Business

Stocks that move after hours: Novavax, Rivian, AMC


Rivian shares plunge after EV startup issues 50,000-vehicle production guidance for 2023was below analyst expectations of 62,797.

Rivian’s revenue for the latest quarter came in at $663 million versus expectations of $717.3 million.

DA Davidson analyst Michael Shlisky told Yahoo Finance Live shortly after the results were released: “Overall, most of these numbers seem a bit light. Shlisky carries an Underperforming rating on the stock, with a $23 price target.

On Tuesday, Rivian also announced it would recall 12,716 vehicles because of sensor problems. Rivian, like other EV startups trying to ramp up production, has encountered supply chain challenges over the past year.

AMC stock toggles between positive and negative territory after the cinema chain operator’s fourth-quarter revenue of $990.9 million, beating Wall Street estimates of $977.57 million.

The company, followed by retail traders known as “Apes,” posted an adjusted loss per share of 14 cents, down from the 21 cents analysts expected.

“Blockbusters are doing great, it’s just that the volume of content isn’t quite what it used to be [pre-pandemic],” Wedbush Securities analyst Alicia Reese told Yahoo Finance Live on Tuesday.

Methuen, MA - October 26: Exterior of the AMC Methuen 20 cinema building located in The Loop, a shopping and entertainment venue on Pleasant Valley Street.  (Photo courtesy of Jim Davis/The Boston Globe via Getty Images)

Methuen, MA – October 26: Exterior of the AMC Methuen 20 cinema building located in The Loop, a shopping and entertainment venue on Pleasant Valley Street. (Photo courtesy of Jim Davis/The Boston Globe via Getty Images)

“In terms of meme trading, that means AMC continues to trade higher than its peers from a valuation standpoint,” said Reese, who has an Underperforming rating on the stock.

On Monday, AMC stock jumped after a court called for the order hearing on April 27risk slowing the company’s preferred ‘APE’ conversion drive (APE) units into common shares. APE units, which closed at $2.07 on Tuesday, were introduced last year as a type of dividend to AMC shareholders. It is also another way for the company to access public capital.

AMC stock is up 75% year-to-date as meme shares and other speculative assets rallied in January.

Novavax stock plunges 25% after vaccine maker scandal warned of “substantial doubt” regarding its ability to stay in business in the coming year. The biotech company cited “significant uncertainty” around its 2023 revenue.

Novavax’s stock came under severe pressure last year, losing 93% of its value as the company faced production problems that forced the company to delay its entry into the COVID-19 vaccine market. .

Tuesday’s announcement ended as the biotech company released its latest quarterly results. Revenue for the most recent quarter totaled $357 million, with an adjusted loss per share of $2.28. The final and final results both fell short of analysts’ expectations.

Ines is a senior business reporter for Yahoo Finance. Follow her on Twitter at @ines_ferre

Click here to view the latest trending tickers of the Yahoo Finance platform

Click here for the latest stock market news and in-depth analysis, including stock-moving events

Read the latest financial and business news from Yahoo Finance

Download the Yahoo Finance app for Apple or Android

Follow Yahoo Finance on Twitter, Facebook, Instagram, flip chart, LinkedInAnd YouTube

news7f

News7F: Update the world's latest breaking news online of the day, breaking news, politics, society today, international mainstream news .Updated news 24/7: Entertainment, Sports...at the World everyday world. Hot news, images, video clips that are updated quickly and reliably

Related Articles

Back to top button