Tesla, Walt Disney and Spirit Airlines fall premarket; Instacart rises
On Wednesday, U.S. futures experienced a decline amid concerns that anticipated interest rate cuts by the Federal Reserve might be postponed. Notable movements in premarket U.S. stocks today include:
Walt Disney (NYSE: DIS) saw a 0.8% decline as the entertainment giant rejected board nominees from activist investors, citing substantial progress by the current leadership in executing a comprehensive company overhaul.
Tesla (NASDAQ: TSLA) witnessed a 1.2% decrease after reducing prices for its Model Y cars in Germany, where it recently lost its top electric vehicle seller status to Volkswagen (ETR: VOWG_p) in 2023. This follows a week after price cuts for its Model 3 and Model Y in China.
Spirit Airlines (NYSE: SAVE) experienced a significant 20% drop, extending the previous session’s decline, as a U.S. judge blocked JetBlue (NASDAQ: JBLU), down 1.8%, from acquiring the carrier due to competition concerns.
Charles Schwab (NYSE: SCHW) shares rose by 1.2% after the broker’s fourth-quarter profit exceeded expectations, despite a significant decrease, while its revenue fell slightly short.
Interactive Brokers (NASDAQ: IBKR) observed a 3.1% decrease following the posting of downbeat fourth-quarter revenue in the financial services sector.
Manchester United (NYSE: MANU) stock fell by 0.9% after the English soccer club lowered its full-year revenue and profit forecasts due to its elimination from this season’s European Champions League football tournament.
Alibaba (NYSE: BABA) ADRs experienced a 2.8% decline, JD (NASDAQ: JD) ADRs dropped 4.3%, and Baidu (NASDAQ: BIDU) stock fell 4.7%, with the Chinese e-commerce giants affected by weaker-than-expected growth data.
Instacart (NASDAQ: CART) stock rose by 3% after Wolfe Research upgraded the delivery company to ‘outperform’ from ‘peer perform,’ citing potential enhancements in logistics and advertising to foster robust revenue growth.
