Take a look at some of the biggest pre-market movers:
Ford (F), General Motors (GM) – Ford fell 2.8% in premarket trading while GM slipped 3.4% after Wells Fargo double downgraded both stocks from “underweight” to “overweight”. Wells Fargo said 2022 could represent a peak in profits for traditional automakers, with the shift to electric vehicles eroding profits in coming years.
Tapestry (TPR) – Tapestry gained 2.9% in the pre-market after the company behind luxury brands Coach and Kate Spade reported adjusted quarterly earnings of 51 cents per share, 10 cents above estimates. Tapestry cut its outlook for the fiscal year ending in June, in part due to the impact of Covid-related shutdowns in China.
Six Flags (SIX) – The theme park operator’s shares jumped 7.7% after Six Flags reported a smaller-than-expected loss, as well as higher-than-expected revenue from Street. Results were helped by an increase in attendance and spending per guest.
WeWork (WE) – Shares of WeWork jumped 9.8% premarket after the release of its quarterly results. The office-sharing company reported revenue above its previous forecast, plus a quarterly loss 37% lower than the previous quarter, as well as its best gross sales since the first quarter of 2020.
Sonos (SONO) – The maker of high-end audio products saw its stock rebound 6.8% in premarket after its quarterly results. Sonos reported better-than-expected revenue amid continued strong demand, although it said growth could be hurt by ongoing supply chain issues.
Walt Disney (DIS) – Disney fell 4.2% in premarket trading after reporting lower-than-expected earnings and revenue for its latest quarter. Disney had initially increased its after-hours trading as investors focused on a better-than-expected increase in subscriber numbers for its Disney+ streaming service.
Beyond Meat (BYND) – Beyond Meat’s shares fell 26.3% premarket, as the maker of plant-based meat alternatives reported a bigger-than-expected quarterly loss and revenue, below expectations. analysts’ estimates. CEO Ethan Brown said the company’s results were impacted by costs associated with strategic launches that he said would pay off in the long run.
Rivian Automotive (RIVN) – Rivian jumped 5.3% in premarket stock, despite a bigger-than-expected quarterly loss and lower-than-expected revenue. The electric vehicle maker stuck to its 2022 production forecast, saying it expected supply chain issues to ease later this year.
Lordstown Motors (RIDE) – Lordstown jumped 15.9% in the pre-market after the electric vehicle company reached an agreement to sell various assets to contract manufacturer Foxconn. Lordstown will receive $260 million in proceeds from the transaction.
Bumble (BMBL) – Shares of Bumble jumped 9.8% in premarket trading after the dating services operator reported quarterly results that beat analysts’ estimates. Bumble saw a 7.2% increase in paying users in the quarter, with a resurgence of Covid-19 helping dating apps retain the users they gained during the pandemic.