Shares that make the biggest movements pre-market: RIVN, KSS, NVAX

Drinks from Monster Beverage Corp.

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Check out the companies making headlines before the bell.

Rivian — Shares of the electric car maker fell more than 9% after the company posted mixed fourth-quarter results and an underwhelming production outlook. Revenue for the quarter came in at $663 million, falling well short of analysts’ estimates of $742 million, according to Refinitiv. However, Rivian reported a smaller loss than expected.

Sarepta Therapeutics — The biotech stock rose 17% after Morgan Stanley upgraded Sarepta shares to overweight from equal weight. Analyst Matthew Harrison said the company’s path for SRP-9001, an investigational gene therapy for Duchenne muscular dystrophy (DMD), now appears to be “at risk”.

Spotify — The audio streaming giant’s share price rose 1.3%. Redburn upgraded the stock to buy earlier in the day, noting that it sees stronger margins as headwinds from investments, the publication of royalty increases and currency depreciation.

Kohl’s – Shares of the retailer fell more than 8% after Kohl’s reported a surprise fourth-quarter loss, with CEO Tom Kingsbury saying sales were pressured by the “ongoing inflationary environment.” Kohl’s reported a loss of $2.49 per share on $5.78 billion in revenue. Analysts surveyed by Refinitiv had expected positive earnings of 98 cents per share on $5.99 billion in revenue.

Monster Beverage — Shares of the beverage company fell 4.8% after Monster posted earnings after Tuesday’s closing bell, posting quarterly earnings of 57 cents a share, while analysts surveyed by StreetAccount expected 63 cents a share. Monster reported $1.51 billion in revenue, missing analysts’ expectations of $1.6 billion.

Novavax — Shares fell 25.4% in early morning trading after the vaccine developer said “significant doubt exists about our ability to operate as a going concern” through the next year.

AMC Entertainment — Meme shares fell more than 8% after AMC posted a bigger-than-expected loss of 26 cents a share in its most recent quarter, compared with the 21 cents a share loss expected by analysts surveyed by Refinitiv. Otherwise, AMC reported revenue of $991 million, more than the consensus estimate of $978 million.

HP Inc. — HP rose 2.7% in early market trading after reporting first-quarter earnings on Tuesday. The technology company forecast higher earnings per share for the second quarter and also maintained its full-year earnings target on expectations that China’s rollback of Covid restrictions will help restore demand.

Lowe’s — The retailer’s fiscal fourth-quarter sales fell short of Wall Street expectations, with revenue of $22.45 billion versus expectations of $22.69 billion, according to Refinitiv. However, adjusted earnings per share of $2.28 topped a forecast of $2.21. Lowe’s was essentially flat in the premarket, up 0.22%.

First Solar — Solar shares rose 5.4% in premarket trading after First Solar issued full-year guidance that was ahead of expectations for earnings and earnings per share. On Tuesday, First Solar reported a loss of 7 cents per share in the fourth quarter, compared with a loss of 17 cents per share forecast by analysts surveyed by FactSet. The company’s turnover came in line with expectations of 1 billion dollars.

— CNBC’s Sarah Min, Michelle Fox Theobald, Tanaya Macheel and Jesse Pound contributed reporting.

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