Rivian climbs but UPS and Microsoft slips

 

Here are some of the biggest movers ahead of Wednesday’s market open:

Stock gainers:

Wolfspeed Inc.
WOLF,
+2.07%

stock surged 15% in premarket trading after the after the silicon-carbide chip maker said it signed a 10-year wafer-supply agreement with Japan’s Renesas Electronics
6723,
+1.78%
.

Shares of Rivian Automotive Inc.
RIVN,
+17.41%

climbed 4% in premarket trading after Amazon.com Inc. said it had rolled out the first electric delivery vans from the electric-vehicle maker. The e-commerce giant said more than 300 new electric vans from Rivian will hit the road in Germany in the coming weeks. Rivian shares were among the EV makers that got a boost on Monday after upbeat delivery and production data from companies including Tesla Inc.
TSLA,
+6.90%

and Nio
NIO,
+3.51%
.

Netflix Inc. stock
NFLX,
+0.22%

rose 1% in premarket trading, after Goldman Sachs reportedly upgraded shares to neutral from sell.

Stock decliners:

United Parcel Service Inc. stock
UPS,
+2.52%

fell 0.9% in premarket trading after the union representing thousands of workers at the global delivery firm reportedly “walked away from the bargaining table,” and unanimously rejected a contract offer by the company.

Microsoft Corp. MSFT and Amazon shares AMZN slipped 0.8% and 0.7%, respectively, after The Wall Street Journal, citing sources, reported Tuesday that the White House planned to curb Chinese companies’ access to U.S. cloud-computing services. The article said Amazon and Microsoft could be forced to ask the U.S. government for clearance to provide cloud services that use AI chips to Chinese customers.

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