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Stocks: CVS slips after earnings beat, Canopy Growth rallies, Rivian rebounds

Yahoo Finance's Ines Ferre breaks down trending stocks: CVS, Canopy Growth, and Rivian.

Video Transcript

AKIKO FUJITA: Welcome back to Yahoo Finance Live. All three major indices continuing to be in the green here, with the NASDAQ leading the gains, up about 1.4% there. Let's bring in Yahoo Finance's Ines Farrell, who's tracking some of our trending tickers today. And Ines, some big stock moves on the back of earnings. Let's start with CVS.

INES FERRE: Yeah, that's right. So CVS is down about 5% right now. The company beat on earnings and revenue. Its cash flow, though, outlook, that came in below what the Street was expecting. Now CBS had doled out more than 15 million COVID vaccines last year, tens of millions of at-home tests. A lot of this also in the last quarter of last year amid the Omicron variant. But those benefits from COVID-related sales, those are expected to wane in the second half of the year.

And that may be why you're seeing some pressure on this stock right now. But if you take a look over the last six months, the stock is up more than 28%. The seven-month chart shows it's up just as much. But if you just take a look year to-- for a one-year chart, take a look. It's up more than 48%. So certainly a lot was baked into this stock going into these earnings. It may be a little bit of a "sell the news."

I also want to show you what's going on with Canopy Growth. That's up more than 16%. The Canadian cannabis grower beat revenue estimates for its latest quarter, coming in with a narrower than expected loss. Cannabis revenue actually declined, but that was offset by its drink and vapes categories. Brian, Akiko.

BRIAN CHEUNG: Ines, I want to follow up quickly on Rivian, the electric truck maker. Some interesting reporting from "The New York Times" suggesting that they're continuing to face some production delays. This is for a stock that's down 40% from where it IPOed last year. Give us more of an update on what's going on there.

INES FERRE: Yeah, basically, what this report is pointing out are some of the delays that the company has faced in 2021, delays of its all-electric pickup and SUV using a 400-mile range battery. Also the fact that the COO left the company in December of last year, and that surprised investors.

And you're right. The stock is down quite a bit from its IPO price from its all-time high of $179 after it went public back in November. Its IPO price was $78 a share. Its market cap has really shrunk since it reached a high of $153 billion in mid-November. Right now, its market cap is sitting at around $56 billion, Brian.

BRIAN CHEUNG: Yahoo Finance's Ines Ferre, thanks so much.