People walk by electric truck maker Rivian’s newly opened storefront in the Meatpacking District of Manhattan on June 23, 2023 in New York City.
Spencer Platt | Getty Images
Check out the companies making headlines in premarket trading.
Rivian — Shares of the electric vehicle maker plunged 8.7% after Rivian announced a $1.5 billion convertible bond sale and issued disappointing guidance for the third quarter. The company said it expects between $1.29 billion and $1.31 billion in revenue, while analysts polled by StreetAccount forecast $1.31 billion. Rivian also reported its cash and short-term investments lessened between the end of the second and third quarter.
Energy stocks — Shares of oil firms Occidental Petroleum, Chevron and ExxonMobil were all lower in premarket trading, as crude prices added to Wednesday’s steep declines. Occidental ticked down 0.4%, while Chevron and ExxonMobil both pulled back around 1%.
Clorox — Shares slipped 4.4% in premarket trading Thursday, a day after the product maker offered weaker guidance for the fiscal first quarter than analysts expected. The company also said a cyberattack outweighed benefits from pricing, cost saving and supply chain improvements. Raymond James downgraded the stock to market perform from outperform following the guidance.
UWM Holdings — Shares of the mortgage company rose 4.3% in premarket trading after a BTIG upgrade to buy from neutral. BTIG said the valuation for the parent company of United Wholesale Mortgage does not reflect the upside from a potential stabilization in interest rates.
Orchard Therapeutics — The gene therapy stock soared more than 98% on news that the company would be acquired by Japanese pharmaceutical Kyowa Kirin for $478 million.
Vestis — Shares of the uniform company added 2.4% after Redburn Atlantic initiated coverage of the company with a buy rating. Analyst Oliver Davies noted limited valuation downside and forecast 75% upside. Vestis completed a spinoff from Aramark on Monday.
