Check out some of the biggest movers in the premarket:
Ford (F), General Motors (GM) – Ford fell 2.8% in premarket trading, while GM fell 3.4% after Wells Fargo double down both shares to “underweight” from “overweight.” Wells Fargo said 2022 could be a profit spike for older automakers, with the shift to electric vehicles eroding profits in the coming years.
Tapestry (TPR) – Tapestry gained 2.9% in premarket after the company behind luxury brands Coach and Kate Spade reported adjusted quarterly earnings of 51 cents per share, 10 cents above estimates. Tapestry lowered its outlook for the fiscal year ending June, in part due to the impact of Covid-related shutdowns in China.
Six Flags (SIX) – Shares of the theme park operator rose 7.7% after Six Flags reported a smaller-than-expected loss, as well as revenue that beat Street’s forecasts. The results were aided by an increase in attendance and spending per guest.
WeWork (WE) – WeWork shares rose 9.8% in the premarket following the release of its quarterly results. The office-sharing company reported revenue that exceeded previous expectations, plus a quarterly loss that was 37% lower than the previous quarter, as well as the best gross revenue since the first quarter of 2020.
Sonos (SONO) – The maker of high-end audio products saw its stock price rise 6.8% in the premarket after its quarterly results. Sonos saw better-than-expected sales amid continued strong demand, though it said growth could be impacted by ongoing supply chain issues.
Walt Disney (DIS) – Disney fell 4.2% in premarket trading after lower-than-expected earnings and revenue for the last quarter. Disney was initially up in out-of-hours trading as investors focused on a better-than-expected subscriber growth for its Disney+ streaming service.
Beyond Meat (BYND) – Beyond Meat shares plunged 26.3% in the premarket as the plant-based meat alternatives maker reported larger-than-expected quarterly loss and revenue that fell below analysts’ estimates. CEO Ethan Brown said the company’s results were impacted by costs related to strategic launches that he said would pay off in the long run.
Rivian Automotive (RIVN) – Rivian rose 5.3% in premarket action, despite a larger-than-expected quarterly loss and lower-than-expected revenues. The electric vehicle manufacturer maintained its production forecast for 2022 and said it expected supply chain problems to ease later this year.
Lordstown Motors (RIDE) – Lordstown rose 15.9% in premarket after the electric vehicle company struck a deal to sell several assets to contract manufacturer Foxconn. Lordstown will receive $260 million in proceeds from the deal.
Bumble (BMBL) – Bumble shares rose 9.8% in premarket trading after the dating service operator reported quarterly results that beat analysts’ estimates. Bumble saw the number of paying users rise 7.2% during the quarter, with a resurgence of Covid-19 allowing dating apps to keep the users they got during the pandemic.