Stocks making the biggest moves midday: Rivian, Orchard Therapeutics

See which companies are making headlines in midday trading.

rivian cars — Shares of Rivian Automotive plunged 19% after the electric car maker announced plans to raise $1.5 billion in convertible debt and gave preliminary third-quarter revenue guidance roughly in line with Wall Street expectations. Rivian said it expects revenue to range between $1.29 billion and $1.33 billion, compared with $1.3 billion forecast by analysts surveyed by LSEG, formerly known as Refinitiv.

ExxonMobil — Shares fell more than 2.3% in midday trading as oil prices fell further due to an uncertain demand outlook and macroeconomic future.

clorox — Shares fell 7.7% on Thursday, a day after the product maker gave worse first-quarter fiscal guidance than analysts surveyed by FactSet had expected. The company said the cyberattack eclipsed the benefits of better pricing, cost savings and supply chain improvements.

UWM Holdings — Shares soared 5.7% after the mortgage company was upgraded to buy from neutral by BTIG. The company said UWM Holdings’ valuation does not reflect the upside from the potential for interest rates to stabilize.

Orchard Therapeutics — Shares nearly doubled after Japanese pharmaceutical company Kyowa Kirin announced plans to acquire the biotech company specializing in gene therapy for $478 million.

dress — Shares fell 4.8% after Redburn Atlantic began coverage of the uniform company with a buy rating, noting limited downside in value, saying “the risk-reward for the stock appears to be asymmetric.” Vestis completed its spinoff from Aramark on Monday.

Oculis — Shares rose 3.4% after Stifel initiated coverage of the biopharmaceutical company with a Buy rating and $35 price target. The investment bank cited Oculis’ innovative technology pipeline as the reason for its rating.

First Citizen BancShares — Shares rose 1% after Wedbush launched the regional bank with an outperform rating, citing two recent acquisitions as catalysts for its positive outlook.

Live Oak Bangshares — Live Oak Bancshares added 4.2% after JPMorgan upgraded the stock to overweight and maintained a price target that suggests upside of more than 40% over the next 12 months.

carrier global — Shares of the HVAC company fell 1.3% after Bank of America downgraded Carrier from neutral to underperform. The bank cited slowing demand for heat pumps in Europe as a negative reason for the stock price.

Johnson & Johnson — Shares of the healthcare giant rose 0.8% in midday trading after RBC initiated coverage of the company with an outperform rating. Analyst Shagun Singh noted additional unrealized potential from Johnson & Johnson’s Kenvue spinoff in early 2023.

constellation brand — Shares of the alcoholic beverage maker fell more than 3% at midday after Constellation reported a 14% year-over-year drop in wine and spirits sales and an 8% drop in exhaustion, the industry’s term for the number of cases. It is sold to retailers through distributors. But overall, the company beat analysts’ earnings and revenue expectations and raised its guidance for fiscal 2024.

Lamb Weston — Lamb Weston shares surged 10%. On Thursday, the french fry producer that supplies McDonald’s beat analysts’ expectations for both sales and bottom line in its latest quarter. The fiscal year guidance was also raised. CEO Tom Werner cited robust demand and a favorable pricing environment in raising his fiscal year guidance.

Instacart — Instacart fell 2.9% after Bernstein began reporting on the company on a market perform rating, noting that the delivery company’s strong digital advertising business has suffered due to increased competition.

— CNBC’s Brian Evans, Alex Harring, Tanaya Macheel, Sarah Min, Jesse Pound, Pia Singh, Samantha Subin and Michelle Fox Theobald contributed reporting.