Morning Movers
Watch us on YouTube Live at 8:30AM EST

RIVN.NQ -1.36%
Rivian Automotive – RIVN reaffirmed its 2022 production target, saying supply chain disruptions prevent it from reaching its original target of 50,000 units this year. As of Wednesday’s close, co’s market capitalization stands $18.5 bln, down from over ~$160 bln, days after blockbuster IPO in November. The company reported a Q1 loss of $1.43 per share, slightly narrower than Street est. of $1.44. RIVN reported Q1 revenue of $95 mln, below est. of $130.5 mln, says it has cash and cash equivalents of $16.4 bln and total asset of $17 bln at the end of Q1.

BYND.NQ -27.82%
Beyond Meat – Shares of plant-based meat producer are set to open at an all-time low trading below its 2019 IPO price of $25 for the first time. BYND’s Q1 loss widened as it spent heavily on product launches and offered big discounts to guard its market share against rising competition. The company said Q1 gross margin fell to 0.2%, from 30.2% a year earlier as BYND faces higher manufacturing and shipping costs. Reported net revenue of $109.5 mln, below consensus of $112.3 mln, per Refinitiv, as plant-based protein maker faces stiff competition. Beyond Meat reported a per-share loss of $1.58 in the first quarter, compared with 43 cents a year earlier and much wider than the market expectation of $1.01.

BROS.NY -39.34%
Dutch Bros – Lower after saying it expects adjusted Ebitda, or earnings before interest, taxes, depreciation, and amortization, of at least $90 million, down from its previous forecast of $115 million to $120 million, “reflecting near-term margin pressure in our company-operated shops and our decision to take modest price increases during the year.” The company said it still expects revenue for the year of $700 million to $715 million, but added that same-store sales growth would be about flat vs. previous guidance of gains in the mid-single digits. The company reported a first-quarter adjusted loss of 2 cents a share. Analysts were looking for earnings of 1 cent.

DIS.NY -5.43%
Walt Disney Co – Posted Q2 revenue of $19.25 bln, but missed Street’s estimates as it booked a $1 bln payment for early termination of a film and TV licensing agreement. Adj. EPS of $1.08 also came below analysts’ average estimate of $1.19, impacted by an increase in the effective tax rate on foreign earnings. DIS, which added 7.9 mln Disney+ subscribers in Q2, warned supply chain disruptions and rising wages could pressure finances. Revenue came in at $19.2 billion, below the $20.03 billion consensus estimate. The company said revenue took a $1 billion hit from early termination of a film and TV licensing agreement so that Disney could use the programming on its own streaming services.

F.NY -4.72%
Ford Motor Co – Down 4% premarket after saying it had dropped plans to make electric vehicles (EVs) in India for exports, while it explores options for its two factories in the country that stopped production last year. “After careful review, we have decided to no longer pursue EV manufacturing for exports from any of the Indian plants,” a spokesperson for Ford India said in an email. The company did not offer details on its U-turn, while adding that its previously announced business restructuring continues as planned, including exploring alternatives for its manufacturing facilities in India. Wells Fargo with a double downgrade on both F and GM.

AAPL.NQ -6.93%
Apple Inc – Active premarket as the stock flirts with a full 20% retracement from ATHs, a move into bear market territory could provide more negative pressure to the overall market.

RIDE.NQ 14.57%
Lordstown Motors – Higher this morning after closing a deal with partner Foxconn that will see it manufacture the electric vehicle startup’s second model PEAR at the Taiwanese firm’s newly acquired facility in Ohio. Foxconn closed a deal with Lordstown Motors to buy its Ohio factory on Wednesday, excluding certain assets, for $230 million.

VERU.NQ 4.37%
Veru Inc – The recent high flyer and retail favorite is lower today after reporting a qtrly net loss of $14.2 mln, or 18 cents/shr, vs $2.8 mln, or 4 cents/shr, a year ago. Revenue decreased 2% to $13 mln from $13.3 mln. The company posted a operating loss of $11.8 mln vs $1.5 mln.

Leave a Reply

Your email address will not be published.