People walk past the newly opened storefront of electric truck maker Rivian in Manhattan’s Meatpacking District on June 23, 2023 in New York City.
Spencer Platt | Good pictures
Check out the companies making headlines in premarket trading.
Rivian – Shares of the electric vehicle maker fell 8.7% after Rivian declared $1.5 billion in convertible bond sales and gave disappointing guidance for the third quarter. The company said it expects revenue of between $1.29 billion and $1.31 billion, while analysts polled by the Street account for $1.31 billion. Rivian also reported that its cash and short-term investments decreased at the end of the second and third quarters.
Energy stocks – Shares of oil majors Occidental Petroleum, Chevron and ExxonMobil were all lower in pre-market trading as crude prices added to Wednesday’s sharp decline. Occidental fell 0.4%, while Chevron and ExxonMobil both retreated 1%.
Clorox – Shares fell 4.4% in premarket trading on Thursday, a day after the product maker issued weaker-than-expected fiscal first-quarter guidance. The company also said the cyber attack outweighed the benefits of pricing, cost savings and supply chain improvements. Raymond James followed the guidance and shorted the stock from the market’s performance.
UWM Holdings — The mortgage company’s shares rose 4.3% in premarket trading after BTIG was upgraded to buy from neutral. BTIG said the rating for United Wholesale Mortgage’s parent company does not reflect the upside of potential stability in interest rates.
Orchard Therapeutics – The gene therapy stock rose more than 98% In the news Japanese pharmaceutical company Kiowa will buy Kirin for $478 million.
Vestis — Shares of the balanced company added 2.4% after Redburn Atlantic initiated coverage with a Buy rating. Analyst Oliver Davies noted limited valuations and predicted a 75% upside. Vestis A spinoff from Aramark was completed on Monday.
— CNBC’s Alex Haring, Pia Singh and Jesse Pound contributed reporting.