Disney, PacWest and Beyond Meat fall premarket; Robinhood rises
Investing.com -- Stocks in focus in premarket trade on Thursday, May 11th. Please refresh for updates.
Walt Disney (NYSE: DIS) stock fell 5.5% after the entertainment giant reported its largest ever quarterly drop in subscribers to its flagship Disney+ streaming service, with four million customers leaving the service in the January to March period.
PacWest Bancorp (NASDAQ: PACW) stock fell 20% on investors’ concern for its future even after the regional lender said it has $15 billion of immediately available liquidity and enough resources to fund its cash flow needs over the next 12 months.
Robinhood (NASDAQ: HOOD) stock rose 3.1% after the retail brokerage beat quarterly revenue forecasts and confirmed it would launch 24-hour trading services.
Beyond Meat (NASDAQ: BYND) stock fell 2.8% after the faux meat manufacturer announced plans to raise as much as $200 million in an equity offering even after reporting a smaller-than-expected quarterly loss on easing supply chain pressures and cost controls.
Sonos (NASDAQ: SONO) stock slumped 23% after the manufacturer of audio products lowered its outlook for the second half of the year despite reporting second quarter results that topped estimates.
JD.com (NASDAQ: JD) ADRs rose 3.3% after the Chinese e-commerce firm posted a better-than-expected top-line result in the first quarter and announced that chief executive Lei Xu will step down.
Tapestry (NYSE: TPR) stock rose 10% after the luxury company raised its annual profit forecast, betting on strong demand for its Coach handbags.
Li Auto (NASDAQ: LI) stock rose 4% after the electric vehicle maker reported a strong first quarter profit, while Chairman Li Xiang said the electric vehicle maker has no plans to cut prices.
Polestar (NASDAQ: PSNY) stock fell 4.3% after the Swedish electric vehicle maker announced plans to cut its headcount by 10%, and lowered its 2023 production guidance.