Peloton, PayPal Surge in Premarket on Boost From Lockdowns By Investing.com

By Geoffrey Smith 

Investing.com — Stocks in focus in premarket trade on Thursday, May 7th. Please refresh for updates.

• Peloton (NASDAQ:) stock leaped 18.7% after maker of fitness bikes reduced its net loss to 2 cents a share in the first quarter as the pandemic and related lockdown measures drove a boom in working out from home.
• Fox Class B (NASDAQ:) stock rose 4.6% after the broadcaster announced better-than-expected earnings for the first quarter, helped by a bump in revenue from the Super Bowl.
• Net earnings fell from a year ago but adjusted for one-offs were 93c, nearly one-third better than consensus forecasts.
• PayPal (NASDAQ:) stock was up 10.2% after the company promised a strong second quarter, reflecting the surge in e-commerce volumes caused by lockdown measures.
• The payments company’s first-quarter earnings fell well short of expectations, however, as it set aside $237 million in reserves against credit losses.

• Bristol-Myers Squibb (NYSE:) stock rose 2.1% after the pharma giant comfortably beat expectations for quarterly earnings as the benefits from its merger with Celgene (NASDAQ:) kicked in.

• However, the company revised down the midpoint of its full-year EPS guidance to 47c from 85c previously amid the pandemic-related uncertainty.

• Wynn Resorts (NASDAQ:) stock rose 0.4%, despite the casino operator reporting a predictably dire first-quarter result.

• The company swung to a loss of $402 million on a 42% drop in operating revenue as the closure of its casinos in Macau and Las Vegas hit hard.

• Chief executive Matt Maddox said he expected the company to benefit from pent-up demand as lockdowns across the U.S. are lifted.