Rivian's Stock Plummets Amid Funding Plans and Sales Guidance
Rivian Automotive shares dropped 19% after announcing plans to raise $1.5 billion in convertible notes and providing preliminary Q3 revenue guidance in line with expectations. Exxon Mobil shares slid over 2.3% due to declining oil prices and uncertain demand outlook. Clorox shares fell 7.7% after offering worse-than-expected Q1 guidance, citing a cyberattack. Orchard Therapeutics shares nearly doubled after being acquired by Japanese pharmaceutical company Kyowa Kirin for $478 million. Lamb Weston shares jumped 10% as the French fry producer beat analysts' expectations and raised its fiscal year guidance.
