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Apple, Coinbase, Carvana and Expedia rise premarket; Lyft falls
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Published May 05, 2023 07:40AM ET
Updated May 05, 2023 08:02AM ET
© Reuters.
Investing.com -- Stocks in focus in premarket trade on Friday, May 5th. Please refresh for updates.
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Apple (NASDAQ:AAPL) stock rose 2.6% after the tech giant reported a surprise rise in iPhone sales in the first quarter, helped by strong growth in India and other newer markets.
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Warner Bros Discovery (NASDAQ:WBD) stock fell 5.9% after the entertainment giant posted a large overall loss even as its important streaming business turned a profit in the first quarter.
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PacWest Bancorp (NASDAQ:PACW) stock rose 18.9% and Western Alliance (NYSE:WAL) climbed 16.5% as investors sought bargains from these battered banking stocks, helped by Western Alliance releasing data showing that its deposits have ticked up since the end of March.
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Coinbase (NASDAQ:COIN) stock rose 8.2% after the cryptocurrency exchange posted a smaller-than-feared loss in the first quarter, benefiting from cost cuts and diversification of revenue sources.
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Lyft (NASDAQ:LYFT) stock fell 15.6% after the ride-hailing company forecast a downbeat second quarter as price cuts in its attempt to add more riders take a toll on margins.
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Carvana (NYSE:CVNA) stock soared 44% after the used-car retailer forecast a surprise core profit for the second quarter, offering some relief to investors amid solvency concerns.
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HSBC (NYSE:HSBC) ADRs rose 1.4% with the U.K.-based bank expected to see off a proposal, backed by its biggest Asian shareholder Ping An (SS:601318), which calls for the lender to consider spinning off its Asia business.
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Icahn Enterprises (NASDAQ:IEP) stock rise 8.3% after the investment firm announced plans to distribute $2 per depositary unit for the first quarter ended March 31, days after a critical report by short-seller Hindenburg.
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Coty (NYSE:COTY) stock rose 0.4% after the beauty company announced it would explore a listing in Paris as it looks to strengthen its presence in Europe.
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Expedia (NASDAQ:EXPE) stock rose 5.7% after the travel company beat first-quarter revenue expectations on record lodging bookings as demand returns.
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