Electric vehicle stocks are on watch after Rivian (RIVN) posted Q2 results. Disappointingly, the firm posted a flat revenue growth of $1.12 billion and a GAAP EPS loss of $1.27.
Rivian expects revenue of $1.158 billion in the next quarter. The stock-based compensation of $177 million increased from $158 million last year.
RIVN is a stock to avoid.
Saudi Arabia-backed Lucid (LCID) posted similarly weak results. Although Saudi PIF increased its investments by $1.5 billion, the $0.29 non-GAAP EPS loss is troubling.
Trip Advisor (TRIP) will trade sharply lower when the market opens. Revenue increased by 0.6% Y/Y to $497 million.
Quarterly results from Wynn Resorts (WYNN) may end the stock’s downtrend. The stock peaked at $110.38 in April and has fallen almost daily since then. Wynn reported revenue growing by 8.1% Y/Y to 41.73 billion. Its CEO said that the construction of Wynn AI Marjan Island in the UAE is progressing at a rapid pace.
Wynn’s weak stock performance suggests that markets are bracing for a recession. In addition, airline stocks like American Airlines (AAL) and Southwest Airlines (LUV) also fell sharply. Automotive stocks like Ford (F) and Stellantis (STLA) collapsed abruptly recently.
Before buying the stock, investors need to wait for WYNN stock to settle at around $70 - $75.00 for several months.
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