Eli Lilly (LLY) shares are rising in premarket trading after strong second-quarter results and a guidance hike; Warner Bros. Discovery (WBD) shares are falling after a massive writedown of the value of its cable networks led to a quarterly loss of nearly $10 billion; Alphabet’s (GOOGL) Google and Meta Platforms (META) reportedly secretly colluded to target Instagram ads on YouTube to teenagers; Boeing’s (BA) new chief executive officer (CEO) Kelly Ortberg takes over from Dave Calhoun at the helm of the struggling aircraft maker today; and dating site Bumble (BMBL) shares are tumbling after it cut its forecast for its app’s full-year revenue growth. U.S. stock futures were little changed after shares closed lower on Wednesday. Here’s what investors need to know today.

1. Eli Lilly shares rise after exceeding expectations in the second quarter and raising forecast

Eli Lilly (LLY) shares rose 10% in premarket trading after the drugmaker reported second-quarter results that handily beat forecasts and raised its 2024 outlook on booming demand for its weight-loss drugs Mounjaro and Zepbo. The company reported revenue of $11.3 billion, up 36% year over year and easily beating analysts’ forecasts of $9.97 billion. Earnings per share (EPS) of $3.28 also beat expectations by a wide margin. Lilly said it would raise its 2024 revenue forecast by $3 billion to $45.4 billion to $46.6 billion and increase its EPS forecast to $15.10 to $15.60 from $13.05 to $13.55. On Wednesday, American Depositary Receipts (ADRs) of rival Novo Nordisk (NVO), maker of weight-loss drugs Ozempic and Wegovy, plunged after the Danish company cut its operating profit forecast while raising its sales forecast for the year.

2. Warner Bros. Discovery crashes as cable TV is canceled, causing quarterly loss of $10 billion

Warner Bros. Discovery (WBD) shares fell 10% in premarket trading after the entertainment company reported a nearly $10 billion loss in the second quarter due to a write-down of the value of its cable networks. The company recorded a $9.1 billion non-cash goodwill impairment charge in its cable networks segment, showing that CNN and TNT, to name a few, continue to be displaced by streaming services like Netflix (NFLX). The company’s future doesn’t look much brighter either after its TNT Sports unit lost the lucrative 11-year media rights deal to broadcast NBA games last month. Warner Bros. Discovery’s second-quarter loss widened to $9.99 billion from $1.24 billion in the year-ago period, while revenue fell to $9.71 billion from $10.36 billion. Analysts polled by Visible Alpha expected a loss of just $562.7 million on revenue of $10.17 billion.

3. Google and Meta allegedly had a “secret deal” to sell ads to teenagers

Alphabet’s (GOOGL) Google and Meta Platforms (META) reportedly had a “secret deal” to target Instagram ads on YouTube to teenagers. According to the Financial TimesGoogle had a marketing project aimed at luring 13- to 17-year-old YouTube users to Meta’s Instagram, circumventing the search giant’s rules that prohibit personalized ads for under-18s, the report said. The companies partnered with Spark Foundry for a pilot marketing program in Canada between February and April, then ran a test in the U.S. in May. They plan to expand internationally and promote Meta’s Facebook platform as well, people familiar with the matter said. Alphabet and Meta shares were little changed in premarket trading.

4. Boeing’s new CEO Ortberg takes over the management of the ailing aircraft manufacturer

Boeing’s (BA) new chief executive officer (CEO), Kelly Ortberg, a former Rockwell Collins engineer and CEO, takes the helm of the struggling aircraft maker effective today, replacing outgoing CEO Dave Calhoun. Ortberg will lead the company, which posted massive losses in the second quarter and is struggling through safety incidents, tense congressional testimony, investigations by regulators and law enforcement, and a guilty plea to defrauding the federal government. Since a door plug on an Alaska Airlines Boeing 737 Max 9 exploded in mid-air in January, Boeing planes have been involved in a growing number of safety incidents. Boeing shares were little changed in premarket trading.

5. Bumble crashes as dating site cuts its 2024 app revenue forecast

Bumble (BMBL) shares are falling 40% in premarket trading after the online dating operator cut its 2024 app revenue forecast to year-over-year growth of between 1.5% and 2.5% from a range of 9% to 11%. Analysts at JPMorgan downgraded the stock to neutral from overweight, noting that the relaunch of the Bumble app in May, which included new features such as photo insights, neither added new users in the U.S. nor helped with monetization. “We continue to believe Bumble offers a differentiated experience aimed at women, but we are moving from overweight to neutral as the company executes its strategic reboot,” the broker said.