Rivian Automotive, Inc.
Shares of electric vehicle manufacturer Rivian Automotive (RIVN) fell 10.06% on Tuesday after the company announced a decline in fourth-quarter deliveries. Total vehicle deliveries from October to December were 13,972 vehicles, a decrease of 10.2% from the same quarter last year. Deliveries were expected to reach 14,000 vehicles during the quarter. However, the company continues to ramp up production, with 17,541 electric vehicles manufactured in the fourth quarter, compared to 16,304 vehicles in the third quarter. Year-over-year, the company exceeded its production guidance by 6%. Rivian will announce its fourth-quarter earnings on February 21.
Norwegian Cruise Line Holdings Ltd.
Shares of Norwegian Cruise Line Holdings (NCLH), based in Miami, fell 8.58% on Tuesday amid rising oil prices and growing concerns about weak economic forecasts. While the price of West Texas Intermediate crude oil stabilized somewhat yesterday, it rose by more than 2% earlier in the session, raising concerns about increased fuel costs. Norwegian states that it reserves the right to impose fuel surcharges if the price of crude oil exceeds $65 per barrel. Currently, it is hovering around $70 per barrel. The last time the company imposed a fuel surcharge was when oil prices rose above $100 per barrel during the global financial crisis. Investors also remain cautious about how decreased discretionary income among many consumers after successive interest rate hikes will affect cruise line bookings in 2024.
XLV Healthcare Sector ETF
The XLV Healthcare Sector ETF rose nearly 2% on Tuesday after COVID-19 vaccine maker Moderna provided a boost to the group with its sales growth forecast for 2025 and received an upgrade from independent investment bank Oppenheimer. CEO Stéphane Bancel informed investors via a shareholder letter that the launch of a candidate vaccine for respiratory syncytial virus this year, alongside the potential launch of a dual flu/COVID vaccine in 2025, qualifies the company for future growth. Meanwhile, analysts at Oppenheimer upgraded the stock to “outperform,” noting that the company could have five products on the market by 2026. Positive news from Moderna contributed to boosting sentiment regarding other leading pharmaceutical companies, such as Merck & Co. and AbbVie Inc., which hold over 5% weight in the ETF portfolio that contains 66 stocks.
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