Business

Tesla, Warner Bros. Discovery, Lennar and others

Check out the companies that make headlines before the call:

Tesla (TSLA) — Tesla fell 1.2% in premarket trading after an SEC report showed Elon Musk sold another $3.6 billion in shares. Shares are down 55% year-to-date through Wednesday.

Warner Bros. Discovery (WBD) – Warner Bros. Discovery has increased its projected $1 billion removal cost for scheduled content to $3.5 billion. Media company takes steps to cut costs since merger AT&Tdivisions of WarnerMedia and Discovery earlier this year. Warner Bros. Discovery lost 1.2% in premarket.

Lennar (LEN) – Lennar shares fell 2.6% in premarket trading after forecasting a slowdown in new home orders due to higher mortgage rates. The home builder also reported lower-than-expected earnings for the latest quarter, although revenue came in slightly above analysts’ forecasts.

Novax (NVAX) – Novavax shares fell 9.2% in premarket trading after the drug maker announced a $125 million common share offering and a $125 million convertible debt offering.

western digital (WDC) – Goldman Sachs has downgraded Western Digital’s stock to neutral, indicating the ongoing downturn in the flash memory market. Shares of Western Digital fell 4.7% in premarket trading.

AT&T (T) – AT&T has been downgraded to equal-overweight by Morgan Stanley, which notes AT&T’s outperforming performance this year and forecasts slower growth for the company in 2023. AT&T shares fell 1.4% in premarket trading.

trading table (TTD) – Jeffreys downgraded the digital advertising firm from buy to hold, praising the company’s “best-in-class fundamentals” but noting compensation from a rich valuation multiple. Trade Desk shares fell 3.3% in premarket trading.

Click (SNAP) — The social media company’s stock was downgraded to buy by Jefferies, which said Snap was facing tough competition and a deteriorating macroeconomic environment. Snap lost 2.1% in premarket.


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