Stocks making the biggest moves premarket: Ford, General Motors, Tapestry and more

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Take a look at some of the biggest movers in the premarket:

Ford (F), General Motors (GM) – Ford fell 2.8% in premarket trading while GM slid 3.4% after Wells Fargo double-downgraded both stocks to «underweight» from «overweight.» Wells Fargo said 2022 could represent a profit peak for legacy automakers, with the shift toward electric vehicles eroding profits in the years ahead.

Tapestry (TPR) – Tapestry gained 2.9% in the premarket after the company behind the Coach and Kate Spade luxury brands reported an adjusted 51 cents per share quarterly profit, 10 cents above estimates. Tapestry did cut its outlook for the fiscal year ending in June, due in part to the impact of Covid-related shutdowns in China.

Six Flags (SIX) – The theme park operator's shares jumped 7.7% after Six Flags reported a smaller than expected loss, as well as revenue which exceeded Street forecasts. The results were helped by an increase in attendance and in spending per guest.

WeWork (WE) – WeWork shares surged 9.8% in the premarket following the release of its quarterly results. The office-sharing company reported revenue that exceeded its prior guidance, plus a quarterly loss that was 37% lower than in the prior quarter, as well as its best gross sales since the first quarter of 2020.

Sonos (SONO) – The maker of high-end audio products saw its stock rally 6.8% in the premarket following its quarterly results. Sonos saw better than expected revenue amid continued high demand, although it did say growth might be impacted by ongoing supply chain issues.

Walt Disney (DIS) – Disney slid 4.2% in premarket trading after reporting lower than expected profit and revenue for its latest quarter. Disney had initially risen in off-hours