Stocks Making The Biggest Moves Premarket:
Rivian
— Shares in Rivian fell by over 9 percent after the company posted mixed results in the fourth quarter and a disappointing production outlook. The outlook for Rivian Automotive remains positive, according to Wall Street analysts, even after the electric car startup posted mixed fourth-quarter results and issued a weaker production outlook. Rivian Automotive shares fell more than 8% on Wednesday during premarket trading, after the company posted a loss of revenue in its latest quarter, beating Refinitivs consensus estimate.
Nio
— Shares in Chinas electric car maker fell 59.6% after the firm posted an expanded fourth-quarter net loss. The company posted its latest quarterly results after the bell on Tuesday, posting a $1.35 per-share adjusted loss for the fourth quarter, down from analysts estimates of a 62-cent per-share loss, according to data from FactSet. Novavax lost $2.28 a share, higher than the $1.01 a share loss expected by analysts polled by FactSet.
AMC Entertainment
The stock in Meme fell over 8 percent following the announcement that AMC Entertainment had posted a higher-than-expected 26-cents-per-share loss for its latest quarter, as opposed to the 21-cent-per-share loss expected by analysts surveyed by Refinitiv. AMC Entertainment — The film theatre chains shares fell 7.98% one day after AMC posted a wider-than-expected fourth-quarter loss. Monster Beverage — Shares of Monster Beverage fell 4.8% after Monster reported earnings after the close Tuesday, posting quarterly earnings of 57 cents per share, down from 63 cents per share analysts surveyed by StreetAccount had expected.
HP Inc
HP Inc. was up 2.7 percent in early-market trading Tuesday after reporting its first-quarter earnings. HP Inc. is projecting higher earnings per share in the second quarter, while it has also maintained its full-year earnings guidance, citing expectations that the Chinese lifting of restrictions on Covid will help revive demand. Hewlett-Packard – HP projected higher earnings per share for the second quarter and also maintained its full-year earnings target on expectations that Chinas lifting of Covid restrictions will support demand recovery.
Ambarella
On Tuesday, it gave its first-quarter guidance, which missed analysts expectations, according to FactSet. First Solar – Shares of solar power company rose 5.4% in premarket trading after First Solar released its full-year guidance, beating expectations on earnings and revenue per share. First Solar – The photovoltaic stock added 5.4 % in premarket buying and selling after First Solar released full-year guidance that beat expectations for earnings and revenue per share.
First Solar reported fourth-quarter losses of 7 cents a share Tuesday, down from the forecast of a loss of 17 cents per share from analysts polled by FactSet. Wall Street analysts median price target of $37.05 suggests shares in Rivian Automotive may jump over 90% before the Tuesday closing bell. Alibaba Group Holding Ltd. Undefined announced late Monday that Alibaba Group Holding Ltd. is increasing the size of its stock repurchase plan.
