Stocks - Disney, Snap, Tesla Slide Pre-market; Papa John’s Tumbles; CVS Jumps

Aug 08, 2018

Stocks in focus in pre-market trade Wednesday:

• Walt Disney (NYSE:DIS) stock lost 0.57% by 8:00 AM ET (12:00 GMT) as quarterly profit missed consensus due to increases in new technology costs.

• Snap (NYSE:SNAP) stock slid 1.07% as it reported that daily Snapchat users fell to 188 million from 191 million in the prior quarter. Limiting losses, a billionaire investor revealed a 2.3% stake in the company, expressing confidence that Snap had just begun to “scratch the surface of its true potential”.

• Papa John's (NASDAQ:PZZA) stock sank 9.42% after the company forecast that full-year comparable sales will decline between 7% and 10% and cut its profit forecast, citing fallout from the company's acrimonious split with former Chairman John Schnatter.

Tesla (NASDAQ:TSLA) stock declined 1.33% after surging 11% in the prior session on chief executive Elon Musk’s comments that he was considering taking the company private for $420 a share. Some observers suggested that Musk could be hit with a lawsuit by short sellers if the information was false.

• Ford Motor (NYSE:F) stock was little changed after saying it will launch in China early next year a new “entry-level” sport utility vehicle developed jointly with a local partner, as the U.S. automaker attempts to revive its slumping business in the world’s biggest auto market.

• CVS Health (NYSE:CVS) stock jumped 3.31% after second-quarter results beat on the top and bottom line

• Michael Kors (NYSE:KORS) stock gained 2.44% as second-quarter results beat estimates.

• 3D Systems (NYSE:DDD) stock skyrocketed 14.87% after reporting better-than-expected second-quarter results.

• Cars.com (NYSE:CARS) slumped 3.64% after cutting its 2018 outlook due to lower subscription revenue in the first half of the year and lower growth in its national advertising business.