Hot Stocks: MELI & XELA jump over 10%, LLY falls on revenue miss, FTNT slides on revised estimates
scyther5

In premarket trading investors watched both MercadoLibre, Inc. (NASDAQ:MELI) and Exela Technologies, Inc. (NASDAQ:XELA) jump over 10% as MELI posted strong second quarter figures and XELA publicized an update to its capital deployment strategy.
In reverse, Eli Lilly and Company (NYSE:LLY) found itself in the red as its quarterly revenue has fallen for the first time since Q2 of 2020. Fortinet, Inc. (NASDAQ:FTNT) also trades to the downside as the cybersecurity stock reported a mixed set of Q2 results.
Gainers
MercadoLibre, Inc. (MELI) gained 11.7% in premarket trading as the stock recorded stronger than expected second quarter results. MELI reported $2.43 in earnings per share for the quarter alongside a 52.4% jump in revenue from the prior year to $2.59B.
The global business process automation company Exela Technologies, Inc. (XELA) surged 10.2% after the firm announced an update to its capital deployment strategy. XELA has established XCV-STS (STS) to hold assets to be used for implementing its plan. 
Decliners
Eli Lilly and Company (LLY) dipped lower by 2.4% on Thursday morning after the pharmaceutical organization missed expectations for its 2Q 2022 revenue, marking the firm's first topline contraction in two years. LLY reported that worldwide revenue for the quarter dropped ~4% YoY to ~$6.5B.
Fortinet, Inc. (FTNT) shares have fallen 8.4% as the stock delivered a mixed set of Q2 results and issued revised estimates for full-year 2022. FTNT reported EPS of $0.24, which surpassed estimates, but revenue of $1.03B only managed to be in-line with consensus. Additionally, FTNT revised its estimates for its full-year 2022, expecting diluted non-GAAP EPS.
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