Shares of Rivian surged by 6.5% in premarket trading, extending the gains from the previous day. The electric vehicle maker reported strong second-quarter deliveries, surpassing analyst expectations with 12,640 vehicles delivered, representing a 59% increase from the previous quarter.
United Parcel Service (UPS) witnessed a decline of over 1% in premarket trading as negotiations between the company and the Teamsters union encountered difficulties. The union announced that negotiations had collapsed after UPS “walked away from the table,” while UPS stated that it had not walked away and encouraged the union to return. The current UPS Teamsters contract is set to expire at the end of July.
Coinbase, the crypto services company, experienced a decrease of more than 2% following a downgrade by Piper Sandler. The downgrade reflected the firm’s observation that the increase in cryptocurrency prices did not translate into higher trading volume. Piper Sandler anticipates that Coinbase will report its lowest trading volumes and monthly active users in over two years for the third quarter.
AstraZeneca, the drugmaker, rebounded nearly 3% after an 8% decline on the previous day when it announced preliminary results of its phase three lung cancer treatment. AstraZeneca revealed that the data for overall survival was not mature, and the results did not show statistical significance. However, the trial will continue.
Transocean, an offshore oil drilling company, saw a 3.7% rise in its shares after receiving an upgrade to a buy rating from Citi. Citi highlighted Transocean’s favorable position among offshore drilling peers due to its substantial fleet of idle rigs expected to return to work in the coming years.
Hertz’s shares gained over 1% as Jefferies initiated coverage of the car rental company with a buy rating, citing potential for stronger margins.
American Equity Investment Life Holding experienced a stock increase of over 2% following the announcement of its acquisition by Brookfield Reinsurance for approximately $4.3 billion. Shareholders of American Equity Investment Life Holding will receive $55 per share as part of the agreement.
Shares of Wolfspeed surged by over 17% after the company signed a decade-long supply deal worth $2 billion with Renesas. The agreement involves providing silicon carbide bare and epitaxial wafers to Renesas.
