Stocks Making the Biggest Premarket Moves: Rivian, Clorox, Vestis, Chevron and More

Check out the companies making headlines in premarket trading.

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Rivian

Rivian, the electric vehicle manufacturer, saw its stock plummet by 8.7% following the announcement of a $1.5 billion convertible bond sale. Additionally, the company's disappointing guidance for the third quarter contributed to the decline. Rivian anticipates revenue between $1.29 billion and $1.31 billion, slightly below the $1.31 billion forecasted by analysts. The company also reported a reduction in its cash and short-term investments between the end of the second and third quarter.

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Energy Stocks

Shares of oil companies Occidental Petroleum, Chevron, and Exxon Mobil were all in decline during premarket trading. This drop was attributed to the continued decrease in crude oil prices, following significant declines on Wednesday. Occidental's stock decreased by 0.4%, while Chevron and Exxon Mobil both retreated by approximately 1%.

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Clorox

Clorox shares slipped by 4.4% in premarket trading on Thursday, a day after the company provided weaker guidance for the fiscal first quarter compared to analysts' expectations. Clorox also revealed that a cyberattack had offset the benefits derived from pricing adjustments, cost-saving measures, and improvements in the supply chain. Raymond James downgraded the stock from "outperform" to "market perform" following this guidance.

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UWM Holdings

UWM Holdings, a mortgage company, experienced a 4.3% increase in its stock during premarket trading, thanks to an upgrade from BTIG, which raised its rating from "neutral" to "buy." BTIG suggested that the valuation of the parent company of United Wholesale Mortgage did not adequately reflect the potential benefits of a potential stabilization in interest rates.

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Orchard Therapeutics

Orchard Therapeutics, a gene therapy company, saw its stock surge by over 98% following the news of its acquisition by Japanese pharmaceutical company Kyowa Kirin for $478 million.

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Vestis

Shares of Vestis, a uniform company, gained 2.4% after Redburn Atlantic initiated coverage of the company with a "buy" rating. Analyst Oliver Davies noted that there was limited potential for a decrease in valuation and predicted a 75% increase in the stock's value. Vestis recently completed a spin-off from Aramark on Monday.

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