By Geoffrey Smith
Investing.com -- Stocks in focus in premarket trade on Friday, May 8th. Please refresh for updates.
- Uber (NYSE:UBER) stock rose 5.7% after CEO Dara Khosroshahi said that the pandemic will only push back the ride-hailing’s date for turning a profit by “quarters, not years”. The ride-hailing company had abandoned its forecast of an operating profit by the end of 2020 in April.
- Uber’s first-quarter loss widened to $2.94 billion in the first quarter as it wrote down a raft of unprofitable investments.
- Walt Disney (NYSE:DIS) stock rose 2.9% after the company said its Shanghai theme park had sold out soon after resuming bookings.
- Roku (NASDAQ:ROKU) stock fell 7.9% after its net loss widened in the first quarter due to higher subscriber acquisition costs and a drop in the advertising revenue on its free channel.
- The company also said that this year’s revenue growth would be slower, and gross profit would be lower, than it originally expected.
- TripAdvisor (NASDAQ:TRIP) stock fell 2.8% after the company swung to a net loss of 12c a share and said it will furlough some 22% of its workforce
- CEO Steve Kaufer told analysts that revenue across segments had fallen by around 90% in late March and had not recovered in April.
- Zillow Class C (NASDAQ:Z) stock rose 4.0% to its highest in over two months after the company reported a narrower loss than expected for the quarter.
- The company said it expects to restart flipping homes, a move that puts more of its capital at risk but that also allows it to sustain transaction volumes and also offers the chance of bigger profits.
- General Motors (NYSE:GM) stock rose 2.4% after the company completed the placement of $4 billion in senior unsecured debt, further bolstering its liquidity position after a first quarter which saw it conserve cash better than expected.
- Ford Motor (NYSE:F) stock rose 1.6% after it said it aims to restart production at its North American factories from May 18. The company also said on Thursday that its two Chinese joint ventures had posted year-over-year sales gains in April.
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