US Premarket: Ford, WeWork, Bumble and other stocks making biggest moves

WeWork (WE)

WeWork shares jumped 9.8% in premarket action after the
release of its quarterly results. The office-sharing company reported revenue
that beat its prior guidance and a quarterly loss that was 37% lower than in
the previous quarter. It reported its best gross sales since the first quarter
of 2020.

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Bumble (BMBL)

Bumble shares surged 9.8% in premarket action following
the release of its quarterly results that beat analyst estimates. The
dating-service operator saw a 7.2% growth in paying users during the quarter,
with a Covid-19 resurgence helping dating apps retain the users they gained
during the pandemic.

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Ford (F), General Motors (GM)

Ford slipped 2.8% in premarket trading while GM fell 3.4%
after Wells Fargo double-downgraded both stocks to “underweight” from
“overweight”. Wells Fargo said 2022 could be a profit peak for legacy automakers,
with the shift toward electric vehicles fretting profits in the coming years.

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Walt Disney (DIS)

Disney fell 4.2% in premarket trading after reporting
lower than expected profit and revenue for its recent quarter. Disney has
initially surged in off-hours trading, as investors focused on a higher than
expected increase in subscriber numbers for its Disney+ streaming service.

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Sonos (SONO)

The high-end audio products maker’s stock surged 6.8%
after the release of its quarterly results. Sonos reported better than expected
revenue amid continued high demand, although it did say growth might be
impacted by ongoing supply chain issues.

Six Flags (SIX)

Share of the theme park operator gained 7.7% after Six
Flags reported a smaller than expected loss and revenue which bear market
forecasts. The results were supported by an increase in attendance and spending
per guest.

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Tapestry (TPR)

Tapestry surged 2.9% in premarket trading after the
company behind the Coach and Kate Spade luxury brands posted an adjusted 51
cents per share quarterly profit, 10 cents above consensus estimates. The
company slashed its outlook for the fiscal year ending in June, due in part to
the impact of Covid-related lockdowns in China.