Stocks slipped Thursday and Treasury yields rose following data on jobless claims that pointed to a still-strong labor market.
These stocks were making moves Thursday:
Rivian Automotive
(RIVN) expects third-quarter sales of between $1.29 billion and $1.33 billion, in line with analysts’ estimates, and said it plans to offer $1.5 billion worth of convertible notes. The electric-truck maker said its estimated cash, cash equivalents and short-term investments at the end of the third quarter were $9.1 billion, “sufficient to enable us to fund our operations and capital expenditures through 2025.” The stock fell 13%.
EV leader
Tesla
(TSLA) was up 0.6% after closing with a gain of 5.9% on Wednesday. The stock has risen since
Tesla
earlier this week reported third-quarter deliveries that missed analysts’ consensus estimates. On Thursday, Hyundai announced it would adopt the North American Charging Standard, or Tesla’s charging plug.
Clorox
(CLX) was falling 5.1% after cutting its fiscal first-quarter outlook following a cybersecurity attack.
Clorox
sees a loss of 35 cents to 75 cents a share; on an adjusted basis it expects between a break-even result to a loss of 40 cents a share. Clorox said it sees sales falling by 28% to 23% in the period from a year earlier. The company disclosed the cyberattack in mid-August.
Lamb Weston
(LW), the frozen potato company, reported a fiscal first-quarter profit that more than doubled and easily topped Wall Street expectations. The stock jumped 10%.
Constellation Brands
(STZ) raised fiscal-year earnings expectations after reporting second-quarter profit and revenue that beat Wall Street estimates, driven by strength of the Modelo brand. The stock fell 2.3%.
BlackBerry
(BB) was down 1.9% after announcing it would split into two separate businesses, and planned to spin off its Internet-of-Things business in an initial public offering. The IPO would be targeted for the first half of the next fiscal year,
BlackBerry
said.
Exxon Mobil
(XOM) declined 1.9% after the energy giant said its third-quarter earnings would get a lift from rising crude oil prices. In a regulatory filing, Exxon said it expects a change in liquids prices to boost profit in the period by between $900 million and $1.3 billion. A change in gas prices would add between $200 million and $400 million. Thinner margins at its chemicals business would reduce profit by $400 million to $600 million.
Carrier Global
(CARR), a maker of HVAC products and other equipment, was downgraded to Underperform from Neutral at
BofA
and the price target was slashed to $55 from $62. The stock fell 1.4% to $53.83.
O’Reilly Automotive
(ORLY) rose 1.2% to $907.92 after shares of the auto parts retailer were upgraded to Buy from Neutral at
Citi
and the price target was raised to $1,040 from $983. Citi downgraded its recommendation on
Tractor Supply
(TSCO) to Neutral from Buy and the stock was falling 1.5%.
Write to Joe Woelfel at [email protected]
Read the full article here
