Biggest stock movers today: XPeng, Silicon Motion, Alphabet, Tilray and more
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Stock futures inched lower on Wednesday as market players await the Fed's interest rate policy decision.
Here are some of Wednesday's stock gainers and losers:
Biggest stock gainers

XPeng's (NYSE:XPEV) stock soared 29% on Wednesday after the company announced a strategic technological collaboration agreement with Volkswagen (OTCPK:VLKAF). Notably, the German manufacturer has invested $700 million in XPeng (XPEV) for a 4.99% ownership.

Silicon Motion (SIMO) stock surged almost 77% on Wednesday after China's State Administration for Market Regulation granted conditional approval to the company's $3.8 billion acquisition by MaxLinear (MXL). MXL stock slumped 19%.
Google parent Alphabet's (NASDAQ:GOOG) (NASDAQ:GOOGL) stock up around 7% after better-than-expected Q2 results. The tech giant reported 28% Y/Y growth in Cloud revenue. It also stated that CFO Ruth Porat would become the president and chief investment officer, effective Sept. 1.
Tilray (NASDAQ:TLRY) stock rose 14% after the cannabis company reported Q4 revenue growth of 20% Y/Y, which also surpassed expectations. The company narrowed its loss to $32 million vs. $46 million a year ago. The company expects to generate positive adjusted free cash flow for FY2024.
PacWest Bancorp (NASDAQ:PACW) shares rose 25% after agreeing to a $1.1 billion merger with Banc of California (BANC). Under the terms of the deal, PacWest (PACW) stockholders will receive 0.6569 of a share of Banc of California (BANC) common stock for each share of PacWest common stock. The bank also topped EPS expectations in its Q2 results, which were released after hours on Tuesday.
Teladoc Health (NYSE:TDOC) shares increased by 21% after topping the consensus mark in Q2. The company anticipates FY2023 loss per share between -$1.60 and -$1.25 vs. consensus of -$1.34, and revenue between $2.6 billion and $2.675 billion vs. consensus of $2.62 billion. Previously, the company's revenue range was $2.58 billion to $2.675 billion.

Biggest stock losers

Despite exceeding expectations in Q2, Snap's (NYSE:SNAP) shares fell more than 18% on a disappointing Q3 outlook. The company anticipates DAU of 405 million to 406 million in Q3, with total sales of $1.07 billion to $1.13 billion vs. consensus of $1.13 billion, implying negative 5% to flat year-over-year growth and Adjusted EBITDA of $50 million to $100 million.
Shares of Robert Half (NYSE:RHI) fell 7% after the company missed Q2 results. Longer client hiring cycles as a result of persistent global macro uncertainties hurt Q2 performance.

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