Elevance affirmed its outlook despite rising cost trends. It’s more evidence that insurers are struggling to contain persistent and widespread increases in medical expenses that have blindsided investors.

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