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Coinbase, Roblox, Sweetgreen Fall Premarket; Twitter Rises

Investing.com
·2 min read

By Peter Nurse

Investing.com -- Stocks in focus in premarket trade on Wednesday, August 10th. Please refresh for updates.

Twitter (NYSE:TWTR) stock rose 4% after Elon Musk sold an additional $6.9 billion worth of Tesla (NASDAQ:TSLA) shares ahead of his court appearance in October, which could result in either a forced buyout of the social media platform or a hefty fine for calling off his proposed acquisition. Tesla stock rose 1.9%.

Roblox (NYSE:RBLX) stock fell 15% after the video game publisher reported a wider-than-expected loss in the second quarter, with its average daily active users coming in one million below estimates.

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Coinbase (NASDAQ:COIN) stock fell 4.7% after the crypto exchange reported a massive $1.1 billion net loss in the second quarter, citing a "fast and furious" downturn of the crypto markets.

Wendy’s (NASDAQ:WEN) stock fell 0.5% after the fast food chain missed estimates for quarterly U.S. same-store sales growth, as customers reined in their spending in the face of higher prices of everyday goods.

Meta Platforms (NASDAQ:META) stock rose 1.1% after the Facebook-parent raised $10 billion in its first-ever bond offering. Bank of America also added the social media giant to its ‘best ideas’ list.

Wynn Resorts (NASDAQ:WYNN) stock fell 2.8% after the gaming company missed quarterly revenue estimates, dragged down by results at its Macau resort which was hit by COVID restrictions.

Sweetgreen (NYSE:SG) stock fell 20.1% after the salad restaurant chain reported a wider-than-expected second-quarter loss, cut its full-year guidance, and said it would shed about 5% of its workforce.

Allbirds (NASDAQ:BIRD) stock fell 1.9% after Morgan Stanley downgraded its stance on the footwear retailer to ‘equal weight’ from ‘overweight’, saying the company needs a clearer path to profitability.

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