02:36 PM EDT, 08/08/2024 (MT Newswires) -- Monster Beverage's ( MNST ) Q2 results fell short of Wall Street's estimates amid softening demand and consumer spending.

Morgan Stanley said in a note Monster's revenue growth slowed in Q2 and July, mirroring a downturn in the energy drink sector.

"Softness is particularly acute in the energy category with its skew to the more macro sensitive gas/convenience channel, with weakening consumer traffic, and to [Monster Beverage ( MNST )] given its low/middle-income consumer skew," the note said.

Shares dropped 11% as intraday trading volume rose to over 18 million versus a daily average of about 9.67 million.

RBC downgraded Outset Medical ( OM ) to sector perform from an outperform rating and cut its price target to $3 from $6.

Late Wednesday, the company reported Q2 revenue that lagged market expectations.

Shares plunged 66% as intraday trading volume soared to more than 14 million from a daily average of about 970,000.

Cardlytics ( CDLX ) shares slumped amid heavy trading after the firm reported late Wednesday lower-than-expected Q2 revenue.

Lake Street downgraded Cardlytics ( CDLX ) to hold from buy and cut its price target to $5 from $18.

Shares sank 56% as intraday trading volume catapulted to more than 11.2 million versus a daily average of about 927,000.

Price: 45.00, Change: -5.53, Percent Change: -10.94