Rivian shares sank after the EV startup issued production guidance of 50,000 vehicles for 2023, below analyst 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 to be a bit light,” DA Davidson analyst Michael Shlisky told Yahoo Finance Live immediately following the results. Shlisky carries an Underperform rating on the stock, with a $23 price target.
On Tuesday Rivian also announced it will recall 12,716 vehicles because of a sensor issue. Rivian, like other EV startups trying to ramp up their production, has had supply chain challenges over the past year.
AMC shares switched between positive and negative territory following the cinema chain operator’s fourth quarter revenue of $990.9 million, which beat Wall Street estimates of $977.57 million.
The company, followed by retail traders dubbed “Apes,” posted an adjusted loss per share of 14 cents, coming in narrower than the 21 cents expected by analysts.
“The blockbusters are doing great, it’s just the volume of content is not quite back where it used to be [pre-pandemic],” analyst Alicia Reese of Wedbush Securities told Yahoo Finance Live on Tuesday.
“In terms of the meme trade, that has just meant that AMC continues to trade higher than its peers on a valuation standpoint,” said Reese, who has an Underperform rating on the stock.
On Monday, AMC shares soared after a court called for an injunction hearing on April 27th, risking a delay in the company’s push towards a conversion of preferred ‘APE’ (APE) units into regular shares. APE units, which closed at $2.07 on Tuesday, were introduced last year as a type of dividend for AMC shareholders. It has also been another way for the company to access public capital.
AMC shares are up 75% year-to-date as meme stocks and other speculative assets rallied in January.
Novavax shares tumbled 25% after the vaccine maker warned of “substantial doubt” pertaining to its ability to stay in business through next year. The biotech company cited “significant uncertainty” surrounding its 2023 revenue.
Novavax’s stock was severely under pressure last year, losing 93% of its value as the company faced manufacturing issues, delaying its entry into the COVID-19 vaccine market.
Tuesday’s announcement close came as the biotech firm announced its latest quarterly results. Sales for its latest quarter totaled $357 million, with an adjusted loss per share of $2.28. The top and bottom line results both missed analysts expectations.
Ines is a senior business reporter for Yahoo Finance. Follow her on Twitter at @ines_ferre
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Source: finance.yahoo.com