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 rose slightly to 4.74%, remaining near multiyear highs.
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 7.6% in premarket trading.
EV leader Tesla $(TSLA)$ was dipping 0.5% 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 4.4% 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 4.2% 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 0.6% 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.
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 slightly.
Earnings reports are Constellation Brands $(STZ)$, Lamb Weston $(LW)$, ConAgra Brands $(CAG)$, and Levi Strauss $(LEVI)$.
