Disney, Twitter, Beyond Meat Fall Premarket; Bumble, Sonos Rise
2022.05.12 15:17
By Peter Nurse
Investing.com — Stocks in focus in premarket trade on Thursday, May 12th. Please refresh for updates.
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Walt Disney (NYSE:DIS) stock fell 5.3% after the entertainment giant reported weaker-than-expected earnings after the bell, even after its Disney+ streaming network added nearly 8 million new subscribers, well above expectations.
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Twitter (NYSE:TWTR) stock fell 2.4% after the Wall Street Journal reported that the SEC is investigating Elon Musk’s late disclosure of his stake in the social media platform, which could make the billionaire’s planned acquisition more tricky.
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Bumble (NASDAQ:BMBL) stock rose 8.4% after the dating app beat first quarter profit and revenue estimates, helped by a rise in paying members.
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Rivian Automotive (NASDAQ:RIVN) stock rose 1% after the electric-vehicle manufacturer reaffirmed its annual production forecast of 25,000 units in the face of supply chain disruptions and surging material costs.
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Beyond Meat (NASDAQ:BYND) stock slumped over 27% after Barclays downgraded its stance on the faux meat producer to ‘equal-weight’ from ‘overweight’, citing “limited visibility” towards recovery after the company’s quarterly losses rose as it spent heavily on product launches and offered big discounts.
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Zoom (NASDAQ:ZM) stock fell 3.6% after Piper Sandler downgraded its stance on the video conferencing company to ‘neutral’ from ‘overweight’, saying the company’s other products have “limited upside”.
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Ford (NYSE:F) stock fell 4.6% and General Motors (NYSE:GM) stock dropped 4.5% after Wells Fargo downgraded its stance on both auto giants all the way to ‘underweight’ from ‘overweight’, saying the year 2022 could represent “peak profits” given the expense attached to the transition to electric vehicles.
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Sonos (NASDAQ:SONO) stock rose 7.8% after the manufacturer of audio products beat expectations for the second quarter even as margins were held back by rising cost pressures.
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Coinbase (NASDAQ:COIN) stock fell 8.8% with the cryptocurrency exchange suffering from the global selloff in digital currencies. It reported a surprise loss in the first quarter earlier this week.
