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Discover the latest news surrounding prominent companies during midday trading.
Rivian Automotive — Rivian Automotive shares plummeted by 19% after the electric vehicle manufacturer announced its intention to raise $1.5 billion through convertible notes. Additionally, their preliminary revenue guidance for the third quarter aligned with analyst expectations. Rivian anticipates generating between $1.29 billion and $1.33 billion in revenue, in comparison to analysts’ forecasted $1.3 billion as reported by LSEG.
Exxon Mobil — In the midst of uncertain future demand and macroeconomic conditions, Exxon Mobil experienced a decline of over 2.3% in its stock price due to reduced oil prices.
Clorox — Shares of Clorox dropped 7.7% after the company provided fiscal first-quarter guidance that fell short of analysts’ expectations. The impact of a cyberattack overshadowed the benefits arising from improved pricing, cost reduction, and supply chain enhancements.
UWM Holdings — Following an upgrade by BTIG from neutral to buy, UWM Holdings experienced a surge of 5.7% in its stock price. The mortgage company’s valuation was deemed undervalued, and the firm noted potential benefits from a stabilization in interest rates.
Orchard Therapeutics — Shares of the biotechnology firm doubled in value after Japanese pharmaceutical company Kyowa Kirin announced its acquisition plans. The deal, valued at $478 million, involves Orchard Therapeutics, which specializes in gene therapy.
Vestis — Following Redburn Atlantic’s initiation of coverage with a buy rating, shares of Vestis dropped 4.8%. The uniform company’s limited valuation downside was noted in the report, with the suggestion that the risk-reward ratio appears imbalanced. Vestis recently completed its spin-off from Aramark.
Oculis — Stifel initiated coverage of the biopharma company, Oculis, and assigned it a buy rating with a $35 target price. The investment bank cited the company’s pipeline of innovative technologies as a compelling reason for the positive rating.
First Citizen Bancshares — After receiving an outperform rating from Wedbush, shares of the regional bank rose by 1%. The two recent acquisitions made by the bank were mentioned as catalysts for the positive outlook.
Live Oak Bancshares — Following an upgrade by JPMorgan from neutral to overweight, Live Oak Bancshares saw a 4.2% increase in its stock price. The bank maintained a price target that suggests over 40% upside potential in the next 12 months.
Carrier Global — Carrier Global stock dipped 1.3% after Bank of America downgraded the HVAC company from neutral to underperform. The bank cited a slowdown in European demand for heat pumps as a reason for a negative outlook on the stock.
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