Check out the companies making headlines before the bell:
You’re here (TSLA) – Tesla fell 1.2% in premarket trading after an SEC filing showed Elon Musk sold another $3.6 billion in stock. The title is down 55% since the beginning of the year until Wednesday.
Discovery of Warner Bros. (WBD) – Warner Bros. Discovery increased its projected costs for removing planned content by $1 billion to a total of $3.5 billion. The media company has implemented cost-cutting measures since the merger of AT&Tthe WarnerMedia and Discovery unit earlier this year. Warner Bros. Discovery lost 1.2% in premarket.
Lennar (LEN) – Lennar slid 2.6% in premarket after forecasting a slowdown in new home orders, due to rising mortgage rates. The homebuilder also reported earnings below expectations for its latest quarter, although revenue was slightly above analysts’ forecasts.
Novavax (NVAX) – Novavax fell 9.2% in premarket trading after the drugmaker announced a $125 million common stock offering and a $125 million convertible debt offering.
western digital (WDC) – Western Digital was downgraded to sell from neutral at Goldman Sachs, indicating a continued slowdown in the flash memory market. Western Digital fell 4.7% in the premarket stock.
AT&T (T) – AT&T was downgraded to equal weight from overweight in Morgan Stanley, which rates AT&T’s outperformance this year and forecasts the company’s growth to slow in 2023. AT&T fell 1.4% in pre-market trade.
Commercial counter (TTD) – Jefferies downgraded the digital ad company for not buying, praising the company’s “best performing fundamentals” but noting an offset against a rich valuation multiple. Trade Desk fell 3.3% pre-market.
Instantaneous (SNAP) — The social media company’s stock was downgraded to not be bought from Jefferies, which said Snap faced intense competition and a deteriorating macroeconomic picture. Snap lost 2.1% in premarket trading.