Closing Bell: Rivian Jumps, Intel Slumps, Reddit Falls

Today's biggest winners and losers in the stock market.
On this episode of Stock Movers:

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- Rivian Automotive (RIVN) reported a smaller-than-expected loss and early momentum for its new R2 SUV. The company's revenue jumped 38% to nearly $2.2 billion, more than Wall Street expected, and the R2 became its top-selling model in its first full quarter on the market. Rivian raised the low end of its full-year delivery forecast to at least 67,000 EVs and named Derek Mulvey as its interim CFO, effective Oct. 30.

- Intel (INTC) suffered its worst stock rout in more than four decades due to a PC industry slump and supply-chain snags that hurt its forecast. The company projects sales of $15 billion to $16 billion in the fourth quarter, with profit of 25 cents a share, excluding certain items, which is lower than analysts' estimates. Intel's stock fell as much as 30% in New York trading, and the company expects the PC downturn to persist through at least the first half of 2027, with a decline of 10% next year.

- Reddit (RDDT had its biggest share drop since its initial public offering after saying it is planning to limit access to its online forums. The company plans to start testing different approaches in markets outside of the US throughout the fourth quarter to get users to register for accounts and deepen engagement. Reddit’s shares fell to $95 when trading opened in New York on Friday, after the company posted a revenue outlook that fell below analysts’ estimates.

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