Check out the companies making the biggest moves before the bell:
Rivian — Shares popped 6.5% in premarket trading, adding to Monday’s gains after the electric vehicle maker reported 12,640 deliveries during the second quarter . The deliveries were up 59% from the previous quarter and beat analyst expectations of 11,000 vehicles, according to StreetAccount.
United Parcel Service — Shares of the logistics and delivery company fell more than 1% in premarket trading as negotiations between UPS and the Teamsters union appeared to hit an impasse. The union said in a statement Wednesday that negotiations had collapsed after UPS “walked away from the table.” UPS said in response that it had not walked away and was encouraging the union to return to the table. The current UPS Teamsters contract expires at the end of July.
Coinbase — The crypto services company fell more than 2% after Piper Sandler downgraded the stock and said that, despite the recent market rally following the SEC’s lawsuit against Coinbase, the increase in crypto prices haven’t translated to an increase in trading volume. The firm also expects Coinbase to report its lowest trading volumes and monthly transacting users in over two years for the third quarter.
AstraZeneca — The drugmaker climbed nearly 3%, after sinking 8% on Monday when AstraZeneca announced preliminary results of its phase three lung cancer treatment. The company said data for overall survival was “ not mature ” and results were not statistically significant, but the trial will continue.
Transocean — Shares of the offshore oil drilling company rose 3.7% after Citi upgraded them to buy from neutral. “We think Transocean is favorably positioned among offshore drilling peers given its sizable available fleet of idle rigs returning to work in the coming years,” Citi said .
Hertz — Hertz shares gained more than 1% after Jefferies initiated coverage of the car rental company with a buy rating, citing the potential for stronger margins.
American Equity Investment Life Holding — The stock added more than 2% after the company announced it will be acquired by Brookfield Reinsurance for about $4.3 billion. As part of the agreement, each AEL shareholder will receive $55 per AEL share.
Wolfspeed — Shares soared more than 17% after the company signed a decade-long supply dea l with Renesas to provide silicon carbide bare and epitaxial waters for $2 billion.
— CNBC’s Tanaya Macheel and Jesse Pound contributed reporting.
