Check out the companies making headlines before the bell:
DraftKings (DKNG) – DraftKings fell 12.5% in premarket trading despite a loss and lower-than-expected quarterly revenue that topped Wall Street forecasts. The sports betting company also raised its revenue forecast and warned that a prolonged economic downturn could impact customer spending.
Cinemark (CNK) — The movie theater operator’s stock rose 6.5% after reporting better-than-expected quarterly earnings, though its loss was bigger than analysts had expected.
Hershey (HSY) – Hershey rose 1% in premarket after quarterly results beat estimates and the candy and chocolate maker raised its sales and profit outlook. Hershey’s improving outlook signals strong Halloween candy sales.
Chinese stocks – Shares of China-based companies that trade in the United States rallied in after-hours trading on reports that China would relax its strict Covid-19 protocols. Ali Baba (BABA) jumped 9.7%, JD.com (JD) gained 9.3%, Pinduo-duo (PDD) added 8.8% and bilibili (BILI) jumped 14.4%.
Starbucks (SBUX) – Starbucks shares rose 4.6% in pre-market after the coffee chain reported better-than-expected earnings and revenue for its latest quarter, with sales hitting a record high. Starbucks said its investments in new equipment and higher wages for workers are paying off.
DoorDash (DASH) — DoorDash stock rose 11.9% in premarket trading on record orders and better-than-expected revenue, though its quarterly loss was bigger than expected. Customers continue to spend on food delivery even in the face of higher prices.
Twilio (TWLO) — The customer engagement software maker saw its stock plunge 25.1% in premarket stock after weaker-than-expected sales forecasts. The outlook overshadowed a weaker-than-expected quarterly loss and revenue that beat estimates.
Expedia (EXPE) – Expedia reported quarterly profit slightly below Wall Street forecasts, but revenue beat estimates and topped $1 billion for the first time on strong travel demand. Expedia gained 3.5% pre-market.
PayPal (PYPL) – PayPal shares fell 6.9% pre-market despite better-than-expected quarterly earnings and revenue for the payment services operator. Investors are focused on PayPal’s lower annual revenue growth forecast as the company expresses caution over the impact of an economic slowdown.
Coinbase (COIN) — Coinbase jumped 6.5% in premarket trading, even as it reported a bigger-than-expected loss and revenue, below analysts’ forecasts. The cryptocurrency exchange operator also saw an increase in interest income and made progress in diversifying its revenue streams.
To block (SQ) – Bulk shares jumped 14% in premarket action after reporting quarterly revenue and profit that beat Wall Street forecasts. The payment services operator’s subscription revenue jumped 71% from a year ago.
Discovery of Warner Bros. (WBD) – Warner Bros. Discovery announced a larger-than-expected loss for its latest quarter and revenue below analysts’ estimates. Separately, Bloomberg reported that the media company plans to cut jobs at its Warner Bros. film unit. The stock fell 3.3% in premarket action.
carvana (CVNA) – Carvana fell 7.4% in premarket trading after the used-car retailer reported worse-than-expected quarterly results. Rising car prices and rising interest rates were key factors in the decline in demand.