Rivian shares fell after the EV startup released a production forecast of 50,000 vehicles for 2023, below analysts’ expectations of 62,797.
Rivian’s revenue for its latest quarter came in at $663 million versus expectations of $717.3 million.
“In general, most of these numbers seem a little light,” DA Davidson analyst Michael Shlisky told Yahoo Finance Live immediately after the results. Shlisky carries an underperforming rating on the stock, with a price target of $23.
On Tuesday, Rivian also announced that it would recall 12,716 vehicles due to a sensor issue. Rivian, like other EV startups trying to ramp up production, has encountered supply chain issues over the past year.
AMC shares tumbled from positive to negative territory after the theater chain operator’s fourth-quarter revenue of $990.9 million topped Wall Street estimates of $977.57 million.
The company, followed by retail traders dubbed “Apes”, posted an adjusted loss per share of 14 cents, less than the 21 cents analysts expected.
“Blockbusters are doing well, it’s just that the volume of content isn’t quite back to where it was (pre-pandemic),” analyst Alicia Reese of Wedbush Securities told Yahoo on Tuesday. Finance Live.
“As far as meme trading goes, it just means AMC continues to trade higher than its peers from a valuation perspective,” said Reese, who has an underperforming rating on the stock.
AMC shares soared on Monday after a court requested an April 27 injunction hearing, risking delaying the company’s push for an APE preferred share (APE) conversion. in ordinary shares. APE units, which closed at $2.07 on Tuesday, were introduced last year as a type of dividend for AMC shareholders. It was also another way for the company to access public capital.
AMC shares are up 75% year-to-date, meme stocks and other speculative assets rallied in January.
Novavax shares fell 25% after the vaccine maker warned of “substantial doubt” over its ability to stay in business until next year. The biotech company cited “significant uncertainty” surrounding its 2023 revenue.
Novavax’s stock came under heavy pressure last year, losing 93% of its value as the company grappled with manufacturing issues, delaying its entry into the COVID-19 vaccine market.
The close of Tuesday’s announcement came as the biotech company announced its latest quarterly results. Sales in its latest quarter totaled $357 million, with an adjusted loss per share of $2.28. Both the higher and lower results missed analysts’ expectations.
Ines is a senior economics reporter for Yahoo Finance. Follow her on Twitter at @ines_ferre
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