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Rivian Automotive Nosedives in Q4 with Stock Plunge

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Greeting the day with hopeful hearts, stock futures in the U.S. surged this morning. Nasdaq experienced a promising uptick of around 2% on Thursday.

However, the sentiment was not shared for the shares of Rivian Automotive, Inc. RIVN. The company faced a steep decline in today’s pre-market trading after reporting a substantial Q4 loss and unveiling a plan to slash its salaried workforce by approximately 10% to drive down costs. Rivian projected a production of 57,000 vehicles in 2024.

Rivian Automotive shares, reflecting the alarming turn of events, plummeted by 14.3% to reach $13.17 in pre-market trading.

The company’s stumble was not an isolated event as several other significant stocks were also notching losses in today’s pre-market trading session.

  • E-commerce powerhouse Etsy, Inc. ETSY encountered an 11.3% decline, settling at $68.44 in pre-market trading after posting a mixed bag of fourth-quarter financial results.
  • Lucid Group, Inc. LCID saw its shares dropping by 8.2% to $3.40 in pre-market trading after the company disclosed a mixed haul of fourth-quarter financial results along with its forecasts.
  • RAPT Therapeutics, Inc. RAPT witnessed a 6.8% plunge to $9.49 in pre-market trading post a 48% surge on the previous day. The company recently divulged the FDA’s imposition of a clinical hold on its Phase 2b trial of zelnecirnon.
  • Gold Fields Limited GFI shares ebbed by 6.3% to $12.67 in pre-market trading.
  • Sunrun Inc. RUN saw a 5.9% drop, resting at $14.66 in pre-market trading after reporting below-par fourth-quarter financial results and the announcement of a prospective private offering of $475 million of convertible senior notes.
  • Sunnova Energy International Inc. NOVA marked a 4.3% downturn to $11.19 in pre-market trading following lackluster quarterly results.

Steeling oneself for market fluctuations becomes imperative as sharp twists and turns, like the ones today, are a reminder of the unpredictable dynamics at play in the financial world.

Once again, it’s a stark lesson in the resilience and adaptability necessary to navigate the tumultuous financial markets.

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Now Read This: NVIDIA, Keurig Dr Pepper And 3 Stocks To Watch Heading Into Thursday

Don’t forget to check out our premarket coverage here


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