Penn Entertainment, Rivian and Twilio rise premarket; Lyft, WeWork fall
Investing.com -- U.S. futures rose Wednesday, rebounding after the previous session's losses with investors digesting more corporate earnings.
Here are some of the biggest premarket U.S. stock movers today:
Penn Entertainment (NASDAQ: PENN) stock rose 13% after the online bettor signed a deal with Walt Disney's (NYSE: DIS) ESPN to jointly launch a sports betting business under the brand ESPN Bet. This resulted in the stock of rival DraftKings (NASDAQ: DKNG) falling 5.2%.
Amazon (NASDAQ: AMZN) stock rose 0.4% after Reuters reported that the online e-commerce giant is in negotiations over joining a number of other technology firms as an anchor investor in Softbank-owned chip designer Arm's planned initial public offering.
Lyft (NASDAQ: LYFT) stock fell 6.6% on concerns the ride-hailing platform's focus on competitive pricing to gain market share would muddy its path to profitability.
Twilio (NYSE: TWLO) stock rose 6.2% after the cloud computing platform operator raised its full-year profit forecast after reporting strong second-quarter results.
Rivian Automotive (NASDAQ: RIVN) stock rose 1.1% after the electric vehicle maker lifted its annual production guidance after reporting a narrower-than-expected loss in the second quarter as it ramped up production.
Sony (NYSE: SONY) stock rose 0.9% after the Japanese conglomerate raised its full-year sales forecast on the back of expected strength for its PlayStation gaming business, even after reporting a 31% drop in first-quarter profit.
WeWork (NYSE: WE) stock slumped 9% after the workspace provider raised "substantial" doubt about its ability to continue as a going concern and said three board members had stepped down.
United Parcel Service (NYSE: UPS) stock fell 1.3% after UBS downgraded its stance on the delivery giant to ‘neutral’ from ‘buy’, citing margin pressures and lower shipping volumes.