Stock futures fell Thursday giving up some gains from the previous session that saw the
S&P 500
post its best day in almost three weeks. The yield on the 10-year Treasury note was down to 4.72%.
These stocks were poised to make moves Thursday:
Rivian Automotive
(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 9.1% in premarket trading.
EV leader
Tesla
(TSLA) was down slightly after closing with a gain of 5.9% on Wednesday. The stock has risen since
Tesla
earlier this week reported third-quarter deliveries that missed analysts’ consensus estimates.
Clorox
(CLX) was falling 4% after cutting its fiscal first-quarter outlook following a cybersecurity attack.
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.
BlackBerry
(BB) rose 3% 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 1.3% 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 3.2% to $52.89.
O’Reilly Automotive
(ORLY) rose 1% to $906.12 after shares of the auto parts retailer were upgraded to Buy from Neutral at
Citi
and the price target was raised to $1,040 from $983.
Costco Wholesale
(COST) said same-store sales in September rose 4.5% from a year earlier, accelerating from growth of 4.3% in August. E-commerce sales rose 3.7%. Higher gas prices helped drive Costco’s same-store sales up by about 0.5% this month, the retailer said. The stock was down 0.2%.
Earnings reports are
Constellation Brands
(STZ),
Lamb Weston
(LW),
Conagra Brands
(CAG), and
Levi Strauss
(LEVI).
Write to Joe Woelfel at [email protected]
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