GM, Kraft Heinz Fall Premarket; Live Nation, Robinhood Rise

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By Peter Nurse — Stocks in focus in premarket trade on Wednesday, August 4th. Please refresh for updates.

  • General Motors (NYSE:) stock fell 3.6% after the auto giant revealed a $800 million cost from the recalls of the Chevrolet Bolt electric vehicle; that overshadowed a return to profit in the second quarter from a loss last year, as well as an increase in full-year guidance. 

  • Lyft (NASDAQ:) stock rose 0.9% after the ride-hailing company reported a quarterly profit three months ahead of target, but warned of ongoing driver shortages and the dangers attached to the spread of the Delta coronavirus variant.

  • Kraft Heinz (NASDAQ:) stock fell 1.1% after the consumer goods giant reported a fall in quarterly net sales to $6.62 billion in the second quarter, from $6.65 billion a year earlier, as Americans started eating out following the easing of coronavirus restrictions.

  • Live Nation Entertainment (NYSE:) stock rose 3.4% after the events promoter reported a large increase in sales thanks to the return of live events, with high demand for tickets and prices above levels seen before the pandemic.

  • Robinhood (NASDAQ:) stock rose 14% as high-profile investor Cathie Wood’s ARK Innovation ETF bought more shares of the online brokerage following its disappointing IPO.

  • Caesars (NASDAQ:) stock rose 2.6% after the casino and resorts operator beat earnings and revenue expectations for the second quarter as customers returned following the pandemic. 

  • Activision Blizzard (NASDAQ:) stock rose 5.9% after the video gaming company announced Tuesday that its president is leaving the company. This follows a July lawsuit alleging discrimination and sexual harassment against women at the company.

  • Amgen (NASDAQ:) stock fell 0.8% after the biotech said the pandemic, which has limited patient interactions with healthcare providers, is still expected to hit sales for the rest of 2021.

  • Apollo Global Management (NYSE:) stock rose 0.6% after the private equity firm reported distributable earnings more than doubled in the second-quarter,  thanks to a surge in profits from asset sales in its private equity, credit and real estate businesses.

  • Marathon Petroleum (NYSE:) stock rose 0.1% after the oil refiner posted its first adjusted quarterly profit since the pandemic, boosted by a rebound in fuel demand.

  • CVS Health (NYSE:) stock fell 0.9% after the drugstore chain announced its was boosting wages for its employees due to increased competition for labor; the company nonetheless raised its annual earnings forecast.

  • Avis Budget (NASDAQ:) stock rose 0.8% after the car rental giant reported what it described as its best ever quarter, helped by surging demand and higher rental prices.

  • Virtu Financial (NASDAQ:) stock fell 3.4% after the financial services provider reported a drop in revenue while its second-quarter earnings came below expectations.

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