Rivian electric pickup trucks stand in a parking lot at a Rivian service center in South San Francisco, California, on May 9, 2022.
Justin Sullivan | Getty Images
Take a look at the companies that take the biggest steps in the afternoon:
Rivian Automotive —Shares lost 12% after the electric vehicle maker announced it would sell $1.3 billion worth of bonds. The capital will help facilitate the launch of Rivian’s R2 vehicles, a spokesman told Reuters.
Delta Air Lines — Shares rose 2.6% after being upgraded by Evercore ISI to outperform in line. The company said it sees several catalysts for the airline and investors should buy into the dip.
United Airlines – United Airlines gained 4.4%, as broader aviation space gained a boost after the Justice Department filed a lawsuit to block JetBlue’s acquisition of American Airlines. The stock also received a boost following an upgrade to outperform from underperform by BNP Paribas Exane.
WW International — Small-cap stock rose 49% after the company formerly known as Weight Watchers announced it would acquire telehealth company Sequence. The deal could help WW enter the obesity drug market.
Joby Aviation – The electric aircraft maker fell 5.2% after Deutsche Bank downgraded the stock’s rating to sell from hold. Analyst Edison Yu said the plane’s weight raised questions and led him to question whether the design is “overly aggressive.”
Snap – Shares of the tech company gained 4.1%, adding to the 13% it gained on Monday. The move comes as a new bipartisan Senate bill that will give President Joe Biden the power to rein in its rival, TikTok, is set to be unveiled.
Squarespace – Shares of Squarespace rose nearly 13% after the website building and hosting company reported fourth-quarter revenue that topped analyst expectations. Squarespace also provided optimistic revenue guidance for the first quarter and full year.
Dick’s Sporting Goods — Dick’s Sporting Goods rose 10.9% after the retailer posted better-than-expected fourth-quarter results. Same-store sales, a key metric for retailers, were also above analysts’ expectations.
Dish Network — Shares rose 7.4% after Dish co-founder and Executive Vice President James DeFranco announced the purchase of 1.45 million shares.
AeroVironment — Shares rose 4.8% after the company’s third-quarter revenue exceeded analyst estimates. AeroVironment, which designs and develops systems for unmanned aerial vehicles, cited a large order from Ukraine and higher production activity in its tactical missile systems for strong results.
Nutanix – Cloud computing stock fell 8.8% despite a decline in earnings in the fiscal second quarter. Nutanix said it had to delay its quarterly 10-Q filing on the company’s finances due to an investigation into a third-party software vendor, leading to uncertainty about costs.
DXC Technology – Shares fell 4.5% after DXC Technology said talks over a possible takeover of the information technology company by a financial sponsor had ended.
Bank stocks – Bank stocks fell after Fed Chairman Jerome Powell suggested interest rates may need to go higher. Truist Financial, Zions Bancorporation, Fifth Third Bancorp and Wells Fargo all fell more than 3.5%.
– Yun Li, Tanaya Macheel, Alex Harring and Sarah Min from CNBC contributed to the reporting.
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