Business

Ford, General Motors, Tapestry and more




Take a look at some of the biggest movements in the advance market:

Ford (F), General Motors (GM) – Ford fell 2.8% in pre-market trading while GM fell 3.4% after Wells Fargo doubled downgrading both shares to “underweight” from “overweight”. Wells Fargo said that 2022 could represent a profit peak for older car manufacturers, with the transition to electric vehicles eroding profits in the years ahead.

Tapestry (TPR) ̵[ads1]1; Tapestry increased by 2.9% in the advance market after the company behind the luxury brands Coach and Kate Spade reported an adjusted quarterly result of 51 cents per share, 10 cents above estimates. Tapestry cut the outlook for the fiscal year ending in June, in part due to the impact of Covid-related closures in China.

Six Flags (SIX) – The amusement park operator’s shares jumped 7.7% after Six Flags reported a smaller-than-expected loss, as well as revenues that exceeded Street forecasts. The results were helped by an increase in attendance and in expenses per guest.

WeWork (WE) – The WeWork share rose 9.8% in the advance market after the release of the quarterly results. The office sharing company reported revenues that exceeded previous guidance, plus a quarterly loss that was 37% lower than in the previous quarter, as well as the best gross sales since the first quarter of 2020.

Sonos (SONO) – The manufacturer of advanced audio products saw the stock rally with 6.8% in the advance market after the quarterly results. Sonos had better-than-expected revenues due to continued high demand, although it said growth could be affected by ongoing supply chain problems.

Walt Disney (DIS) – Disney fell 4.2% in pre-market trading after reporting lower-than-expected earnings and revenue for the last quarter. Disney had initially increased trading outside opening hours, as investors focused on a better-than-expected increase in the number of subscribers for its Disney + streaming service.

Beyond Meat (BYND) – The Beyond Meat share fell 26.3% in the advance market, as the producer of plant-based meat alternatives reports a larger quarterly loss and revenues that are larger than expected, which fell outside analyst estimates. CEO Ethan Brown said the company’s results were impacted by costs associated with strategic launches that he said would pay off in the long run.

Rivian Automotive (RIVN) – Rivian jumped 5.3% in premarket action, despite a broader-than-expected quarterly loss and lower-than-expected revenue. The manufacturer of electric vehicles maintained its production forecast for 2022, saying that they expected supply chain problems to ease later this year.

Lordstown Motors (RIDE) – Lordstown increased by 15.9% in the advance market after the electric car company completed an agreement to sell various assets to the contract manufacturer Foxconn. Lordstown will receive $ 260 million in revenue from the deal.

Bumble (BMBL) – Bumble shares rose 9.8% in pre-market trading after the dating service operator reported quarterly results that exceeded analyst estimates. Bumble saw a 7.2% increase in paying users during the quarter, with a Covid-19 boom that helped dating apps keep the users they received during the pandemic.



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