Ford, GM, Fabric and more
Take a look at some of Primarkt’s biggest drivers:
Ford (F), General Motors (GM) — Ford is down 2.8% in premarket trading while GM is down 3.4% after Wells Fargo downgraded both stocks to “underweight” from “overweight.” Wells Fargo said 2022 could mark a profit peak for older automakers, with the shift toward electric vehicles eroding profits in the coming years.
Tapestry (TPR) — Tapestry gained 2.9% in the primary market after the company behind luxury brands Coach and Kate Spade reported adjusted quarterly profit of 51 cents per share, 10 cents above estimates. Tapestry cut its forecast for the fiscal year ending in June, due in part to the impact of the Covid-related shutdowns in China.
Six Flags (SIX) — Shares of the theme park operator jumped 7.7% after Six Flags reported a smaller-than-expected loss, as well as revenue that beat Street expectations. The results helped increase attendance and spending per guest.
WeWork (WE) – Shares of WeWork rose 9.8% in premarket after the release of quarterly results. The office sharing company reported revenue that beat its previous guidance, plus a quarterly loss that was 37% less than the previous quarter, as well as its best overall sales since the first quarter of 2020.
Sonos (SONO) — The maker of high-end audio products saw its stock rise 6.8% in premarket after its quarterly results. Sonos saw better-than-expected revenue amid continued high demand, although it said growth could be affected by ongoing supply chain issues.
Walt Disney (DIS) — Disney fell 4.2% in premarket trading after it reported lower-than-expected earnings and revenue in the fourth quarter. Disney initially rose in off-hours trading, as investors focused on a better-than-expected increase in subscriber numbers for the streaming service Disney+.
BEYOND MEAT (BYND) – Shares of Beyond Meat fell 26.3% in the primary market, as the maker of plant-based meat alternatives reported a larger-than-expected quarterly loss and revenue that missed analyst estimates. CEO Ethan Brown said the company’s results were impacted by costs associated with strategic launches, which he said will pay off in the long run.
Rivian Automotive (RIVN) — Rivian stock jumped 5.3% in pre-market activity, despite better-than-expected quarterly losses and lower-than-expected revenue. The electric car maker maintained its production forecast for 2022, saying it expects to ease supply chain issues later this year.
Lordstown Motors (RIDE) – Lordstown stock rose 15.9% in the primary market after the electric vehicle company completed a deal to sell various assets to contract manufacturer Foxconn. Lordstown will receive $260 million in proceeds from the deal.
Bumble (BMBL) — Shares of Bumble jumped 9.8% in premarket trading after the dating service operator reported quarterly results that beat analyst estimates. Bumble saw a 7.2% increase in paying users during the quarter, with the resurgence of Covid-19 helping dating apps retain the users they acquired during the pandemic.