Biggest stock market movers you need to know about this morning

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The stock market opened up this morning with a few companies leading the charge, while others are taking a bit of a hit before the day gets started. These stocks include Expedia (EXPE), Block (BLK), and Lyft (LYFT). We’ll break down why they are moving, so you know whether you should be paying attention or if you should ignore them and stay on track with your investing strategy.

Image Source- Newsachieve,com

Expedia (EXPE) – The travel website operator’s stock jumped 5.4% in the premarket after Expedia beat top and bottom line estimates in its latest quarterly report. Travel demand was strong, with lodging revenue up 57% from a year ago and airline ticket revenue up 22%.

Block (SQ) – Shares of the payment service company slid 6.4% in premarket trading even though it reported better-than-expected quarterly results. The drop comes as Block reports a 34% drop in revenue at its Cash App unit.

LYFT – Lyft The ride-hailing service reported an unexpected quarterly profit, and ridership increased to its best levels since before the epidemic. As a result, the stock of the company increased 7.5 percent in premarket trading. Cost restrictions, according to Lyft, also aided its outcomes.

DoorDash (DASH) – After the food delivery service increased its projection for gross order value, a crucial statistic, DoorDash soared 10.3% in the premarket. Although sales was more than projected, DoorDash did disclose a wider-than-expected quarterly deficit.

DKNG (DraftKings) – The sports betting firm increased its full-year revenue prediction while also reporting better-than-anticipated revenue and adjusted profitability for the most recent quarter. In premarket trading, shares of DraftKings increased by 8.2 percent.

Entertainment by AMC (AMC) – The movie theatre operator’s stock dropped 9% in the premarket after it announced it would distribute preferred shares as a stock dividend to all holders of common stock. Separately, AMC disclosed a quarterly loss that was a little wider than anticipated.

Warner Brothers Discovery (WBD) – The media firm disclosed a quarterly loss and revenue that fell short of Wall Street expectations. As a result, the stock of the company fell 11.6 percent in premarket trading.

Beyond Meat (BYND) – The producer of meat substitutes made a wider-than-anticipated quarterly loss and sales that fell short of analyst expectations. Additionally, Beyond Meat disclosed that 4% of its global personnel would be let go. Premarket trading saw a 3.6 percent decline in the shares.

Carvana, Inc. Shares of online used car retailer Carvana increased 8.4% in premarket trading after it announced that it was “aggressively” slashing costs in order to get ready for a potential economic slump.

Virgin Galactic (SPCE) – After announcing a delay in the commercial debut of space flights to the second quarter of 2023, Virgin Galactic’s stock fell 14.2 percent in the premarket. In order to increase its cash on hand, Virgin Galactic also announced that it would sell up to $300 million in shares.

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