Disney, D.R. Horton, Lucid fall premarket; Meta, Canopy Growth rise
By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Wednesday, November 9th. Please refresh for updates.
Walt Disney (NYSE: DIS) stock fell 7.6% after the entertainment giant reported more losses from its push into streaming video, even as it gained more streaming customers than expected.
Meta Platforms (NASDAQ: META) stock rose 5.1% after the Facebook-owner announced plans to lay off at least 11,000 employees, 13% of its staff, in an attempt to curtail soaring costs and expenses.
D.R. Horton (NYSE: DHI) stock fell 1.6% despite the largest U.S. homebuilder posting a 22% rise in quarterly profit on Wednesday, with demand set to wane as central banks hike interest rates to contain inflation.
Tesla (NASDAQ: TSLA) stock rose 1.3% despite a regulatory filing showing that CEO Elon Musk sold $3.95 billion worth of shares in the electric vehicle maker, just days after he completed his purchase of Twitter for $44 billion.
- Canopy Growth (NASDAQ: CGC) stock rose 1.6% after the cannabis producer posted a smaller second-quarter core loss, helped by higher sales of its cannabis-infused drinks.
Lucid (NASDAQ: LCID) stock fell 7.7% after the electric vehicle maker reported a hefty $530 million loss in the third quarter, while revealing plans to raise $1.5 billion from investors.
Adidas (OTC: ADDYY) ADRs rose 0.4% after the German sportswear company cut its outlook for 2022, factoring in the impact of its split from Ye, the rapper formerly known as Kanye West. The retailer had already warned of a financial hit from the ending of the tie-up.
Coinbase (NASDAQ: COIN) stock fell 4.2% as investors fretted about the cryptocurrency exchange’s exposure to struggling privately-held rival FTX as well as the weakness in the asset class as a whole.
MicroStrategy (NASDAQ: MSTR) stock fell 5.1%, weighed by the weakness in the cryptocurrency market, with the business intelligence company having a large holding in Bitcoin.