U.S. Stocks to Watch: Tesla, Rivian, Spirit Airlines, Spotify, Cava, Rocket Lab, and More

Dow Jones11-13 18:26

US stock futures were falling modestly Wednesday after Wall Street's post-election rally paused and bond yields spiked on concerns over rising inflation. Investors later in Wednesday's session will be turning their attention to fresh consumer inflation data could influence the Federal Reserve's next move on interest rates.

These stocks were poised to make moves Wednesday:

Tesla rose 3% in premarket trading. It was announced late Tuesday that Elon Musk, chief executive of the electric-vehicle maker, was appointed by President-elect Donald Trump, along with biotech company founder Vivek Ramaswamy, to lead the "Department of Government Efficiency." In addition to running Tesla, Musk also is CEO of SpaceX, owns X, the former Twitter, and created neurotechnology company Neuralink. The early action for the stock suggests that Tesla investors don't think Musk's new commitment will be an issue for the EV maker.

Rivian Automotive jumped 14% after Volkswagen said it plans to invest up to $5.8 billion in the electric-vehicle maker, more than the $5 billion the companies agreed to when the joint venture was announced in June.

Spirit Airlines dropped 61% to $1.24 after The Wall Street Journal reported the airline was preparing to file for bankruptcy protection after merger talks with Frontier Airlines broke down. The Journal report cited people familiar with the matter.

Spotify Technology rose 5% in premarket trading after the audio streaming service reported third-quarter earnings of EUR300 million in the period, up from EUR65 million a year earlier. On a per-share basis, profit of EUR1.45 missed analysts' expectations. Revenue rose 19% to EUR3.99 billion and monthly active users jumped 11% to 640 million, higher than analysts' estimates of 639 million.

Cava Group, the Mediterranean fast-casual restaurant chain, posted third-quarter earnings that beat Wall Street expectations and the stock jumped 17% in premarket trading. Revenue in the period rose 39% from a year earlier to $241.5 million and also beat Wall Street forecasts.

Skyworks Solutions fell 6% after the semiconductor company posted fourth-quarter adjusted earnings of $1.55 a share that beat Wall Street expectations and revenue that met estimates but issued guidance for its fiscal first quarter that missed forecasts

Revenue at Instacart rose 12% in the third quarter to $852 million, beating Wall Street expectations of $844 million, and profit at the grocery delivery company of 42 cents a share was a swing from a year-earlier loss and topped estimates of 22 cents a share. Total gross transaction value rose to $8.3 billion from $7.49 billion and was higher than estimates of $8.2 billion. The stock, however, was falling 7% in premarket trading.

Space-launch company Rocket Lab USA reported third-quarter sales of $105 million, beating Wall Street estimates of $103 million. For the fourth quarter, Rocket Lab expects to generate sales of $125 million to $135 million, above forecasts of $122 million. Shares soared 30%.

ZoomInfo Technologies was falling 16% after the provider of databases of customer contact information, posted third-quarter revenue of $303.6 million that beat analysts' estimates but fell 3.3% from a year earlier. The company said it expects fourth-quarter revenue of $296 million to $299 million.

Natera, the genetic testing services company, reported a narrower-than-expected third-quarter loss on a revenue jump of 64% to $439.8 million, and said it expects fiscal-year revenue of $1.61 billion to $1.64 billion, better than analysts' forecasts of $1.52 billion. The stock was rising 15% in premarket trading.

Mara Holdings, the cryptocurrency mining company, was down 9.6% in premarket trading after reporting a third-quarter loss of 42 cents a share that was wider than analysts' estimates.

Genius Group shares jumped another 23% after soaring 66% yesterday. The AI company committed 90% of its current and future reserves to be held in bitcoin and planned to acquire an initial $120 million of BTC.

Earnings reports are expected Wednesday from Cisco Systems, CyberArk Software, Kulicke & Soffa Industries, and Sonos.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment