Johnson & Johnson, Rivian, Lordstown, etc.

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Check out the companies that make the headlines before the bell:

Johnson & Johnson-After announcing plans to separate its consumer health business from its pharmaceutical and medical device businesses, Johnson & Johnson’s stock price rose nearly 4% in Friday’s premarket trading.

Rivian Automotive, the newly listed electric car maker’s share price rose more than 22% on Thursday’s trading day, and continued to rise in pre-market trading on Friday. Prior to this, the stock had soared 29% on the first day of listing on Wednesday. The market value of this Amazon and Ford-backed company has surpassed Ford and General Motors, with a valuation of US$104.9 billion.

Lordstown Motors-The auto startup’s share price plummeted 10% in premarket trading on Friday after the company reported no revenue for another quarter. Lordstown said it plans to produce and deliver Endurance trucks in the third quarter of 2022. According to Refinitiv, the company’s loss per share in the most recent quarter was smaller than expected. BTIG also downgraded Lordstown Motors’ rating from buy to neutral.

WM Technology — Software company WM Technology fell 13% in premarket trading on Friday after missing the top and bottom lines of its quarterly results. WM Technology’s fourth-quarter guidance was also lower than expected.

Nvidia-After Wedbush downgraded Nvidia’s valuation from outperforming to neutral, chip stocks fell slightly in pre-market trading on Friday. Wedbush analysts are working to prove that Nvidia’s transaction price is 55 times the company’s 2024 figure.

Hewlett-Packard Enterprise-After Goldman Sachs downgraded its stock rating from neutral to sell on the grounds of a weak IT spending environment at the end of 2021 and early 2022, HP’s stock price fell in pre-market trading on Friday. The Wall Street company lowered its target price to $14 starting at $16 per share.

Blink Charging-As investors rejoiced with strong revenue in the third quarter, electric vehicle charging stocks rose 5% in pre-market trading on Friday. According to Refinitiv, the company reported revenue of US$6.4 million, well above analysts’ expectations of US$4.7 million.

Caesars Entertainment — After B Riley Securities began covering Caesars Entertainment with a buy rating and a target price of $191 per share, the casino stock’s share price rose in pre-market trading on Friday.

Warby Parker-The glasses company’s stock fell in pre-market trading on Friday after the company reported losses that exceeded expectations because direct listing costs offset 32% of sales growth. During the three months ended September 30, Warby’s net loss expanded to $91.1 million, or $1.45 per share, compared to a loss of $41.6 million, or 78 cents per share, in the same period last year.


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