See which businesses are generating news during premarket trading.
The Rivian After Rivian launched a $1.5 billion convertible bond sale and provided dismal third quarter guidance, the company’s shares fell 8.7%. The company stated that it anticipates revenue of between $1.29 billion and $1.31 billion, while analysts surveyed by StreetAccount predicted $1.31 billion. Additionally, Rivian stated that during the second and third quarters, its cash and short-term investments decreased.
Energy stock — In premarket trade, shares of oil companies Occidental Petroleum, Chevron, and ExxonMobil all fell as crude prices continued their sharp falls from the previous day. Chevron and ExxonMobil both decreased by almost 1%, while Occidental dipped by 0.4%.
UWM Holdings: Following a BTIG upgrade from neutral to buy, the mortgage company’s stock increased 4.3% in premarket trade. The upside from a projected stabilisation in interest rates, according to BTIG, is not reflected in the value for United Wholesale Mortgage’s parent business.
Orchard Therapeutics — Gene therapy startup Orchard Therapeutics had a 98% increase in value after it was announced that Kyowa Kirin, a Japanese pharmaceutical giant, would buy it for $478 million.