Investors took notice of the companies making headlines in midday trading. Rivian Automotive experienced the largest effects as its stocks plummeted 19% after announcing plans to raise $1.5 billion in convertible notes and providing preliminary third-quarter revenue guidance in line with Wall Street's projections. Exxon Mobil's shares dropped more than 2.3%, while Clorox's stock decreased 7.7% following the product maker's less-than-expected guidance. Conversely, UWM Holdings' stocks jumped 5.7% after being upgraded to buy from neutral by BTIG. Orchard Therapeutics nearly doubled after Japanese pharmaceutical firm Kyowa Kirin declared its intent to acquire the gene-therapy specialist for $478 million. Vestis and Oculis both experienced movement in their stocks, with Vestis dropping 4.8% after a buy rating from Redburn Atlantic and Oculis rising 3.4% after a buy rating and $35 target price from Stifel. First Citizens BancShares gained 1% on an Outperform rating by Wedbush, while Live Oak Bancshares added 4.2% on JPMorgan's overweight rating and a target price implying a 40% return. Carrier Global dipped 1.3% with Bank of America's downgrade to Underperform, and Johnson & Johnson's stock rose 0.8% in response to RBC's Outperform rating. Constellation Brands slumped 3% following a 14% decline in wine and spirits sales and an 8% decrease in depletions. In contrast, Lamb Weston stocks surged 10% after beating analysts' expectations and increasing its fiscal-year guidance. Instacart was the only company to record losses, falling 2.9% after Bernstein's Market Perform rating.
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