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 slid 3.4% after Wells Fargo double-downgraded both stocks to "underweight" from "overweight." Wells Fargo said 2022 could represent a profit peak for legacy automakers, with the shift toward electric vehicles eroding profits in the years ahead.
Tapestry (TPR) – Tapestry gained 2.9% in the premarket after the company behind the Coach and Kate Spade luxury brands reported an adjusted 51 cents per share quarterly profit, 10 cents above estimates. Tapestry did cut its outlook for the fiscal year ending in June, due in part 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 revenue which exceeded Street forecasts. The results were helped by an increase in attendance and in spending per guest.
WeWork (WE) – WeWork shares surged 9.8% in the premarket following the release of its quarterly results. The office-sharing company reported revenue that exceeded its prior guidance, plus a quarterly loss that was 37% lower than in the prior 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 rally 6.8% in the premarket following its quarterly results. Sonos saw better than expected revenue amid continued high demand, although it did say growth might be impacted by ongoing supply chain issues.
Walt Disney (DIS) – Disney slid 4.2% in premarket trading after reporting lower than expected profit and revenue for its latest quarter. Disney had initially risen in off-hours trading, as investors focused on a better than expected increase in subscriber numbers for its Disney+ streaming service.
Beyond Meat (BYND) – Beyond Meat shares plummeted 26.3% in the premarket, as the maker of plant-based meat alternatives reports a larger than expected quarterly loss and revenue which fell shy of analyst estimates. CEO Ethan Brown said the company's results were impacted by costs associated with strategic launches that he said would pay off over the long term.
Rivian Automotive (RIVN) – Rivian jumped 5.3% in premarket action, despite a wider than expected quarterly loss and lower than expected revenue. The electric vehicle maker maintained its 2022 production forecast, saying it expected supply chain issues to ease later this year.
Lordstown Motors (RIDE) – Lordstown surged 15.9% in the premarket 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) – Bumble shares jumped 9.8% in premarket trading after the dating-service operator reported quarterly results that exceeded analyst estimates. Bumble saw a 7.2% rise in paying users during the quarter, with a Covid-19 resurgence helping dating apps keep the users they gained during the pandemic.