Overview
- Rivian traded lower Thursday, down about 1.65% to $15.17 at publication, according to Benzinga Pro.
- The decline followed a Wednesday surge after Rivian beat third-quarter revenue expectations with $1.56 billion and posted its first consolidated gross profit of $24 million.
- Rivian disclosed a spin-off of its industrial AI and robotics unit, Mind Robotics, following a $110 million external seed round, retaining a 40.6% stake.
- Chicago Fed President Austan Goolsbee flagged uncertainty over further interest rate cuts because recent inflation data were unavailable during a prolonged government shutdown.
- Goldman Sachs reiterated a Neutral view on Rivian and cut its price target to $13 from $15.