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Rivian Automotive – Said in its earnings call Thursday it plans to build a $5 billion plant in Georgia, its second U.S. assembly plant, as it looks to expand production. In its first publicly reported quarterly results since it came to market last month, Rivian posted a third-quarter net loss of $1.2 billion. Rivian’s shares tumbled 9.8% in after-hours trading after the company said it expected production to fall a few hundred vehicles short of its 2021 target of 1,200 and its pre-order numbers disappointed some on Wall Street.
General Motors Co – Said on Thursday Dan Ammann, the CEO of its majority-owned Cruise self-driving car subsidiary, is leaving the co, effective immediately. The U.S. automaker did not give a reason for the departure. GM said Kyle Vogt, Cruise president and chief technical officer, will serve as interim CEO.
Fedex Corp – Shares of U.S. delivery firm are set to open at their highest level in a month after the company on Thursday reinstated its original fiscal 2022 forecast despite labor market challenges. The company said it now expects FY earnings, excluding items, of $20.50 to $21.50/shr, after lowering range to $19.75 to $21.00/shr in Sept. J.P. Morgan lifted its PT to $312 from $305 expecting a positive reaction on Q2 beat and full-year raise when many investors were braced for another miss and cut. Reported EPS of $4.83 beats $4.28 estimate, sales $23.50B beat $22.47B Estimates.
Apple Inc – Opening lower after giving back some gains notched in recent weeks yesterday as the Federal Reserve’s signal that interest rates will rise spurred widespread selling in the technology sector. There have been recent, quiet concerns about Chinese iPhone sales that also could be contributing to the stocks weakness, the move also followed a Bloomberg report suggesting Apple will set up a new team to develop wireless chips in-house, products “could eventually replace components supplied by Broadcom.Inc., which started in Irvine and Skyworks Solutions Inc., which is headquartered locally.
Chinese Online Brokers – U.S.-listed shares of Chinese online brokerages Futu Holdings Ltd and UP Fintech Holding Ltd are both down sharpy after a Reuters report suggesting Chinese regulators are planning to ban online brokerages like FUTU and TIGR from offering offshore trading services to mainland clients. The plan to ban these services comes due to worries about data security and capital outflows. FUTU, TIGR
Affirm Holdings – The entire BNPL group lower after yesterday’s report that the Consumer Financial Protection Bureau said it was launching an inquiry into firms that offer such plans.
US Steel – Sharply lower after cutting its current quarter guidance after market yesterday.
AMC Entertainment – AMC Theatres eclipses box office records with SPIDER-MAN: NO WAY HOME achieving highest December opening night ever, and second highest opening Night of All Time.
Genfit SA – Shares in French pharma group Genfit SA soar around 47% on a long-term commercial partnership it struck with Ipsen which also enters its capital via an 8% stake. Under the agreement, which regards Genfit’s rare autoimmune liver disease treatment, it will receive 120 million euros ($135.86 million) upfront and be eligible to receive up to 360 million euros in milestone payments, tiered double-digit royalties of up to 20%.
Spruce Bioscience – Micro cap biotech, higher for the second straight session after receiving a rare initiation at Outperform with a $15 PT from Oppenheimer analysts yesterday.