Sept. 29
AUTOMOTIVE
Irvine-based EV maker Rivian Automotive Inc (Nasdaq: RIVN) jumped 6% to $24.48 per share for a market cap of $23 billion. Investor website the Motley Fool said the stock popped after Rivian CEO RJ Scaringe said yesterday he isn’t worried about competition from Tesla’s soon-to-be-delivered Cybertruck, noting that his customers don’t overlap much with Tesla’s.
ENERGY
Newport Beach-based Clean Energy Fuels Corp. (Nasdaq: CLNE) increased 4.3% to $3.85 apiece for a market cap of $858 million. Clean Energy is the exclusive provider of renewable natural gas fuel for a successful test of the Cummins (NYSE: CUMI) natural gas engine that was announced yesterday.
–Kevin Costelloe
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SEPT. 28
MEDICAL DEVICES
Masimo Corp. (Nasdaq: MASI) rose 6% to $89.25 and a $4.7 billion market cap. The company’s stock should be valued at around $351.61, suggesting it is “significantly undervalued,” according to an analysis issued yesterday by the Guru Focus website.
SPACE
Virgin Galactic Holdings Inc. (NYSE: SPCE) rose 4.2% to $1.72 and a $634 million market cap. Volume at the Tustin-based provider of space flights was about a fourth of the daily average of around 18 million shares. The shares, which have fallen 74% this year, reached their all-time low of $1.63 on Sept. 26.
Indexes
Nasdaq climbed 1% to 13,224.62 in midday trading, led by tech-heavy stocks like Meta Platforms, Tesla and Alphabet.
Crude oil was off 1.3% to $92.47 a barrel.
–Peter J. Brennan
SEPT. 27
TECHNOLOGY
GAN Ltd. (Nasdaq: GAN) jumped 18% to $1.27 and a $56.7 million market cap. The Irvine-based online gambling tech company today announced the resignation of Dermot Smurfit as CEO and appointed Seamus McGill, the current board chairman, as interim CEO.
ELECTRIC VEHICLES
Mullen Automotive Inc. (Nasdaq: MULN) fell 10% to 46 cents and an $85 million market cap. David Michery, CEO of the Brea-based maker of electric vehicles, penned a letter to shareholders, saying the company has hired Donohoe Advisory Associates LLC to represent it in an upcoming Nasdaq Hearings Panel regarding the bid price requirement. The move follows a lawsuit filed by the company against TD Ameritrade, Inc., Charles Schwab Co., Inc. and others, alleging they inflated the number of Mullen shares.
MIDDAY STOCK ROUNDUP
The price of gold was down 1.4% to $1,893.80.
The price for a barrel of oil rose 3.6% to $93.63.
–Katie Murar
SEPT. 26
AUTOMOTIVE
Irvine-based EV maker Rivian Automotive Inc. (Nasdaq: RIVN) rose 6.2% to $22.45 per share for a market cap of $21 billion. The stock popped after investment banker Baird reiterated its outperform rating on the company’s shares this morning, according to investor website The Motley Fool.
HEALTHCARE
Aeon Biopharma Inc. (NYSE: AEON), which is currently testing a botulinum toxin complex to treat migraines and other ailments, increased 4.8% to $6.28 per share for a market cap of $234 million. Aeon’s shares reached as high as $11.88 when it went public on July 24, and have slid since then.
INDEXES
Major stock indexes fell due to the Federal Reserve’s interest rate policy and the threat of a partial U.S. government shutdown. The S&P 500 was down 1% at 4,291.82 while the Nasdaq dropped 1.1% to 13,123.98. The price for a barrel of oil rose 1% to $90.60.
–Kevin Costelloe
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Sept. 25
SOFTWARE
WM Technology Inc. (Nasdaq: MAPS) rose 10.5% to $1.37 per share for a market cap of $224 million, recouping some of the ground lost last week. The Irvine-based provider of online cannabis information has gained 35% this year, and reached a 2023 high of $1.80 on Sept. 5.
ENERGY
Clean Energy Fuels Corp. (Nasdaq: CLNE) in Newport Beach fell 3.1% to $3.87 apiece for a market cap of $862 million. The shares have fallen more than 25% since the start of the year amid continuing uncertainty in world energy markets.
INDEXES
The yield on a 10-year U.S. Treasury bond rose 2% to 4.53%.
—Kevin Costelloe
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SEPT. 22
SEMICONDUCTORS
Aliso Viejo-based Indie Semiconductor Inc. (Nasdaq: INDI) rose 9.7% to $6.82 per share for a market cap of $1 billion. The automobile tech company said today it had started an exchange offer and consent solicitation relating to outstanding public warrants and private placement warrants.
AEROSPACE
Satellite maker Terran Orbital Corp. (NYSE: LLAP) in Irvine fell 5.1% to $1.02 per share for a market cap of $189 million. The company was scheduled to close its $32.5 million public offering “on or about” yesterday. Terran Orbital expects to use the net proceeds of the offering for general corporate purposes, including capital expenditures and “maintenance of the liquidity covenant in the company’s debt documents.”
–Kevin Costelloe
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Sept. 21
Software
WM Technology Inc. (Nasdaq: MAPS) plummeted 18% to $1.23 and a $201 million market cap. Shares of the Irvine-based provider of online cannabis information are now down 32% since reaching this year’s high of $1.80 on Sept. 5th.
Satellites
Terran Orbital Corp. (NYSE: LLAP) declined 6.6% to $1.07 and a $186 million market cap. Shares of the satellite maker, which has major operations in Irvine, have fallen 25% since Sept. 18 when it announced a secondary offering at $1.40 each to raise $32.5 million for capital expenditures and research.
Indexes
The economy should see fewer rate cuts next year, suggesting a restrictive monetary stance that is bad for growth stocks, Reuters reported. The tech-heavy Nasdaq was off 1.3% to 13,301.04 while the S&P 500 declined 1.1% to 4,352.19.
Gold fell 1.5% to $1,939 an ounce.
The yield on a 10-year bond increased 2.874% to 4.474%.
–Peter J. Brennan
Sept. 20
RESTAURANTS
Irvine-based Kura Sushi USA Inc. (Nasdaq: KRUS) decreased 3.7% to $72.91 and a $809 million market cap. Shares in the revolving sushi bar have fallen 34% since reaching a 52-week high of $110 in July.
HEALTH CARE
Irvine-based Sabra Health Care REIT Inc. (Nasdaq: SBRA) rose 5.4% to $14.07 and a $3.3 billion market cap. Jefferies today upgraded its stock outlook from Hold to Buy for the real estate investment trust, which is expected to relocate its headquarters to Tustin by next month. Shares are up 17% in the past month.
–Katie Murar
Sept. 19
AEROSPACE
Satellite maker Terran Orbital Corp. (NYSE: LLAP) in Irvine fell 19% to $1.16 per share for a market cap of $199 million, after announcing the pricing of a $32.5 million public offering earlier in the day. Meanwhile, Tustin-based space tourism company Virgin Galactic Holdings (NYSE: SPCE) rose 6.8% to $2 per share for a market cap of $732 million after announcing inducement awards to two new non-executive employees earlier in the day.
AUTOMOBILES
Electric vehicle maker Rivian Automotive Inc. (Nasdaq: RIVN) in Irvine fell 4.5% to $22.65 per share for a market cap of $21.5 billion. Despite the dip, the company’s shares have gained more than 20% so far this year, and investor website Seeking Alpha said yesterday that “Morgan Stanley stayed bullish on the upside for Rivian Automotive.”
–Kevin Costelloe
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Sept. 18
TECHNOLOGY
Irvine-based Alteryx Inc. (NYSE: AYX) was up 5.5% to $36.78 with a market cap of $2.6 billion. Analyst firm Morgan Stanley upgraded its rating of the data analytics software company from ‘equal-weight’ to ‘overweight’ on Monday and maintained a target price of $54.
MANUFACTURING
Clean Energy Fuels Corp. (Nasdaq: CLNE), headquartered in Newport Beach, fell 6.9% to $4.07 per share with a $910 million market cap. Shares of the renewable natural gas supplier have gone down about 17% since Sept. 9.
–Emily Santiago-Molina
Sept. 15
HEALTHCARE
Tarsus Pharmaceuticals Inc. (Nasdaq: TARS) jumped 6.1% to $15.65 a share and a $512 million market cap. Executives for the Irvine-based drugmaker this week presented at the H.C. Wainwright 25th Annual Global Investment Conference and the Morgan Stanley 21st Annual Global Healthcare Conference.
Sonendo Inc. (NYSE: SONX) fell 5.9% to 85 cents a share and a $44 million market cap. Shares in the Laguna Hills-based dental equipment maker are near their 52-week low of 78 cents.
INDEXES
The Nasdaq fell 1.4% to 13,737.75.
–Kaitlin Aquino
