Stocks making the biggest moves premarket: Rivian, Kohl's, Novavax and more

cnbc.com:

In this article

Check out the companies making headlines before the bell.

Rivian — Shares of the electric vehicle maker tumbled 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 below analysts' estimates of $742 million, according to Refinitiv. Rivian reported a smaller-than-expected loss, however.

Sarepta Therapeutics — The biotech stock soared by 17% after Morgan Stanley upgraded Sarepta shares to overweight from equal weight. Analyst Matthew Harrison said the compay's path for SRP-9001, an investigational gene therapy for Duchenne muscular dystrophy (DMD), now appears «de-risked.»

Spotify — The audio streaming giant's stock price rose 1.3%. Redburn upgraded the stock to buy earlier in the day, noting that it sees stronger margins as headwinds from investments, publishing royalty increases and foreign exchange wane.

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

Monster Beverage — Shares of the beverage company were down 4.8% after Monster released earnings after Tuesday's closing bell, posting quarterly earnings of 57 cents per share while analysts surveyed by StreetAccount anticipated 63 cents per share. Monster reported $1.51 billion in revenue, falling short of analysts' expectations of $1.6 billion.

Novavax — Shares dropped 25.4% in early morning trading