Thursday, February 2, 2023
HomeMarketTesla, Warner Bros. Discovery, Novavax, and More Stock Market Movers

Tesla, Warner Bros. Discovery, Novavax, and More Stock Market Movers

CEO Elon Musk sold another $3.6 billion of Tesla shares (Photo by Sean Gallup/Getty Images)

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Stock futures were tumbling Thursday after the Federal Reserve raised interest rates by 50 basis points, as expected. But the central bank said rates will have to go higher for longer in its effort to push inflation lower.

These stocks could be movers during the trading session:

Tesla
(ticker: TSLA) was falling 2.6% in premarket trading after CEO Elon Musk sold another $3.6 billion of shares in the electric-vehicle maker, according to a  filing with the Securities and Exchange Commission disclosed Wednesday. The reason for the sales wasn’t clear, but could be related to Musk’s recent purchase of Twitter.

Warner Bros. Discovery
(WBD) said it expects to record pretax restructuring charges of $4.1 billion to $5.3 billion, including $2.8 billion to $3.5 billion of content-impairment and development write-offs, following the combination of Discovery Inc. and
AT&T
‘s (T) WarnerMedia unit. The projected restructuring charges are higher than previous estimates of $3.2 billion to $4.3 billion.
Warner Bros. Discovery
fell 0.9%.

Novavax
(NVAX) was falling 9.4% on plans to sell up to $125 million in stock, and offer $125 million of convertible senior notes, due in 2027.

Lennar
(LEN), the home builder, posted fiscal fourth-quarter revenue of $10.2 billion, topping analysts’ estimates, as deliveries jumped 13% to 20,064 homes. Gross margin on home sales was 24.8%.

For the first quarter of 2023,
Lennar
said the range for deliveries will be between 12,000 to 13,500 homes , while gross margin will be about 21%. For full-year 2023, the range for deliveries will be between 60,000 to 65,000 homes. Shares fell 2.7%.

Jabil
(JBL), the contract electronics manufacturer, is scheduled post quarterly earnings before the stock market opens Thursday, while software maker
Adobe
(ADBE) is scheduled to report earnings after markets close.

Write to Joe Woelfel at joseph.woelfel@barrons.com

Credit: marketwatch.com

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