By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Wednesday, May 4th. Please refresh for updates.
Lyft (NASDAQ:LYFT) stock slumped 23% after the ride-sharing company said it would have to spend more heavily to attract drivers, further pushing out the timeline for sustained cash generation.
Starbucks (NASDAQ:SBUX) stock rose 6.6% after the coffee chain outlined “relentless” demand in its U.S. stores, even as it missed sales estimates and suspended its guidance for the rest of its fiscal year because of China's tough COVID-19 curbs.
Advanced Micro Devices (NASDAQ:AMD) stock rose 6.5% after the chipmaker reported a beat on the top and bottom lines in the recent quarter, including 71% sales growth.
Airbnb (NASDAQ:ABNB) stock rose 5% after the vacation rental firm projected healthy growth in its second-quarter revenue, betting on pent-up demand to drive a summer of strong travel.
CVS Health (NYSE:CVS) stock rose 1.8% after the pharmacy chain raised its full-year profit forecast as it posted a better-than-expected first quarter, helped by strong performance in its insurance units and higher sales at its drug stores.
Uber (NYSE:UBER) stock fell 0.3% after the ride-hailing company announced massive writedowns of its investments in Asia and self-driving, pushing it to a $5.9 billion net loss in the first quarter.
Match Group (NASDAQ:MTCH) stock fell 6.4% after the group, which owns dating apps like Tinder and Hinge, announced that Shar Dubey will step down as chief executive officer, to be succeeded by Bernard Kim, president at mobile gaming maker Zynga (NASDAQ:ZNGA).
Yum! Brands (NYSE:YUM) stock fell 2.7% after the owner of fast-food chains Taco Bell, KFC, and Pizza Hut missed estimates for quarterly comparable sales, citing supply chain shortfalls and staffing pressures.
Moderna (NASDAQ:MRNA) stock rose 7% after the drug maker maintained its full-year sales forecast for its COVID-19 vaccine, despite cases falling and demand slackening.
Marriott International (NASDAQ:MAR) stock rose 3.1% after the hotel chain posted a quarterly profit, compared with a year-ago loss, as a rebound in travel demand boosted occupancy rates across its hotels.