Movers: Carvana, ManTech, Rivian, Spirit, Twitter, Warby Parker

Barry Adams
16 May, 2022
New York City

Carvana Inc jumped 8.8% to $41.40 after the user-car retailer stated in a regulatory filing that the company plans to cut costs and expects to be profitable in 2023 on a core earnings basis. 

E-commerce and Internet linked stocks were on the defensive after tech stocks extend losses to the eighth week. 

Shopify declined 10% to $360.74, GitLab Inc fell 8.5% to $40.74, Sprout Social Inc fell 7.4% to $46.56, and Twilio Inc declined 7.5% to $102.44.  

ManTech International jumped 15.2% to $94.39 after the defense contractor agreed to be acquired by Carlyle Group for $4.2 billion. 

The all-cash offer of $96 a share represents 32% premium to $72.82 a share before the first media report indicating an impending offer or 17% to the closing price of $81.97 on May 13, 2022 

Rivian Automotive Inc fell 3.3% to $25.82 after Ford Motor Company sold additional 7 million shares according to a regulatory filing with the SEC. 

Last week, the automaker sold 8 million shares for $188 million after the initial public offering lock up expired on May 9th. 

After the completion of two sales, Ford's stake in Rivian is 9.8%. 

Spirit Airlines jumped 11% to $18.88 after JetBlue launched a hostile takeover offer for $30 a share. 

Spirit shareholder meeting is scheduled on June 10 to vote on its merger plan with Frontier. 

Frontier Group Holdings increased 5.9% to $9.23. 

Twitter Inc declined 4.7% to $38.76 on growing speculation that the billionaire investor Elon Musk may not follow through with his offer to takeover the company. 

Warby Parker Inc declined 1.8% to $17.11 after the company reported unexpected quarterly loss and revenues fell short of analysts' expectations.