UBS, Rivian and Archer Aviation rise premarket; Cano Health falls
Investing.com -- U.S. futures edged lower Friday, with investors cautiously awaiting another inflation reading amid uncertainty over future Federal Reserve interest rate decisions.
Here are some of the biggest premarket U.S. stock movers today:
News Corp (NASDAQ: NWSA) stock will be in the spotlight after the media conglomerate beat expectations for third-quarter profit, helped by a string of cost-cut measures and strong subscription growth across its professional data and news platforms.
UBS (NYSE: UBS) stock rose 4.8% after Switzerland’s largest lender stated that it would not need the around $10 of state guarantees provided to smooth the takeover of its failing rival.
Capri Holdings (NYSE: CPRI) stock fell 0.2% after Wells Fargo downgraded the fashion company to ‘equal weight’ from ‘overweight’ in the wake of the announcement that Tapestry (NYSE: TPR) is set to buy the Versace owner.
Cano Health (NYSE: CANO) stock fell 47% after the primary-care provider announced plans to cut its workforce by 18%, saying there was “substantial doubt” about its ability to continue operating within a year.
Archer Aviation (NYSE: ACHR) stock rose 18% after the air taxi maker settled litigation with Boeing (NYSE: BA), and agreed to collaborate on autonomous technology.
Rivian Automotive (NASDAQ: RIVN) stock rose 1.3% after Exane BNP Paribas upgraded the electric car manufacturer to ‘Outperform’ from ‘Neutral’ after the company lifted its annual production guidance Tuesday after reporting a narrower-than-expected loss in the second quarter.
DigitalOcean (NYSE: DOCN) stock rose 1.4% after Morgan Stanley upgraded the software company to ‘Equal weight’ from ‘Underweight’, saying the current outlook appears achievable.