Tesla, Meta, DR Horton and more
Check out the companies making headlines before the bell:
Tesla (TSLA) – SEC filings show CEO Elon Musk sold nearly $4 billion in Tesla shares in the days following his purchase of Twitter. Tesla shares added 1.5% in the premarket.
Meta Platforms (META) – The Facebook parent’s shares rallied 4.3% in premarket trading after the company announced it was laying off 13% of its workforce, or more than 11,000 workers.
DR Horton (DHI) – The home builder’s stock slid 3.1% in the premarket after it missed top and bottom line estimates for its latest quarter. It also said it would not provide guidance due to housing market uncertainty.
Walt Disney (DIS) – Walt Disney tumbled 7.4% in the premarket after missing top and bottom line estimates for its latest quarter. Disney’s profits took a hit from higher costs at its Disney+ streaming service, and the company plans to cut marketing and content budgets.
Affirm Holdings (AFRM) – Affirm Holdings plunged 12.2% in premarket trading after the buy-now-pay-later firm reported a wider-than-expected quarterly loss. Affirm has been particularly popular among buyers of Peloton bikes, and is seeing an impact from slowing Peloton equipment sales.
Upstart Holdings (UPST) – Upstart plummeted 23.8% in premarket action after the AI-driven lending platform issued a much weaker-than-expected revenue forecast for the current quarter, citing challenging economic conditions.
AMC Entertainment (AMC) – AMC reported a quarterly loss of 22 cents per share, smaller than the 26 cents loss anticipated by analysts, and revenue topped consensus. CEO Adam Aron said AMC’s results were impacted by soft box office results in the latter part of the quarter. AMC fell 3.9% in premarket action.
Lucid Group (LCID) – Lucid slid 8.3% in the premarket after saying it may raise up to $1.5 billion through stock sales to fund the electric vehicle maker’s operations.
Axon Enterprise (AXON) – Axon rallied 8.5% in premarket trading after the Taser maker reported better-than-expected profit and revenue for the third quarter. It also raised its full-year outlook, citing robust demand.
Sprouts Farmers Market (SFM) – Sprouts Farmers Markets staged an 8.2% off-hours rally on better-than-expected third-quarter results. The organic products grocer also raised its full-year forecast, saying it benefited from an increasing emphasis on health and wellness by consumers.