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Disney, MGM Resorts, Tapestry, Tesla rise premarket; Mattel, Credit Suisse fall

AuthorPeter Nurse
Published 02/09/2023, 07:44 AM
Updated 02/09/2023, 08:10 AM
© Reuters

By Peter Nurse

Investing.com -- Stocks in focus in premarket trade on Thursday, February 9th. Please refresh for updates.

  • Walt Disney (NYSE:DIS) stock rose 6% after the entertainment giant posted strong first-quarter earnings thanks to the strength of its theme parks division, while also announcing 7,000 job cuts to shore up profitability.

  • PepsiCo (NASDAQ:PEP) stock rose 1.4% after the beverages giant beat expectations for fourth-quarter revenue and profit and hiked its dividend, helped by price hikes undertaken by the beverage company to tackle rising costs.

  • AstraZeneca ADRs (NASDAQ:AZN) rose 5.7% after the drugmaker posted better-than-expected core income in the fourth quarter, thanks to strong demand for its cancer and rare disease therapies that helped make up for waning sales of its COVID-19 vaccine.

  • MGM Resorts (NYSE:MGM) stock rose 6.2% and Wynn Resorts (NASDAQ:WYNN) stock climbed 5.3% after both casino operators posted strong fourth-quarter results, with increased room occupancy and revenues.

  • Credit Suisse (NYSE:CS) stock fell 7.8% after the Swiss lender reported its worst annual loss since the 2008 financial crisis, its second-straight yearly loss, after recording “significant” outflows.

  • Tesla (NASDAQ:TSLA) stock rose 3.4% after a U.S. safety board said it found no evidence a Tesla Model S was operating on Autopilot during an April 2021 fatal crash.

  • Salesforce (NYSE:CRM) stock rose 1.9% after Reuters reported that hedge fund Third Point LLC owns a stake in the software company at the same time as it faced pressure from a number of activist investment firms pushing for changes.

  • Tapestry (NYSE:TPR) stock rose 9.5% after the luxury group raised its annual profit forecast, helped by resilient demand and its strategy to largely use company-owned stores and its website to sell Coach and Kate Spade bags.

  • Mattel (NASDAQ:MAT) stock fell 11% after the toymaker missed fourth-quarter revenue and profit estimates, and projected 2023 earnings below expectations, as stubbornly high inflation is likely to impact consumer spending.

  • Affirm (NASDAQ:AFRM) stock fell 17% after the fintech company missed expectations with its quarterly results and provided a gloomier than expected outlook, cutting 19% of its workers.

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Latest comments

When you imagine to pay 100% more for TSLA within one month without any significant change in fundament of company ? crazy
Tesla has given 100% profit with in a month.
Tesla, the biggest 🤡 ponzi stock of all time
yeah and the used car market is crashing down in prices with further drops to come as a glut of nearly new cars hit the market as autoloan delinquincies sky rocket - with my tech workers being laid off - over 150 thousand to date this year, we'll see a huge amount of nearly new Teslas hitting the market - big reversal coming up - it's still way overpriced even though they did have a great earnings report - but very few folk are going to buying cars in next two years as a big recession bitesn - those interest rate hikes are only just starting to come through to affecting the global economy and central banks are still raising rates and inflation will remain stubborn with oil prices firming and going higher.
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