Options Market Statistics: Rivian Reports Better-Than-Expected Results; Shares Rise And Options Pop

Apple has temporarily halted the advancement of its software for next year's lineup of iPhones, iPads, Macs, and other devices. This decision emphasizes the tech giant's commitment to quality and performance over introducing new features. Apple's engineers are now primarily concentrating on identifying and rectifying existing software bugs, aiming to solidify the foundational stability of their operating systems. This internal directive, which highlights the importance of maintaining Apple's reputation for delivering user-friendly and reliable software, aligns with the company's longstanding ethos that prioritizes user experience.

Amazon said on Monday that it is launching the Black Friday event starting from November 17.

UBS raises Amazon price target to $180 from $178, maintains Buy rating.

Rivian reported a smaller loss than expected and raised full-year production guidance. That's pretty good considering how investors feel about EVs these days. Shares were up shortly after the third-quarter results were released.

Tuesday evening, the EV start-up announced an adjusted third-quarter per-share loss of $1.19 from sales of $1.3 billion. Wall Street was looking for a per-share loss of $1.31 from sales of $1.3 billion, according to Bloomberg. Rivian reported a $1.08 loss from sales of $1.1 billion in the second quarter of 2023.

A loss won't surprise investors. They want to see improvement, especially with respect to cash flow. Rivian used just under $1.1 billion in the third quarter, a little better than Wall Street had projected, and down from $1.6 billion used in the second quarter of 2023.

Wall Street projects cash use of about $1 billion to $1.4 billion for each of the next few quarters.

Rivian Automotive raised its production forecast for the full year by 2,000 vehicles to 54,000 units on the back of sustained demand for its trucks and SUVs, sending its shares up 3% in volatile after-hours trading.

Rivian's upbeat forecast on electric-vehicle production is a small positive for an industry reeling from the double whammy of high inflation that has dulled buyer appetite and price cuts at market leader Tesla to stimulate demand.