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Coinbase, Unity Software, Wendy's Fall Premarket; Krispy Kreme, Peloton Rise

Investing.com
·2-min read

By Peter Nurse

Investing.com -- Stocks in focus in premarket trade on Wednesday, May 11th. Please refresh for updates.

Coinbase (NASDAQ:COIN) stock slumped 15% after the cryptocurrency exchange reported a surprise loss in the first quarter, pressured by weaker volatility and a rout in crypto prices including bitcoin.

Unity Software (NYSE:U) stock fell 23% after the video game software development company reported a net loss in the first quarter and lowered its full-year revenue guidance.

Wynn Resorts (NASDAQ:WYNN) stock gained 2.4% as the casino operator reported a 29% revenue increase in the first quarter even with the COVID restrictions in Macao.

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Krispy Kreme (NASDAQ:DNUT) stock rose 4.8% after the donut chain beat expectations at both the top and bottom lines, helped by a large jump in its overseas operations.

Wendy’s (NASDAQ:WEN) stock fell 5.8% after the fast-food restaurant chain missed estimates for quarterly U.S. same-store sales growth on increased competition amid supply and labor constraints.

Electronic Arts (NASDAQ:EA) stock rose 3.4%, helped by a jump in the video game company’s live services revenue, which makes up most of its sales, but it warned of weaker sales of its video gaming titles in a post-lockdown world. It also announced it was ending a decades-old partnership with FIFA, the world's soccer governing body.

Peloton (NASDAQ:PTON) stock rose 5.3% after JMP Securities upgraded its stance on the exercise equipment manufacturer to ‘outperform’ from ‘market perform’, saying the company is the “best in class” fitness stock and can virtually double.

Johnson & Johnson (NYSE:JNJ) stock rose 0.4% after saying that Thibaut Mongon, the current leader of the pharma giant’s consumer health business, will become the CEO of the standalone business when it is spun off.

Carvana (NYSE:CVNA) stock fell 0.6% after Stifel downgraded its stance on the auto retailer to ‘hold’ from ‘buy’, citing slowing demand in the used car market.

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