McDonald’s French fries being prepared.
Daniel Acker | Bloomberg | getty images
Check out the companies making headlines in afternoon trading.
Rivian Automotive — Shares of Rivian Automotive fell 19% after the electric vehicle maker announced plans to raise $1.5 billion in convertible notes and offered preliminary third-quarter revenue guidance in line with Wall Street expectations. Rivian said it expects revenue to be between $1.29 billion and $1.33 billion, while analysts at LSEG, formerly known as Refinitiv, had forecast $1.3 billion.
exxon mobil – Shares fell more than 2.3% in afternoon trading after oil prices fell further due to an uncertain demand outlook and macroeconomic future.
clorox – Shares fell 7.7% on Thursday, a day after the product maker offered worse fiscal first-quarter guidance than analysts surveyed by FactSet. The company said the cyber attack had negated its gains from better pricing, cost reduction and supply chain improvements.
UWM Holdings – Shares rose 5.7% after BTIG upgraded the mortgage company to buy from neutral. The firm said the valuation of UWM Holdings does not reflect upside from the potential stabilization of interest rates.
Orchard Therapeutics – Shares nearly doubled after Japanese pharmaceutical company Kyowa Kirin announced plans to acquire the biotechnology firm specializing in gene therapy for $478 million.
vestis – Shares fell 4.8% after Redburn Atlantic initiated coverage of Uniform Co. with a buy rating and noted limited valuation declines, saying “the risk reward for the stock appears to be asymmetric.” Vestis completed a spinoff from Aramark on Monday.
Oculis – Shares rose 3.4% after Stifel initiated coverage of the biopharma company with a buy rating and a $35 target price. The investment bank cited Oculis’ pipeline of innovative technologies as the reason for the rating.
First Citizens Bankshares – Shares rose 1% after Wedbush raised the regional bank to an outperform rating, citing two recent acquisitions as catalysts for the positive outlook.
Live Oak Bancshares — Live Oak Bancshares added 4.2% after JPMorgan upgraded the stock to overweight and maintained a price target that projects growth of more than 40% over the next 12 months.
Carrier Global – Shares of the HVAC company fell 1.3% after Bank of America downgraded the carrier to underperform from neutral. The bank cited slowing demand for heat pumps in Europe as one reason for the negative impact on the stock.
johnson and johnson – Shares of the health care giant rose 0.8% in afternoon trading after RBC initiated company coverage with an outperform rating. Analyst Shagun Singh noted further potential that has not yet been realized from the spinoff of Johnson & Johnson’s Kenview in early 2023.
Nakshatra Brand – Shares of the alcoholic beverage maker fell 3 in the afternoon after Constellation reported a 14% year-on-year decline in wine and spirits sales as well as an 8% decline in sales, an industry word on the number of cases. Declined by more than %. Sold by a distributor to retailers. However, overall, the company topped analysts’ earnings and revenue expectations and raised its guidance for its fiscal 2024.
Lamb Weston – Lamb Weston shares jumped 10%. On Thursday, the French fry maker that supplies McDonald’s beat analysts’ expectations on the top and bottom lines in its latest quarter. It also raised its fiscal year guidance. CEO Tom Werner cited solid demand and a favorable pricing environment for raising fiscal year guidance.
instacart – Instacart declined 2.9% after Bernstein raised coverage of the company to a Market Perform rating, noting that increasing competition challenged the delivery company’s strong digital advertising business.
— CNBC’s Brian Evans, Alex Haring, Tanaya Machel, Sarah Min, Jesse Pound, Pia Singh, Samantha Subin and Michelle Fox Theobald contributed reporting.
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