Stocks making the biggest moves premarket: Tesla, Warner Bros. Discovery, Lennar and more

Stock Market

In this article

Check out the companies making headlines before the bell:

Tesla (TSLA) – Tesla fell 1.2% in premarket trading after an SEC filing showed that Elon Musk sold another $3.6 billion in shares. The stock is down 55% year to date through Wednesday.

Warner Bros. Discovery (WBD) – Warner Bros. Discovery raised its projected costs for scrapping planned content by $1 billion to a total of $3.5 billion. The media company has been implementing cost-cutting measures since the merger of AT&T‘s WarnerMedia unit and Discovery earlier this year. Warner Bros. Discovery lost 1.2% in the premarket.

Lennar (LEN) – Lennar slid 2.6% in the premarket after forecasting a slowdown in orders for new homes, stemming from higher mortgage rates. The home builder also reported lower-than-expected earnings for its latest quarter, although revenue was slightly above analyst forecasts.

Novavax (NVAX) – Novavax tumbled 9.2% in premarket trading after the drug maker announced a $125 million common stock offering and a $125 million offering of convertible debt.

Western Digital (WDC) – Western Digital was downgraded to sell from neutral at Goldman Sachs, which pointed to a continued downturn in the flash memory market. Western Digital declined 4.7% in premarket action.

AT&T (T) – AT&T was downgraded to equal-weight from overweight at Morgan Stanley, which notes AT&T’s outperformance this year and is predicting slower growth for the company in 2023. AT&T fell 1.4% in premarket trading.

Trade Desk (TTD) – Jefferies downgraded the digital ad firm to hold from buy, praising the company’s “best-in-class fundamentals” but noting an offset from a rich valuation multiple. Trade Desk declined 3.3% in the premarket.

Snap (SNAP) – The social media company’s stock was downgraded to hold from buy at Jefferies, which said Snap is facing intense competition and a worsening macroeconomic picture. Snap lost 2.1% in premarket trading.

Articles You May Like

Apple Co-Founder Says Many Cryptocurrencies Are Rip-Offs, But Only One Is Pure Gold
8 die, including 6 Chinese nationals, after ship sinks near Japan
Proposal that could help Social Security in debate to raise America’s debt limit
Davos-launched blockchain project aims to be the SWIFT of stablecoins and CBDCs
Lawmakers submit more than 140 amendments as House opens process for first time in seven years