Stocks Making the Biggest Premarket Moves: Penn Entertainment, Lyft, Wework and More

Check out the companies making headlines before the bell Wednesday.

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WeWorkIn a notable development, the stock of WeWork experienced a substantial decline of 25.7%. This decline followed WeWork's disclosure in an SEC filing, wherein concerns were expressed about the company's capacity to sustain operations due to underwhelming membership rates. WeWork cautioned stakeholders about potential actions, including the exploration of bankruptcy, restructuring, or debt refinancing. Demonstrating a significant decline in value throughout the year, with shares falling below $1 earlier, the premarket trading saw the share price plummet to $0.05.

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CarvanaOnline pre-owned vehicle retailer Carvana exhibited a noteworthy increase of 7.4% before market commencement. Carvana anticipates its adjusted EBITDA for the third quarter to surpass $75 million, exceeding previous projections and analysts' estimations of $46.4 million, as indicated by StreetAccount. The company, which announced a debt restructuring agreement in July, has witnessed an exceptional surge in its stock price, having appreciated by over 850% this year, driven in part by the convergence of short sellers covering their positions.

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LyftShares of ride-hailing enterprise Lyft encountered a premarket decline of nearly 6%, following the release of its second-quarter earnings report. Lyft disclosed revenue amounting to $1.02 billion, consistent with analyst forecasts according to Refinitiv. Concurrently, adjusted earnings per share stood at 16 cents, surpassing the estimated loss of 1 cent per share.

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Penn EntertainmentShares of Penn Entertainment, an entity engaged in entertainment and casino operations, achieved a noteworthy gain of over 15% in early morning trading. This surge was precipitated by the announcement of a decade-long partnership between Disney's ESPN and Penn, resulting in the creation of ESPN Bet, a sports betting platform. The agreement entails Penn remitting $1.5 billion in cash to ESPN. In response to this development, Disney's stock price recorded an increase of more than 1.8%.

Axon EnterpriseMilitary technology developer Axon Enterprise witnessed a premarket advance of 13.8% following the release of its second-quarter earnings report, which surpassed both earnings and revenue expectations. Axon reported earnings per share of $1.11, markedly exceeding analyst projections of 62 cents, as per StreetAccount. Revenues reached $374.6 million, surpassing analysts' consensus estimate of $350.5 million. Notably, JPMorgan upgraded the stock to an "outperform" rating and assigned a target price of $235, implying a potential upside of 34%.

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BumbleDespite surpassing expectations for its second-quarter performance, dating platform Bumble experienced a decline of 2.8%. This decline was observed even though the company achieved favorable results across key metrics. However, Bumble's outlook for adjusted EBITDA in the current quarter was comparatively subdued.

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DraftKingsShares of the sports betting enterprise DraftKings witnessed a decline of approximately 4.6%. This decline ensued after ESPN, owned by Disney, unveiled a collaboration with its competitor Penn Entertainment to establish a gambling sportsbook.

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ToastThe stock of restaurant management software platform Toast experienced a notable increase of 14% subsequent to the release of its second-quarter earnings report, which surpassed market expectations. Toast reported earnings per share of 19 cents, significantly exceeding Street Account's projection of 1 cent per share. The company's revenue totaled $978 million, surpassing the anticipated figure of $943.1 million.

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MarqetaShares of the payments platform company Marqeta exhibited a substantial surge of nearly 19% following its announcement of a four-year agreement to continue serving Block's CashApp. Additionally, Marqeta disclosed its second-quarter performance, revealing a mixed outcome. The company reported a loss of 11 cents per share on $231 million of revenue. Notably, this performance differed slightly from analysts' consensus, which anticipated a loss of 9 cents per share on revenue amounting to $219 million.

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Akamai TechnologiesCybersecurity firm Akamai Technologies experienced a premarket gain of 6.4% after revising its full-year guidance and disclosing second-quarter earnings that surpassed expectations on Wall Street.

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