Look at the businesses garnering attention during noon trade.
Rivian Automotive — After the manufacturer of electric vehicles revealed intentions to raise $1.5 billion in convertible notes and provided a preliminary third-quarter revenue projection that was broadly in line with Wall Street’s expectations, shares of Rivian Automotive plunged 19%.
Exxon Mobil — In noon trading, the company’s shares fell more than 2.3% as a result of a further drop in oil prices brought on by an unclear macroeconomic outlook and demand forecast.
Clorox – After the goods manufacturer provided poorer fiscal first-quarter guidance than analysts surveyed by FactSet anticipated, shares fell 7.7% on Thursday. The business said that a cyberattack masked the advantages of better pricing, cost savings, and supply chain improvements.
UWM Holdings — Shares increased 5.7% following BTIG’s upgrading of the mortgage company to buy from neutral. The company claimed that UWM Holdings’ valuation does not take advantage of possible gains from an increase in interest rates.
The Orchard Therapeutics After the Japanese pharmaceutical company Kyowa Kirin revealed plans to buy the gene therapy-focused biotechnology startup for $478 million, shares nearly doubled.
Vestis — Shares of the uniform manufacturer were given a buy rating by Redburn Atlantic after they noted little valuation downside and stated that “risk reward for the stock appears asymmetric,” causing a 4.8% decline in price. On Monday, Vestis concluded its separation from Aramark.
Oculis – Shares of the biopharmaceutical business increased 3.4% after Stifel began covering it with a buy rating and a $35 target price. The investment bank attributed the grade to Oculis’s pipeline of cutting-edge technology.
First Citizen Bancshares – After Wedbush initiated the regional bank with an outperform rating and cited two recent acquisitions as triggers for a favourable outlook, the stock increased by 1%.
Johnson & Johnson — Following RBC’s outperform rating and the beginning of company coverage, shares of the healthcare behemoth increased 0.8% in midday trade. Further potential from JNJ’s spinoff of Kenvue earlier in 2023 was observed by analyst Shagun Singh as being unrealized.
Constellation Brands — Shares of the producer of alcoholic beverages fell more than 3% at midday after the company revealed that sales of wine and spirits fell 14% on a year-over-year basis, as well as an 8% decline in depletions, the term used in the trade for the quantity of cases a distributor sold to retailers.
Instacart – Following Bernstein’s introduction of coverage of the firm with a market perform rating, Instacart saw a 2.9% decline. Bernstein said that the delivery company’s robust digital advertising business was under threat from growing competition.
Source (CNBC)
