Penn Entertainment, Rivian and Twilio rise premarket; Lyft, WeWork fall

investing.com:

Investing.com — U.S. futures rose Wednesday, rebounding after the previous session's losses with investors digesting more corporate earnings.

Here are some of the biggest premarket U.S. stock movers today:

Penn Entertainment (NASDAQ:PENN) stock rose 13% after the online bettor signed a deal with Walt Disney's (NYSE:DIS) ESPN to jointly launch a sports betting business under the brand ESPN Bet. This resulted in the stock of rival DraftKings (NASDAQ:DKNG) falling 5.2%.

Amazon (NASDAQ:AMZN) stock rose 0.4% 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.

Lyft (NASDAQ:LYFT) stock fell 6.6% on concerns the ride-hailing platform's focus on competitive pricing to gain market share would muddy its path to profitability.

Twilio (NYSE:TWLO) stock rose 6.2% after the cloud computing platform operator raised its full-year profit forecast after reporting strong second-quarter results.

Rivian Automotive (NASDAQ:RIVN) stock rose 1.1% after the electric vehicle maker lifted its annual production guidance after reporting a narrower-than-expected loss in the second quarter as it ramped up production.

Sony (NYSE:SONY) stock rose 0.9% 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.

WeWork (NYSE:WE) stock slumped 9% after the workspace provider raised «substantial» doubt about its ability to continue as a going concern and said three board members had stepped down.

United Parcel Service (NYSE:UPS) stock fell 1.3% after UBS