Ford, General Motors, Tapestry and more

Ford, General Motors, Tapestry and more

Take a look at some of the biggest movers in the premarket:

Ford (F), General Motors (GM) – Ford fell 2.8% in premarket trading, while GM slipped 3.4% after Wells Fargo twice downgraded both stocks from overweight to underweight. Wells Fargo said 2022 could mark an earnings peak for legacy automakers as the shift to electric vehicles would eat away at profits in the coming years.

Tapestry (TPR) – Tapestry is up 2.9% premarket after the company behind luxury brands Coach and Kate Spade reported adjusted quarterly earnings of 51 cents a share, 10 cents above estimates. Tapestry lowered its outlook for the fiscal year ended 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 and earnings that beat Street’s forecasts. The results were supported by an increase in visits and spend per guest.

WeWork (WE) – WeWork stock rose 9.8% premarket following the release of quarterly earnings. The office-sharing company reported revenue that beat its previous guidance, plus a 37% lower quarterly loss from the previous quarter and its best gross revenue since the first quarter of 2020.

Sonos (SONO) – The maker of high-end audio products saw shares rally 6.8% in premarket trading following its quarterly results. Sonos reported better-than-expected revenue given continued high demand, although growth could be hampered by ongoing supply chain issues.

Walt Disney (DIS) – Disney slipped 4.2% in premarket trading after reporting lower-than-expected earnings and revenue for its most recent quarter. Disney was initially up in after-hours trading as investors focused on a better-than-expected increase in subscriptions for its Disney+ streaming service.

Beyond Meat (BYND) – Shares of Beyond Meat plunged 26.3% premarket as the maker of plant-based meat alternatives reported a better-than-expected quarterly loss and earnings that fell short of analysts’ estimates. CEO Ethan Brown said the company’s results were impacted by costs related to strategic launches, which he said would pay off over the long term.

Rivian Automotive (RIVN) – Rivian is up 5.3% in premarket action despite a better-than-expected quarterly loss and lower-than-expected earnings. The electric vehicle maker stood by its 2022 production guidance and said it expects supply chain issues to resolve later this year.

Lordstown Motors (RIDE) – Lordstown rose 15.9% in the premarket after the electric vehicle company inked a deal to sell various assets to contract manufacturer Foxconn. Lordstown will receive $260 million in proceeds from the deal.

Bumble (BMBL) – Bumble shares are up 9.8% in premarket trade after the dating service operator reported quarterly results that beat analysts’ estimates. Bumble saw a 7.2% increase in paying users for the quarter, with a resurgence of Covid-19 helping dating apps retain the users they gained during the pandemic.

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