Here are some of the biggest movers of the day:
Stock gainers:
Lamb Weston Holdings Inc.’s shares
LW,
rose 9.3% after the producer of frozen potato products, including French fries, posted a fiscal first-quarter profit that beat expectations by a wide margin.
Orchard Therapeutics‘ shares
ORTX,
nearly doubled to $15.98 after agreeing to be purchased by Kyowa Kirin
4151,
for at least $16 per share in cash, plus an additional contingent value right of $1 per share.
Stock decliners:
Clorox Co.‘s shares
CLX,
fell 8.3% after the company cut its outlook following disruptions caused by a cyberattack first reported in August.
Shares of Rivian Automotive Inc.
RIVN,
slid 18.8% after the EV maker said it plans to offer $1.5 billion worth of “green” convertible senior notes due in 2030, and issued preliminary sales estimates that met Wall Street’s expectations. Rivian stock rose by 9% on Wednesday.
BlackBerry Ltd.‘s shares
BB,
fell 7.3%. The stock had risen in Wednesday’s extended session after the company announced it plans to spin off its internet-of-things business in an initial public offering.
Exxon Mobil‘s
XOM,
shares fell 1.4%. The company said rising crude prices are likely to boost its third-quarter profit by $1 billion, but thinner margins from chemicals will hurt profits by as much as $600 million. Analysts at RBC said that the update from Exxon is likely to result in earnings above consensus expectations but roughly in line with investor expectations.
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