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Stocks making the biggest moves in the premarket: Palantir, Rivian, Uber and more

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Take a look at some of the biggest movers in the premarket:

Palantir Technologies (PLTR) – The data analytics software company’s shares plunged 15.1% in premarket trading after posting a mixed quarter. Palantir reported profit of 2 cents per share, compared to a 4 cents a share consensus estimate. Revenue was higher than expected, however, despite slowing growth in its government business. Palantir also issued a softer-than-expected current-quarter revenue forecast.

Rivian (RIVN) – Ford Motor (F) is selling 8 million of its 102 million share stake in the electric vehicle maker, according to sources who spoke to CNBC’s David Faber. The move comes as the insider lockup period for selling the stock expires. Rivian shares plummeted 15.6% in the premarket.

Uber Technologies (UBER) – Uber plans to slash spending on marketing and incentives and be deliberate about adding workers, according to a staff email obtained by CNBC. CEO Dara Khosrowshahi said the ride-hailing and food delivery company said Uber needs to become a leaner business to address a “seismic shift” in investor sentiment. Uber fell 3% in the premarket.

Coty (COTY) – Coty reported quarterly earnings of 3 cents per share, beating the penny a share consensus estimate. Revenue topped forecasts as well and the cosmetics company raised its full-year outlook on strong demand for its products. The stock rose 1.7% in the premarket.

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Energizer (ENR) – The battery maker beat estimates by 9 cents a share, with quarterly profit of 47 cents per share. Revenue topped Street forecasts as Energizer raised prices. Its shares gained 2.3% in the premarket.

Elanco Animal Health (ELAN) – Elanco fell 4.3% in premarket action after the animal health products company lowered its full-year outlook, reflecting the impact of a stronger U.S. dollar. Elanco reported slightly better-than-expected profit and revenue for its most recent quarter.

Tyson Foods (TSN) – The stock rose 1% in the premarket after the beef and poultry producer beat profit and revenue estimates for its latest quarter. Tyson earned $2.29 per share, compared to a $1.91 a share consensus estimate.

BioNTech (BNTX) – BioNTech trounced Wall Street estimates for profit and revenue in its latest quarter, and also backed its prior outlook for 2022 including projections for Covid-19 vaccine sales.

Twitter (TWTR) – Elon Musk detailed his financial goals for Twitter in an investor presentation obtained by the New York Times. Among those goals: quintuple revenue by 2028, cut Twitter’s reliance on advertising and reach 931 million users by 2028 compared to 217 million at the end of 2021. Twitter fell 1.3% in premarket trading.

Shell (SHEL) – Third Point’s Daniel Loeb told investors he has added to his stake in energy giant Shell, according to a letter seen by Reuters. Loeb said in the letter that he had held “constructive” talks with management, the board and shareholders about his call for the company to split itself up. Shell shares fell 2.6% in premarket action.

Southwest Gas (SWX) – Southwest Gas reached a settlement with investor Carl Icahn that will see the utility company replace its CEO and give Icahn as many as four board seats. Southwest Gas rose 1% in the premarket.

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Source: CNBC

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