Midday movers: Penn Entertainment, WeWork, Amazon and more

Investing.com -- U.S. stocks are falling on Wednesday as investors await a key report on inflation this week.

Here are some of the biggest U.S. stock movers today:

• Penn Entertainment (NASDAQ:PENN) stock rose 8% after the online bettor signed a deal with Walt Disney's (NYSE:DIS) ESPN to jointly launch a sports betting business under the brand ESPN Bet. This resulted in the stock of rival DraftKings (NASDAQ:DKNG) falling 9.9%.

• WeWork (NYSE:WE) stock slumped 36% after the workspace provider raised "substantial" doubt about its ability to continue as a going concern and said three board members had stepped down.

• Amazon (NASDAQ:AMZN) stock fell 1.2% after Reuters reported that the online e-commerce giant is in negotiations over joining a number of other technology firms as an anchor investor in Softbank-owned chip designer Arm's planned initial public offering.

• Lyft (NASDAQ:LYFT) stock fell 8% on concerns the ride-hailing platform's focus on competitive pricing to gain market share would muddy its path to profitability.

• Twilio (NYSE:TWLO) stock rose 2.5% after the cloud computing platform operator raised its full-year profit forecast after reporting strong second-quarter results.

• Rivian Automotive (NASDAQ:RIVN) stock fell 8.6% after the electric vehicle maker lifted its annual production guidance after reporting a narrower-than-expected loss in the second quarter as it ramped up production.

• Sony (NYSE:SONY) stock fell 7% after the Japanese conglomerate raised its full-year sales forecast on the back of expected strength for its PlayStation gaming business, even after reporting a 31% drop in first-quarter profit.

• United Parcel Service (NYSE:UPS) stock fell 0.8% after UBS downgraded its stance on the delivery giant to ‘neutral’ from ‘buy’, citing margin pressures and lower shipping volumes.

--Peter Nurse contributed to this report