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Rivian, Palantir, and Uber Fall Premarket; BioNTech, Coty Rise

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By Peter Nurse

Investing.com — Stocks in focus in premarket trade on Monday, May 9th. Please refresh for updates.

Rivian Automotive (NASDAQ:RIVN) stock fell 17% after CNBC reported that Ford (NYSE:F) is selling 8 million shares of the electric vehicle manufacturer as the insider lockup period ends, while J.P. Morgan (NYSE:JPM) is set to sell between 12 million and 13 million shares on behalf of another unnamed shareholder.

Palantir Technologies (NYSE:PLTR) stock slumped 15% after the data analytics firm issued a disappointing second quarter revenue forecast, indicating slowing sales growth as it ramps up its sales force to sign more deals amid rising competition.

BioNTech (NASDAQ:BNTX) stock rose 1.6% after the drugmaker said its first quarter sales and earnings more than tripled, thanks to demand for the COVID-19 vaccine it developed with Pfizer (NYSE:PFE).

Tyson Foods (NYSE:TSN) stock rose 3.3% after the company raised its full-year sales outlook after beating quarterly revenue estimates, benefiting from rising prices for its beef and chicken.

Uber (NYSE:UBER) stock fell 2.8% after CNBC reported the ride-hailing company is set to scale back hiring and reduce expenditure on its marketing and incentive activities, citing a letter from Chief Executive Officer Dara Khosrowshahi.

Coty (NYSE:COTY) stock rose 3.3% after the cosmetics maker raised its full-year profit outlook on resilient demand for its fragrances and skincare products.

ConocoPhillips (NYSE:COP) stock fell 2.4% after the U.S. oil major submitted a plan to develop an oil discovery in the Norwegian North Sea for just over $1 billion.

Air Lease (NYSE:AL) stock fell 1.1% after the aircraft leasing company’s executive chairman said it’s pursuing "vigorous" insurance claims over jets stranded in Russia, following changes in the law preventing their repossession.

Dish Network (NASDAQ:DISH) stock fell 3.7%, continuing Friday’s 19% drop after its quarterly report. Credit Suisse upgraded its investment stance to ‘outperform’ from ‘neutral’, saying the beaten-down stock can double from here.

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