Home Business Rivian, Lucid, Clorox, Lamb Weston, Constellation, and More Stock Market Movers

Rivian, Lucid, Clorox, Lamb Weston, Constellation, and More Stock Market Movers

by Clarence Jones

Rivian, the electric-truck maker, has announced that it expects third-quarter sales to be between $1.29 billion and $1.33 billion, aligning with analysts’ estimates. Additionally, the company plans to offer $1.5 billion worth of convertible notes. Despite this news, Rivian’s stock fell by 17%.

In other electric-vehicle news, Lucid Group, an EV start-up, experienced a 7.3% decline in its stock. Tesla, on the other hand, saw a 0.9% decrease after a 5.9% gain on Wednesday. Tesla’s stock has been on the rise since it reported third-quarter deliveries that fell short of analysts’ consensus estimates.

Hyundai also made headlines by announcing its adoption of the North American Charging Standard, which is Tesla’s charging plug. This move further solidifies Tesla’s position as a leader in the electric-vehicle market.

Meanwhile, Clorox, a leading consumer goods company, suffered an 8.3% decline in its stock after cutting its fiscal first-quarter outlook due to a recent cybersecurity attack. The company expects a loss of 35 cents to 75 cents per share. On an adjusted basis, it anticipates between a break-even result to a loss of 40 cents per share. Clorox also forecasts a sales decline of 23% to 28% compared to the same period last year.

Lamb Weston, a frozen potato company, reported a fiscal first-quarter profit that more than doubled analysts’ expectations. As a result, the stock surged by 9.2%, making it the best-performing stock in the S&P 500.

Constellation Brands, a beverage company, raised its fiscal-year earnings expectations after reporting second-quarter profit and revenue that surpassed Wall Street estimates. However, the stock fell by 2.2%.

BlackBerry, the Canadian technology company, experienced a 6.3% decline in its stock after announcing plans to split into two separate businesses and spin off its Internet-of-Things business in an initial public offering. The IPO is expected to take place in the first half of the next fiscal year.

Exxon Mobil, the energy giant, saw a 1.3% decline in its stock after announcing that rising crude oil prices would boost its third-quarter earnings. The company expects a profit increase of $900 million to $1.3 billion from changes in liquids prices. Additionally, changes in gas prices are projected to add between $200 million and $400 million. However, thinner margins in the chemicals business will result in a profit reduction of $400 million to $600 million.

Lastly, Carrier Global, a manufacturer of HVAC products and other equipment, was downgraded by BofA from Neutral to Underperform. The price target for the stock was also lowered from $62 to $55. As a result, the stock fell by 1.7% to $53.68.

Overall, the stock market saw mixed performance as several companies faced challenges and others exceeded expectations. Investors will be closely watching the developments in the upcoming quarters to assess the long-term impact on these companies’ performance.

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