In a volatile session for major stocks, Meta Platforms Inc. saw its shares plunge after the company unveiled a significantly higher spending outlook for the year, driven by its artificial intelligence strategy and rising component costs. The social media giant now expects full-year capital expenditures between $125 billion and $145 billion, well above analyst estimates. Meta also announced plans to issue $20 billion to $25 billion in new debt.
Ford Motor Co. shares slid even as the automaker raised its full-year profit outlook, citing strong demand for high-margin pickup trucks and SUVs. However, Ford warned of ongoing pricing pressure and higher costs, which weighed on investor sentiment.
In contrast, Eli Lilly & Co. gained after the pharmaceutical company boosted its sales forecast, driven by robust demand for its diabetes and weight-loss drugs. The positive outlook helped lift the stock amid a mixed market.
These moves highlight the divergent fortunes of companies navigating different sector challenges and opportunities.