McDonald’s fries being prepared.
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See the companies making headlines at midday.
Rivian Automobile — Shares of Rivian Automotive fell 19% after the electric vehicle maker announced plans to raise $1.5 billion in convertible bonds and offered preliminary third-quarter revenue guidance roughly in line with forecasts. expectations of Wall Street. Rivian said it expects revenue between $1.29 billion and $1.33 billion, compared with $1.3 billion forecast by analysts surveyed by LSEG, formerly known as Refinitiv.
Exxon Mobile — Stocks fell more than 2.3% in midday trading following a further drop in oil prices due to an uncertain demand outlook and macroeconomic future.
Clorox — Shares fell 7.7% Thursday, a day after the product maker offered a fiscal first-quarter forecast that was worse than expected by analysts surveyed by FactSet. The company said a cyberattack overshadowed the benefits of better pricing, reduced costs and improved supply chain.
UWM Holdings — Shares jumped 5.7% after the mortgage company was upgraded by BTIG to buy from neutral. The company said UWM Holdings’ valuation does not reflect the benefits of potential interest rate stabilization.
Orchard Therapeutics — Stocks nearly doubled after Japanese pharmaceutical company Kyowa Kirin announced plans to acquire the gene therapy biotechnology company for $478 million.
Jackets — Shares fell 4.8% after Redburn Atlantic began coverage of the Uniformed company with a buy rating and noted limited decline in valuation, saying “the risk-reward for the stock appears asymmetrical. Vestis completed a spin-off from Aramark on Monday.
Oculis — Shares rose 3.4% after Stifel initiated coverage of the biopharmaceutical company with a buy rating and a $35 price target. The investment bank cited Oculis’ pipeline of innovative technologies as the reason for its rating.
BancShares First Citizens — Shares gained 1% after Wedbush launched the regional bank with an outperform rating, citing two recent acquisitions as catalysts for a positive outlook.
Live Oak Bancshares — Live Oak Bancshares added 4.2% after JPMorgan overweighted the stock and maintained a price target implying an upside of more than 40% over the next 12 months.
Global carrier — Shares of the HVAC company fell 1.3% after Bank of America downgraded Carrier’s rating from neutral to underperform. The bank cited slowing demand for heat pumps in Europe as one of the reasons it was negative on the stock.
Johnson & Johnson — Shares of the health care giant rose 0.8% in midday trading after RBC initiated coverage of the company with an outperform rating. Analyst Shagun Singh noted additional potential that has yet to be realized through Johnson & Johnson’s spinoff of Kenvue earlier in 2023.
Constellations Brands — Shares of the alcoholic beverage maker fell more than 3% in midday trading after Constellation reported wine and spirits sales fell 14% year-over-year as well as an 8% decrease in depletions, a industry term for number of cases. sold to retailers by a distributor. Overall, however, the company beat analysts’ earnings and revenue expectations and raised its guidance for its 2024 fiscal year.
Weston Lamb — Shares of Lamb Weston jumped 10%. On Thursday, the French fry producer, which supplies McDonald’s, beat analysts’ expectations in its latest quarter in terms of earnings and results. It also raised its forecast for the financial year. CEO Tom Werner cited strong demand and a favorable pricing environment to raise guidance for the fiscal year.
Instacart — Instacart fell 2.9% after Bernstein began coverage of the company based on a market performance review, noting that increased competition was testing the delivery company’s strong digital advertising business.
— CNBC’s Brian Evans, Alex Harring, Tanaya Macheel, Sarah Min, Jesse Pound, Pia Singh, Samantha Subin and Michelle Fox Theobald contributed reporting.