© Reuters
Investing.com — U.S. stocks are falling on Wednesday as investors await a key report on inflation this week.
Here are some of the biggest U.S. stock movers today:
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Penn Entertainment (NASDAQ:) stock rose 8% after the online bettor signed a deal with Walt Disney’s (NYSE:) ESPN to jointly launch a sports betting business under the brand ESPN Bet. This resulted in the stock of rival DraftKings (NASDAQ:) falling 9.9%.
- WeWork (NYSE:) stock slumped 36% after the workspace provider raised “substantial” doubt about its ability to continue as a going concern and said three board members had stepped down.
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Amazon (NASDAQ:) stock fell 1.2% after Reuters reported that the online e-commerce giant is in negotiations over joining a number of other technology firms as an anchor investor in Softbank-owned chip designer Arm’s planned initial public offering.
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Lyft (NASDAQ:) stock fell 8% on concerns the ride-hailing platform’s focus on competitive pricing to gain market share would muddy its path to profitability.
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Twilio (NYSE:) stock rose 2.5% after the cloud computing platform operator raised its full-year profit forecast after reporting strong second-quarter .
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Rivian Automotive (NASDAQ:) stock fell 8.6% after the electric vehicle maker lifted its annual production guidance after a narrower-than-expected loss in the second quarter as it ramped up production.
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Sony (NYSE:) stock fell 7% after the Japanese conglomerate raised its full-year sales forecast on the back of expected strength for its PlayStation gaming business, even after reporting a 31% drop in first-quarter profit.
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United Parcel Service (NYSE:) stock fell 0.8% after UBS downgraded its stance on the delivery giant to ‘neutral’ from ‘buy’, citing margin pressures and lower shipping volumes.
—Peter Nurse contributed to this report
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