Premarket moves: Rivian, Kohl's, Novavax, and more

Find out which companies are making headlines before the bell rings.

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Rivian

After posting mixed fourth-quarter results and a weak production outlook, the electric vehicle maker's shares tumbled more than 9%. As reported by Refinitiv, the company's revenue for the quarter came in at $663 million, well below analysts' expectations of $742 million. In spite of this, Rivian reported a more minor loss than what was expected.

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Sarepta Therapeutics

Sarepta shares surged 17% after Morgan Stanley upgraded them to overweight from equal weight. There is an indication that the company's path for SRP-9001, an investigational gene therapy for Duchenne muscular dystrophy (DMD), appears to have been de-risked, according to analyst Matthew Harrison.

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Spotify

The streaming giant's stock price rose 1.3%. Redburn upgraded the stock to buy earlier in the day, noting that the company sees stronger margins as headwinds from investments, publishing royalties, and currency exchange ease.

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Kohl’s

Kohl's shares plunged more than 8% after it reported a surprise loss for the fourth quarter. CEO Tom Kingsbury attributed the loss to the "ongoing inflationary environment." Kohl's reported a loss of $2.49 per share on $5.78 billion in revenue. In a survey conducted by Refinitiv, analysts had expected the company to earn 98 cents a share on $5.99 billion in revenue, which exceeded expectations.

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Monster Beverage

Shares of Monster Beverage were down 4.8% after the company released its earnings after Tuesday's closing bell, reporting quarterly earnings of 57 cents per share instead of the 63 cents per share expected by analysts surveyed by StreetAccount. It was reported that Monster had revenue of $1.51 billion, which was below analysts' expectations of $1.6 billion.

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Novavax

After announcing on Monday that there is substantial doubt over the ability of the vaccine developer to continue operating as a going concern through the rest of the year, the vaccine developer's shares dropped 25.4% in early morning trading.

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AMC Entertainment

After AMC posted a greater-than-expected loss of 26 cents a share in its latest quarter, compared to the 21 cents a share loss expected by analysts surveyed by Refinitiv, the stock of the meme brand dropped more than 8% after posting a loss that exceeded expectations. AMC, on the other hand, reported a revenue beat of $991 million, which is higher than the consensus estimate of $978 million for the company.

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HP Inc.

After HP reported first-quarter earnings on Tuesday, the stock gained 2.7% early in the trading session. In the support of expectations that China's rollback of Covid restrictions will assist in the recovery of demand, the technology company forecast higher earnings per share for the second quarter, and also maintained its full-year earnings target.

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Lowe’s

Home improvement retailer Lowe's fiscal fourth-quarter revenue came in at $22.45 billion versus the $22.69 billion expected, according to Refinitiv. However, adjusted earnings per share for Lowe’s were essentially flat in the premarket, up 0.22%. The premarket performance of Lowe's was essentially flat, up 0.22% from the previous day.

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First Solar

There was a 5.4% gain in the solar stock in premarket trading after First Solar released full-year guidance ahead of expectations on per-share earnings and revenue for the company. First Solar announced on Tuesday that it had lost 7 cents per share in the fourth quarter of 2018, which was lower than the 17-cent loss per share forecast by FactSet analysts. In terms of revenue, the company's revenue came in at $1 billion, which was in line with expectations.