Disney, MGM Resorts, Tapestry, Tesla rise premarket; Mattel, Credit Suisse fall
By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Thursday, February 9th. Please refresh for updates.
Walt Disney (NYSE: DIS) stock rose 6% after the entertainment giant posted strong first-quarter earnings thanks to the strength of its theme parks division, while also announcing 7,000 job cuts to shore up profitability.
PepsiCo (NASDAQ: PEP) stock rose 1.4% after the beverages giant beat expectations for fourth-quarter revenue and profit and hiked its dividend, helped by price hikes undertaken by the beverage company to tackle rising costs.
AstraZeneca ADRs (NASDAQ: AZN) rose 5.7% after the drugmaker posted better-than-expected core income in the fourth quarter, thanks to strong demand for its cancer and rare disease therapies that helped make up for waning sales of its COVID-19 vaccine.
MGM Resorts (NYSE: MGM) stock rose 6.2% and Wynn Resorts (NASDAQ: WYNN) stock climbed 5.3% after both casino operators posted strong fourth-quarter results, with increased room occupancy and revenues.
Credit Suisse (NYSE: CS) stock fell 7.8% after the Swiss lender reported its worst annual loss since the 2008 financial crisis, its second-straight yearly loss, after recording “significant” outflows.
Tesla (NASDAQ: TSLA) stock rose 3.4% after a U.S. safety board said it found no evidence a Tesla Model S was operating on Autopilot during an April 2021 fatal crash.
Salesforce (NYSE: CRM) stock rose 1.9% after Reuters reported that hedge fund Third Point LLC owns a stake in the software company at the same time as it faced pressure from a number of activist investment firms pushing for changes.
Tapestry (NYSE: TPR) stock rose 9.5% after the luxury group raised its annual profit forecast, helped by resilient demand and its strategy to largely use company-owned stores and its website to sell Coach and Kate Spade bags.
Mattel (NASDAQ: MAT) stock fell 11% after the toymaker missed fourth-quarter revenue and profit estimates, and projected 2023 earnings below expectations, as stubbornly high inflation is likely to impact consumer spending.
Affirm (NASDAQ: AFRM) stock fell 17% after the fintech company missed expectations with its quarterly results and provided a gloomier than expected outlook, cutting 19% of its workers.