Wednesday's Pre-Market: Apple, Bumble, RocketLab, Warner Bros-Paramount Global, and Macy's

Apple cancels plans to build an electric car

• Apple will wind down its team working on electric cars, according to Bloomberg.

• The news signals an end to Apple’s secretive effort to build a car to rival Tesla.

• Reports of Apple’s ambition to build a car first surfaced in 2014.

Bumble to lay off 350 employees, or about 37% of its workforce

• Bumble announced plans to lay off about 350 employees, or about 37% of its workforce, in its fourth-quarter report Tuesday.

• The company said the layoffs will help drive stronger operating leverage and align its operating model with “future strategic priorities.”

• Bumble CEO Lidiane Jones said the company is taking “significant and decisive” action to accelerate its product roadmap, according to the release.

Rocket Lab says contract backlog tops $1 billion, outlines Neutron progress toward first launch

• Rocket Lab is making steady progress on the development of its Neutron vehicle.

• The company reported fourth-quarter results that saw its contract backlog soar above $1 billion, driven by a major Pentagon satellite deal.

• The space company reported a net loss of $50.5 million, or 10 cents per share, for the quarter.

Warner Bros. Discovery halts merger talks with Paramount Global, sources say

• Warner Bros. Discovery is no longer pursuing a merger with Paramount Global as its shares trade near a 52-week low, according to people familiar with the matter.

• Skydance Media is still doing due diligence on a potential transaction with Paramount Global, the people said.

• Comcast isn’t interested in buying any Paramount Global assets but would consider commercial partnerships, like bundling or merging Peacock and Paramount+.

Macy’s will close about 150 department stores, but open new locations of better performing chains

• Macy’s will close about 150 of its namesake stores and invest in its roughly 350 remaining locations.

• It will also open new locations of its Bloomingdale’s and Bluemercury chains.

• The changes, announced as part of the retailer’s new growth strategy, reflect the brands that are performing the best at Macy’s.