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Stocks making the biggest moves premarket: Johnson & Johnson, Rivian, Lordstown and more

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November 12, 2021
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Check out the companies making headlines before the bell:

Johnson & Johnson — Shares of Johnson & Johnson rose nearly 4% in premarket trading on Friday after announcing plans to split its consumer health business off from its pharmaceutical and medical device operations.

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Rivian Automotive — Shares of the newly public electric carmaker continued to rally in premarket trading on Friday after rising more than 22% in Thursday’s session. This followed Wednesday’s market debut where the stock surged 29%. The Amazon– and Ford-backed company already surpassed both Ford and General Motors by market cap, reaching a valuation of $104.9 billion.

Lordstown Motors — Shares of the auto startup plummeted 10% in premarket trading on Friday after the company reported another quarter with no revenue. Lordstown said it plans to produce and deliver its Endurance truck in the third quarter of 2022. The company’s loss per share was narrower than expected in its most recent quarter, according to Refinitiv. BTIG also downgraded Lordstown Motors to neutral from buy.

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

Nvidia –Shares of the chip stock fell slightly in premarket trading on Friday after Wedbush downgraded Nvidia to neutral from outperform on valuation. The Wedbush analyst is struggling to justify Nvidia trading 55x the firm’s 2024 numbers.

Hewlett Packard Enterprise — Shares of Hewlett Packard Enterprise ticked lower in premarket trading on Friday after Goldman Sachs downgraded the stock to sell from neutral, citing a weakening IT spending environment in late 2021 and early 2022. The Wall Street firm cut its price target to $14 per share from $16 per share.

Blink Charging — Shares of the electric vehicle charging stock rose 5% in premarket trading on Friday as investors cheered strong third-quarter revenue. The company reported $6.4 million in revenue, well ahead of the $4.7 million expected by analysts, according to Refinitiv.

Caesars Entertainment — Shares of the casino stock rose in premarket trading on Friday after B Riley Securities initiated coverage of Caesars Entertainment with a buy rating and a $191 per share price target.

Warby Parker — Shares of the eyeglasses company fell in premarket trading on Friday after the company reported wider-than-expected losses as direct listing costs offset 32% sales growth. Warby’s net loss for the three-month period ended Sept. 30 widened to $91.1 million, or $1.45 per share, compared with a loss of $41.6 million, or 78 cents a share, a year earlier.

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