HomeFinanceRivian stock climbs, while UPS and Microsoft fall, and other shares on...

Rivian stock climbs, while UPS and Microsoft fall, and other shares on the move

Here are some of the biggest movers ahead of Wednesday’s market open:

Stock gainers:

Wolfspeed Inc.

stock surged 15% in premarket trading after the after the silicon-carbide chip maker said it signed a 10-year wafer-supply agreement with Japan’s Renesas Electronics

Shares of Rivian Automotive Inc.

climbed 4% in premarket trading after Inc. said it had rolled out the first electric delivery vans from the electric-vehicle maker. The e-commerce giant said more than 300 new electric vans from Rivian will hit the road in Germany in the coming weeks. Rivian shares were among the EV makers that got a boost on Monday after upbeat delivery and production data from companies including Tesla Inc.

and Nio

Netflix Inc. stock

rose 1% in premarket trading, after Goldman Sachs reportedly upgraded shares to neutral from sell.

Stock decliners:

United Parcel Service Inc. stock

fell 0.9% in premarket trading after the union representing thousands of workers at the global delivery firm reportedly “walked away from the bargaining table,” and unanimously rejected a contract offer by the company.

Microsoft Corp. MSFT and Amazon shares AMZN slipped 0.8% and 0.7%, respectively, after The Wall Street Journal, citing sources, reported Tuesday that the White House planned to curb Chinese companies’ access to U.S. cloud-computing services. The article said Amazon and Microsoft could be forced to ask the U.S. government for clearance to provide cloud services that use AI chips to Chinese customers.

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