Stocks making the biggest moves premarket: DraftKings, Cinemark, Hershey and more
Check out the companies making headlines before the bell:
DraftKings (DKNG) – DraftKings fell 12.5% in premarket trading despite reporting a smaller-than-expected quarterly loss and revenue that topped Wall Street forecasts. The sports betting company also raised its revenue guidance and warned a prolonged economic downturn could impact spending by its customers.
Cinemark (CNK) – The movie theater operator’s stock rallied 6.5% after reporting better-than-expected quarterly revenue, even though its loss was larger than analysts had anticipated.
Hershey (HSY) – Hershey rose 1% in the premarket after quarterly results beat estimates and the candy and chocolate maker raised its sales and profit outlook. Hershey’s improved outlook signals strong Halloween candy sales.
China stocks – Shares of China-based companies that trade in the U.S. rallied in off-hours trading on reports that China would ease its strict Covid-19 protocols. Alibaba (BABA) jumped 9.7%, JD.com (JD) gained 9.3%, Pinduoduo (PDD) added 8.8% and Bilibili (BILI) surged 14.4%.
Starbucks (SBUX) – Starbucks shares rose 4.6% in the premarket after the coffee chain reported better-than-expected profit and revenue for its latest quarter, with sales hitting a record high. Starbucks said its investments in new equipment and higher wages for workers are paying off.
DoorDash (DASH) – DoorDash stock rallied 11.9% in premarket trading on the strength of record orders and better-than-expected revenue, although its quarterly loss was wider than expected. Customers continue to spend on food delivery even in the face of higher prices.
Twilio (TWLO) – The maker of customer engagement software saw its stock slump 25.1% in premarket action after a weaker-than-expected sales forecast. The outlook overshadowed a smaller-than-expected quarterly loss and revenue that exceeded estimates.
Expedia (EXPE) – Expedia reported a quarterly profit that came in slightly below Wall Street forecasts, but revenue exceeded estimates and topped $1 billion for the first time on strong travel demand. Expedia gained 3.5% in the premarket.
PayPal (PYPL) – PayPal shares slid 6.9% in the premarket despite better-than-expected quarterly profit and revenue for the payment service operator. Investors are focusing on PayPal’s lowered annual revenue growth forecast, with the company expressing caution about the impact of an economic downturn.
Coinbase (COIN) – Coinbase jumped 6.5% in premarket trading, even as it reported a wider-than-expected loss and revenue that fell short of analyst forecasts. The cryptocurrency exchange operator also saw a surge in interest income and made progress in diversifying its revenue streams.
Block (SQ) – Block shares surged 14% in premarket action after it reported quarterly revenue and profit that beat Wall Street forecasts. The payment service operator’s subscription-based revenue jumped 71% from a year ago.
Warner Bros. Discovery (WBD) – Warner Bros. Discovery reported a wider-than-expected loss for its latest quarter and revenue that fell short of analyst estimates. Separately, Bloomberg reported that the media company plans to cut jobs in its Warner Bros. film unit. The stock fell 3.3% in premarket action.
Carvana (CVNA) – Carvana slid 7.4% in premarket trading after the used-car retailer reported worse-than-expected quarterly results. Increased car prices and higher interest rates were key factors in denting demand.
