Stocks making the biggest moves premarket: Tesla, Warner Bros. Discovery, Lennar and more

Check retired the companies making headlines earlier the bell:

Tesla (TSLA) – Tesla fell 1.2% successful premarket trading aft an SEC filing showed that Elon Musk sold different $3.6 cardinal successful shares. The banal is down 55% twelvemonth to day done Wednesday.

Warner Bros. Discovery (WBD) – Warner Bros. Discovery raised its projected costs for scrapping planned contented by $1 cardinal to a full of $3.5 billion. The media institution has been implementing cost-cutting measures since the merger of AT&T's WarnerMedia portion and Discovery earlier this year. Warner Bros. Discovery mislaid 1.2% successful the premarket.

Lennar (LEN) – Lennar slid 2.6% successful the premarket aft forecasting a slowdown successful orders for caller homes, stemming from higher owe rates. The location builder besides reported lower-than-expected net for its latest quarter, though gross was somewhat supra expert forecasts.

Novavax (NVAX) – Novavax tumbled 9.2% successful premarket trading aft the cause shaper announced a $125 cardinal communal banal offering and a $125 cardinal offering of convertible debt.

Western Digital (WDC) – Western Digital was downgraded to merchantability from neutral astatine Goldman Sachs, which pointed to a continued downturn successful the flash representation market. Western Digital declined 4.7% successful premarket action.

AT&T (T) – AT&T was downgraded to equal-weight from overweight astatine Morgan Stanley, which notes AT&T's outperformance this twelvemonth and is predicting slower maturation for the institution successful 2023. AT&T fell 1.4% successful premarket trading.

Trade Desk (TTD) – Jefferies downgraded the integer advertisement steadfast to clasp from buy, praising the company's "best-in-class fundamentals" but noting an offset from a affluent valuation multiple. Trade Desk declined 3.3% successful the premarket.

Snap (SNAP) – The societal media company's banal was downgraded to clasp from bargain astatine Jefferies, which said Snap is facing aggravated contention and a worsening macroeconomic picture. Snap mislaid 2.1% successful premarket trading.