An inflatable Disney+ sign is seen during a press conference ahead of the launch of the streaming service in the Middle East and North Africa at the Dubai Opera in Dubai, United Arab Emirates, June 7, 2022.
Yusuf Saba | Reuters
Check out the companies making headlines before the market close.
PacWest – The region’s bank stock plunged 20% after it said deposits fell 9.5% in the week ended May 5. PacWest said it has access to $15 billion in available liquidity if needed. Other regional banks were lower on the news, with Western Alliance and First Horizon down 7.3 percent and 3.2 percent, respectively.
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disney — Media stocks fell more than 5 percent. Disney reported a drop in streaming subscribers despite improved business losses. The company also reported revenue and profit that were broadly in line with Wall Street expectations.
Robin Hood — The retail brokerage rose more than 4 percent after the retail brokerage reported first-quarter revenue of more than $441 million, beating analysts’ estimate of $425 million, according to Refinitiv data. Robinhood also saw growth in monthly users, reaching 11.8 million.
unified software — Shares soared more than 9 percent after the video game software developer topped its revenue forecast for the latest quarter and raised its full-year revenue forecast.
Sonos — Shares fell nearly 24% after the home audio system maker reported a bigger-than-expected loss in its latest quarter and lowered its forecast for the second half of fiscal 2023 amid a weak demand environment.
tapestry — Tapestry surged 10% after beating analysts’ third-quarter expectations. The U.S. luxury fashion company behind Coach and Kate Spade reported adjusted earnings of 78 cents a share, topping the consensus estimate of 60 cents a share, according to FactSet. It posted revenue of $1.51 billion, above the $1.44 billion requested. In addition, Tapestry raised its full-year guidance, which was also better than analysts’ expectations.
app love — Shares soared more than 16 percent in premarket trading after the company’s first-quarter revenue and second-quarter guidance after the close on Wednesday. Revenue was $715.4 million, compared with the $694.8 million expected by analysts polled by StreetAccount. AppLovin’s guidance for the second quarter was $710 million to $730 million, above expectations for $695.7 million.
beyond meat — Shares of the alternative meat maker fell more than 2% even after the company released a better-than-expected quarterly report. Beyond Meat reported a loss of 92 cents per share on revenue of $92.2 million. Analysts had expected a loss of $1.01 a share on revenue of $90.8 million, according to Refinitiv data.
Jingdong – Shares of the Chinese e-commerce giant rose more than 3% after the company reported stronger-than-expected earnings and revenue for the first quarter of the year, according to FactSet. JD.com also announced some leadership changes: CEO Xu Lei stepped down and was replaced by CFO Xu Ran.
Alcoa — Alcoa shares rose 1.4% premarket after Credit Suisse upgraded the aluminum producer to outperform. Analysts cited a recovery in aluminum prices and beyond Alcoa’s operational problems as reasons for the upgrade.
norfolk south — Transportation stocks rose nearly 2% in premarket trading as JPMorgan Chase & Co. upgraded the stock to overweight. The Wall Street firm noted that shares of Norfolk Southern are trading at a discount to some peers and that operations should improve as the company emerges from its recent derailment.
— CNBC’s Yun Li, Tanaya Macheel, Brian Evans, Sarah Min and Michelle Fox contributed reporting
