Rivian, Lucid, General Motors, Clorox, Lamb Weston, BlackBerry, and More

Markets reversed some losses but still closed lower on Thursday as investors looked to the September jobs report due Friday. 

These stocks made moves Thursday: 

Rivian Automotive
(ticker: 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 23%.
Lucid Group
(LCID), the electric-vehicle start-up, fell 7.2%. The company has begun offering a new cheaper version of its luxury Air sedan.

EV leader
Tesla
(TSLA) was down 0.5% after closing with a gain of 5.9% on Wednesday. The stock had 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.

General Motors
(GM) dropped 2.4% after The Wall Street Journal reported the auto maker has at least 20 million vehicles built with a potentially dangerous air-bag part.

Clorox
(CLX) fell 5.2% after cutting its fiscal first-quarter outlook following a cybersecurity attack. It was the worst performer in the
S&P 500.

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 8% and was the best performer in the S&P 500.

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 3.3%.

BlackBerry
(BB) was down 11% 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 2.3% 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 2% to $53.50.

Write to Joe Woelfel at [email protected]

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