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PayPal, Carvana Fall Premarket; Starbucks, Hershey, Block Rise

By Peter Nurse

Investing.com -- Stocks in focus in premarket trade on Friday, November 4th. Please refresh for updates.

  • PayPal (NASDAQ:PYPL) stock fell 6.5% after the payments processor cut its annual revenue forecast, warning of a bleak holiday quarter as consumers cut back on discretionary spends.

  • Starbucks (NASDAQ:SBUX) stock rose 5.1% after the coffee chain beat expectations for quarterly comparable sales and profits, targeting younger, wealthier customers in order to weather the coming slowdown.

  • Hershey (NYSE:HSY) stock rose 1.3% after the candy maker raised its full-year net sales and profit forecasts, signaling it expects to continue its strong Halloween sales into the holiday season.

  • Block (NYSE:SQ) stock rose 12% after the payments platform posted a rise in third quarter revenue late Thursday, helped by growth of its online payments service Cash App.

  • Carvana (NYSE:CVNA) stock fell 12.2% after the online used car seller disappointed with its third quarter results, citing weakening demand for used cars after a surge of interest during the pandemic.

  • Atlassian (NASDAQ:TEAM) stock fell 26% after the software company reported slowing paid user growth and issued a disappointing outlook.

  • Funko (NASDAQ:FNKO) stock slumped 40% after JPMorgan downgraded its investment stance on the toymaker to ‘neutral’ from ‘overweight’, citing disappointing earnings and an uncertain future.

  • WeWork (NYSE:WE) stock rose 8.5% after BTIG initiated coverage on the provider of working spaces with a ‘buy’ rating, saying it offers opportunities in the uncertain work climate.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.