Stocks making the biggest moves premarket: Tesla, Warner Bros. Discovery, Lennar and more
Check out the companies making headlines before the bell:
Tesla (TSLA) – Tesla fell 1.2% in premarket trading after an SEC filing showed that Elon Musk sold another $3.6 billion in shares. The stock is down 55% year to date through Wednesday.
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Warner Bros. Discovery (WBD) – Warner Bros. Discovery raised its projected costs for scrapping planned content by $1 billion to a total of $3.5 billion. The media company has been implementing cost-cutting measures since the merger of AT&T's WarnerMedia unit and Discovery earlier this year. Warner Bros. Discovery lost 1.2% in the premarket.
Lennar (LEN) – Lennar slid 2.6% in the premarket after forecasting a slowdown in orders for new homes, stemming from higher mortgage rates. The home builder also reported lower-than-expected earnings for its latest quarter, although revenue was slightly above analyst forecasts.
Novavax (NVAX) – Novavax tumbled 9.2% in premarket trading after the drug maker announced a $125 million common stock offering and a $125 million offering of convertible debt.
Western Digital (WDC) – Western Digital was downgraded to sell from neutral at Goldman Sachs, which pointed to a continued downturn in the flash memory market. Western Digital declined 4.7% in premarket action.
AT&T (T) – AT&T was downgraded to equal-weight from overweight at Morgan Stanley, which notes AT&T's outperformance this year and is predicting slower growth for the company in 2023. AT&T fell 1.4% in premarket trading.
Trade Desk (TTD) – Jefferies downgraded the digital ad firm to hold from buy, praising the company's "best-in-class fundamentals" but noting an offset from a rich valuation multiple. Trade Desk declined 3.3% in the premarket.
Snap (SNAP) – The social media company's stock was downgraded to hold from buy at Jefferies, which said Snap is facing intense competition and a worsening macroeconomic picture. Snap lost 2.1% in premarket trading.