Lyft, DraftKings, DoorDash Rise Premarket; Warner Bros Discovery Falls

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By Peter Nurse

Investing.com -- Stocks in focus in premarket trade on Friday, August 5th. Please refresh for updates.

Warner Bros Discovery (NASDAQ:WBD) stock fell 13% after the entertainment giant’s chief executive David Zaslav said it’s looking at the introduction of a free, ad-supported version of its streaming service, which could have negative implications for revenue and profit at the new spin-off.

Lyft (NASDAQ:LYFT) stock rose 8.7% after the ride-hailing firm forecast an adjusted operating profit of $1 billion for 2024 after reporting record earnings for the second quarter.

DraftKings (NASDAQ:DKNG) stock rose 9.7% after the gaming stock reported a narrower-than-expected loss while revenues exceeded forecasts. Massachusetts lawmakers recently approved sports betting in that state, making it just the latest state to expand the business.

DoorDash (NYSE:DASH) stock rose 11% after the food delivery firm raised its annual target for gross order value, a key industry metric, saying it does not expect a slowdown in demand despite decades-high inflation.

Cloudflare (NYSE:NET) stock soared 20% after the cybersecurity company hiked its revenue forecast for the full year on the back of impressive quarterly results.

Block (NYSE:SQ) stock fell 6.4% after the digital payments firm reported a loss in quarterly results on waning interest in cryptocurrencies.

Canopy Growth (NASDAQ:CGC) fell 6.9% after the cannabis producer reported a quarterly loss as a result of incurring an impairment charge of C$1.72 billion ($1.33 billion) related to its operations.

Sunrun (NASDAQ:RUN) stock rose 6.9% after Barclays initiated coverage of the solar energy provider with an ‘overweight’ rating, saying it could surge 45% if lawmakers approve a climate spending boost.

Twilio (NYSE:TWLO) stock fell 8.2% after Stifel downgraded the communications platform to ‘hold’ from ‘buy’, citing the company’s weak guidance.

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