Here are the key news updates investors should know to begin today's trading day:
Premarket Movers
| Company | Stock Performance | Event |
|---|---|---|
| Uber (NYSE:UBER) | slumped 6% | Forecast second-quarter gross bookings below expectations after missing first-quarter target |
| Apple (NASDAQ:AAPL) | rose 0.4% | iPhone shipments in China increased by 12% in March after price reductions |
| Lyft (NASDAQ:LYFT) | rose 5.5% | Projected higher-than-expected gross bookings and a core profit for the current quarter |
| Reddit (NYSE:RDDT) | rose 12% | Projected an adjusted profit for the second quarter in its debut earnings report |
| Upstart (NASDAQ:UPST) | sank 13% | Provided weak guidance for the current quarter |
| Rivian (NASDAQ:RIVN) | fell 5.4% | Reported a wider-than-expected first-quarter loss but maintained 2024 production forecast |
| Electronic Arts (NASDAQ:EA) | fell 3.5% | Reported weak full-year earnings and revenue guidance |
| Luminar Technologies (NASDAQ:LAZR) | soared 8.5% | Announced Tesla as its biggest customer in the first quarter |
| Wynn Resorts (NASDAQ:WYNN) | rose 2.4% | Beat expectations for first-quarter profit driven by strength in various sectors |
| AB Inbev (NYSE:BUD) | rose 4.5% | Posted revenue that met expectations and volumes that topped estimates in the first quarter |
| Twilio (NYSE:TWLO) | fell 7.7% | Forecast lower-than-expected revenue for the upcoming quarter due to economic uncertainties |
| Arista Networks (NYSE:ANET) | rose 7.3% | Topped quarterly estimates and provided an optimistic outlook for the current quarter |
| Shopify (NYSE:SHOP) | slumped 16% | Issued a downbeat revenue forecast for the second quarter |
Apple Unveils New iPads
Apple (NASDAQ: AAPL) introduced new versions of its iPad Air and iPad Pro, marking the first update since October 2022.
The new iPad Pro, starting at $999, features the advanced M4 chip, aligning it closer to the capabilities of a laptop, especially when combined with the optional Magic Keyboard case. The more affordable iPad Air is priced at $599 and will hit stores next week.
Reddit's Stock Surges After Earnings
For the first time since going public, Reddit (NYSE: RDDT) released its earnings, leading to a nearly 15% increase in its stock price in after-market trading.
The social platform reported a 48% year-over-year revenue increase to $163.7 million, with ad revenue growing faster than its main competitors. Daily active users have reached 82.7 million.
Crude Prices Dip on Inventory Growth
Oil prices took a hit Wednesday as U.S. crude inventories unexpectedly grew, reflecting softer demand. The latest data from the American Petroleum Institute indicated a rise of 0.5 million barrels, contrary to predictions of a 1.4 million barrel decline. U.S. crude dropped to $77.50 per barrel, and Brent crude fell to $82.24 per barrel.
Peloton Ponders Going Private
Fitness giant Peloton (NASDAQ: PTON) might go private as it engages in discussions with private equity firms, despite no certain deal on the horizon.
The company's market value has drastically dropped from its peak of $49.3 billion in January 2021 to just $1.3 billion.
This news follows the recent announcement of a leadership change and a significant reduction in its workforce. Following the report, Peloton’s stock surged over 15%.
