Today is Wednesday, November 8, 2023.

The Early Bird Index today is 54.48.

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Rivian's Amazon Partnership

Electric vehicle manufacturer Rivian Automotive (Nasdaq: RIVN) jumped 4.48% in after-hours trading on Tuesday after the company posted better-than-expected financial results.

Financials: Rivian reported a loss of $1.19 per share in the past quarter and revenue of $1.33 billion; both were better than expected.

Details: The company said that it expects to reach positive gross profit in 2024 while also decreasing the cost per vehicle. Due to progress on the production line, Rivian is also increasing its production guidance to 54,000 vehicles.

Powering the Story: Rivian also said that it will end its exclusivity agreement with Amazon (Nasdaq: AMZN), which means other commercial operators can now buy Rivian’s electric delivery vans.

Final Thoughts: Rivian’s stock is flat for the year as EV demand shrinks, but the company is on the right financial path.

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Notables

Notable Earnings Today: Arm Holdings (Nasdaq: ARM), Walt Disney (NYSE: DIS), Roblox (NYSE: RBLX), AMC Entertainment (NYSE: AMC), Fisker (NYSE: FSR), Under Armour (NYSE: UAA), Warner Bros. Discovery (Nasdaq: WBD), Twilio (NYSE: TWLO), Virgin Galactic (NYSE: SPCE), Ralph Lauren (NYSE: RL), Marathon Digital Holdings (Nasdaq: Mara), Lyft (Nasdaq: LYFT), Affirm (Nasdaq: AFRM), Take-Two Interactive Software (Nasdaq: TTWO), Beyond Meat (Nasdaq: BYND), Duolingo (Nasdaq: DUOL), Biogen (Nasdaq: BIIB), Instacart (Nasdaq: CART), HubSpot (NYSE: HUBS), ZipRecruiter (NYSE: ZIP), Akebia Therapeutics (Nasdaq: AKBA), IonQ (NYSE: IONQ), Semantix (Nasdaq: STIX), Digital Turbine (Nasdaq: APPS), 3D Systems (NYSE: DDD), Village Farms (Nasdaq: VFF), Warby Parker (NYSE: WRBY), 23andMe (Nasdaq: ME), Adient (NYSE: ADNT), Allbirds (Nasdaq: BIRD), AppLovin (Nasdaq: APP), Ashland (NYSE: ASH), Atmos Energy (NYSE: ATO), Bloom Energy (NYSE: BE), CEVA (Nasdaq: CEVA), Charles River (NYSE: CRL), Coeur Mining (NYSE: CDE), Corteva (NYSE: CTVA), Diodes (Nasdaq: DIOD), EVgo (Nasdaq: EVGO), Fair Isaac (NYSE: FICO), FleetCor (NYSE: FLT), Franco-Nevada (NYSE: FNV), Genco Shipping & Trading (NYSE: GNK), Genpact (NYSE: G), Hillman Solutions (Nasdaq: HLMN), Holley (NYSE: HLLY), Jazz Pharmaceuticals (Nasdaq: JAZZ), Kellanova (NYSE: K), Kornit Digital (Nasdaq: KRNT), Lumentum (Nasdaq: LITE), MasterCraft (Nasdaq: MCFT), MGM Resorts (NYSE; MGM), New York Times (NYSE: NYT), Nuvei (TSE: NVEI), Pan Am Silver (TSE: PAAS), Paycor (Nasdaq: PYCR), Performance Food Group (NYSE: PFGC), PubMatic (Nasdaq: PUBM), Reynolds Consumer Products (Nasdaq: REYN), SeaWorld Entertainment (NYSE: SEAS), Starwood Property Trust (NYSE: STWD), Steven Madden (Nasdaq: SHOO), Teva Pharmaceutical (NYSE: TEVA), TechTarget (Nasdaq: TTGT), Topgolf Callaway Brands (NYSE: MODG), Traeger (NYSE: COOK), TTEC Holdings (Nasdaq: TTEC), WideOpenWest (NYSE: WOW), WK Kellogg (NYSE: KLG), XPEL (Nasdaq: XPEL).

Notable IPOs Today: Globavend Holdings Limited Ordinary Shares (Nasdaq: GVH), Honeytree U.S. Equity ETF (Nasdaq: BEEZ), Dimensional Global Core Plus Fixed Income ETF (Nasdaq: DFGP), Dimensional Global Credit ETF (Nasdaq: DGCB), Dimensional Global ex US Core Fixed Income ETF (Nasdaq: DFGX).

Notable Equity Crowdfunding Campaigns Ending Today: Belle Isle (StartEngine), Jurny (Wefunder).

Notable Economic Events Today: Fed Chair Powell Speaks (9:15 a.m. ET), Crude Oil Inventories (10:30 a.m. ET).

Robinhood's Monthly Active Users

Robinhood Markets (Nasdaq: HOOD) reported mixed financial results on Tuesday, sending shares of the company down 8.30% in after-hours trading.

Powering the Story: The number of monthly active users fell by 16% in the quarter.

Final Thoughts: It was a weak quarter for Robinhood, which is up 20% this year. At the very least, there are short-term concerns about the stock.

Lucid Cuts Production Guidance

EV maker Lucid Group (Nasdaq: LCID) dropped 4.19% during Tuesday’s after-hours trading after the company cut its production guidance.

Final Thoughts: Unlike Rivian, Lucid is going in the wrong direction. The stock is down 30% this year.

Trends to Watch

Steady Inflows: Bitcoin Squeezes to $35.5K as 'Mini Altcoin Season' Lifts Crypto Market Cap to $1.3 Trillion (CoinDesk)

Down, Not Up: Upstart’s stock gets hammered as earnings outlook comes in light (MarketWatch)

Retreat: Goldman Moves to Unload GM Credit Card (Wall Street Journal)

Too Much Debt: US credit card balances see largest yearly leap on record (CNN)

The Value of Bitcoin: The bitcoin market is clearly benefiting from investor ‘flight to quality’ (The Street)

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