By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Wednesday, May 11th. Please refresh for updates.
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Coinbase (NASDAQ:COIN) stock slumped 15% after the cryptocurrency exchange reported a surprise loss in the first quarter, pressured by weaker volatility and a rout in crypto prices including bitcoin.
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Unity Software (NYSE:U) stock fell 23% after the video game software development company reported a net loss in the first quarter and lowered its full-year revenue guidance.
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Wynn Resorts (NASDAQ:WYNN) stock gained 2.4% as the casino operator reported a 29% revenue increase in the first quarter even with the COVID restrictions in Macao.
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Krispy Kreme (NASDAQ:DNUT) stock rose 4.8% after the donut chain beat expectations at both the top and bottom lines, helped by a large jump in its overseas operations.
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Wendy’s (NASDAQ:WEN) stock fell 5.8% after the fast-food restaurant chain missed estimates for quarterly U.S. same-store sales growth on increased competition amid supply and labor constraints.
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Electronic Arts (NASDAQ:EA) stock rose 3.4%, helped by a jump in the video game company’s live services revenue, which makes up most of its sales, but it warned of weaker sales of its video gaming titles in a post-lockdown world. It also announced it was ending a decades-old partnership with FIFA, the world's soccer governing body.
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Peloton (NASDAQ:PTON) stock rose 5.3% after JMP Securities upgraded its stance on the exercise equipment manufacturer to ‘outperform’ from ‘market perform’, saying the company is the “best in class” fitness stock and can virtually double.
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Johnson & Johnson (NYSE:JNJ) stock rose 0.4% after saying that Thibaut Mongon, the current leader of the pharma giant’s consumer health business, will become the CEO of the standalone business when it is spun off.
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Carvana (NYSE:CVNA) stock fell 0.6% after Stifel downgraded its stance on the auto retailer to ‘hold’ from ‘buy’, citing slowing demand in the used car market.