Rivian's Supply Chain Misery

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Rivian's Supply Chain Misery

Shares of Rivian Automotive (Nasdaq: RIVN) dropped 12.71% in after-hours trading on Thursday after the electric vehicle automaker posted bad earnings results.

Financials: Rivian reported a $2.43 loss per share and revenue of $54 million in the quarter; both were below estimates.

The Good: The company had 83,000 pre-orders from customers as of Monday.

The Bad: Rivian only anticipates producing 25,000 vehicles this year, which was also below estimates. The company cited supply chain constraints as the reason.

Numbers: Rivian’s shares are down 59% since its IPO last year.

Final Thoughts: In addition to the supply chain issues, Rivian is also facing a lot of competition from other electric vehicle makers.

Notables

Notable Earnings Today: Futu Holdings (Nasdaq: FUTU), Gold Resource (NYSE American: GORO), Genius Sports (NYSE: GENI), PLx Pharma (Nasdaq: PLXP), Buckle (NYSE: BKE), Bio-Path Holdings (Nasdaq: BPTH), RLX Technology (NYSE: RLX), AirSculpt Technologies (Nasdaq: AIRS), Real Good Food (Nasdaq: RGF), SeaSpine Holdings (Nasdaq: SPNE).

Notable IPOs Today: Banyan Acquisition Corporation (NYSE; BYN), Nubia Brand International Corp. Unit (Nasdaq: NUBIU).

Notable Equity Crowdfunding Campaigns Ending Today: Solstar Space Company (Wefunder), Kato Sake Works (MainVest), Transportation 4 Life (StartEngine).

Notable Economic Events Today: Michigan Consumer Expectations (10:00 a.m. ET), Michigan Consumer Sentiment (10:00 a.m. ET).

Commodity-Based ETFs to Consider

Capitalize on the rising commodities market with these three commodities-based exchange-traded funds (ETFs).

Share the Wealth: The iShares S&P GSCI Commodity-Indexed Trust (NYSEARCA: GSG), which provides exposure to a broad range of commodities, is up 53% in the past six months.

Electric Slide: The ProShares Ultra Utilities (NYSEARCA: UPW), which invests primarily in electricity, has seen its price soar 35% in the past 12 months.

Silver Lickin’ Good: The Global X Silver Miners ETF (NYSEARCA: SIL), which invests in the mining of silver, is up 8% in the past month.

Final Thoughts: ETFs are considered to be a great way to diversify a portfolio and to get broad exposure to different asset classes.

Terra Hits All-Time High

This week, cryptocurrency Terra hit an all-time high at over $99.

Background: The Terra network is supported by decentralized stablecoins. Their pegs are maintained through the coin, LUNA, according to Decrypt.

Catalyst: The uptick in price is likely attributed to strong demand for related tokens that are tied to the dollar.

Final Thoughts: Terra launched about six months ago in 2021, so it is still fairly new.

Trends to Watch

Price Surge: Households squeezed as U.S. consumer prices accelerate; more pain coming (Reuters)

A New Era: How a New Digital Dollar Could Shake the US Financial System (Wired)

No Surprises: Mortgages rates are on the rise again amid inflation fears (CNN)

Golden Rule: Everything you need to know about gold price at $2,000 and what to expect next (Kitco News)

Pause: Nickel Market Freeze Extended to Sort Out Big Trading Loss Amid Ukraine War (The Wall Street Journal)

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