PayPal, Carvana Fall Premarket; Starbucks, Hershey, Block Rise

By Peter Nurse

Investing.com -- Stocks in focus in premarket trade on Friday, November 4th. Please refresh for updates.

• PayPal (NASDAQ: PYPL) stock fell 6.5% after the payments processor cut its annual revenue forecast, warning of a bleak holiday quarter as consumers cut back on discretionary spends.

• Starbucks (NASDAQ: SBUX) stock rose 5.1% after the coffee chain beat expectations for quarterly comparable sales and profits, targeting younger, wealthier customers in order to weather the coming slowdown.

• Hershey (NYSE: HSY) stock rose 1.3% after the candy maker raised its full-year net sales and profit forecasts, signaling it expects to continue its strong Halloween sales into the holiday season.

• Block (NYSE: SQ) stock rose 12% after the payments platform posted a rise in third quarter revenue late Thursday, helped by growth of its online payments service Cash App.

• Carvana (NYSE: CVNA) stock fell 12.2% after the online used car seller disappointed with its third quarter results, citing weakening demand for used cars after a surge of interest during the pandemic.

• Atlassian (NASDAQ: TEAM) stock fell 26% after the software company reported slowing paid user growth and issued a disappointing outlook.

• Funko (NASDAQ: FNKO) stock slumped 40% after JPMorgan downgraded its investment stance on the toymaker to ‘neutral’ from ‘overweight’, citing disappointing earnings and an uncertain future.

• WeWork (NYSE: WE) stock rose 8.5% after BTIG initiated coverage on the provider of working spaces with a ‘buy’ rating, saying it offers opportunities in the uncertain work climate.

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