Check out the companies making headlines in midday trading.

Rivian Automotive — Rivian Automotive shares tanked 19% after the electric vehicle maker announced plans to raise $1.5 billion in convertible notes and offered preliminary third-quarter revenue guidance roughly in line with Wall Street’s expectations. Rivian said it anticipates revenue to range between $1.29 billion and $1.33 billion, versus the $1.3 billion forecasted by analysts polled by LSEG.

Exxon Mobil — Shares slid more than 2.3% in midday trading, following a further decline in oil prices on the back of an uncertain demand outlook and macroeconomic future.

Clorox — Shares dropped 7.7% on Thursday, one day after the product maker offered worse fiscal first-quarter guidance than analysts polled by FactSet expected. The company said a cyberattack overshadowed benefits from better pricing, cost reduction and supply chain improvements.

UWM Holdings — Shares popped 5.7% after the mortgage company was upgraded by BTIG to buy from neutral. The firm said UWM Holdings’ valuation doesn’t reflect upside from a potential stabilization in interest rates.

Orchard Therapeutics — Shares nearly doubled after Japanese pharmaceutical company Kyowa Kirin announced plans to acquire the biotechnology firm, which specializes in gene therapy, for $478 million.

Vestis — Shares dropped 4.8%after Redburn Atlantic initiated coverage of the uniform company with a buy rating and noted limited valuation downside, saying “risk reward for the stock appears asymmetric.” Vestis completed a spin-off from Aramark on Monday.

Oculis — Shares rose 3.4% after Stifel initiated coverage of the biopharma company with a buy rating and $35 target price. The investment bank cited Oculis’ pipeline of innovative technologies as a reason for the rating.

First Citizen Bancshares — Shares gained 1% after Wedbush initiated the regional bank at an outperform rating, citing two recent acquisitions as catalysts for a positive outlook.

Live Oak Bancshares — Live Oak Bancshares added 4.2% after JPMorgan upgraded the stock to overweight and maintained a price target implying more than 40% upside over the next 12 months.

Carrier Global — Shares of the HVAC company dipped 1.3% after Bank of America downgraded Carrier to underperform from neutral. The bank cited slowing demand in Europe for heat pumps as one reason to be negative on the stock.

Johnson & Johnson — Shares of the health-care giant added 0.8% in midday trading after RBC initiated company coverage with an outperform rating. Analyst Shagun Singh noted further potential that has yet to be realized from JNJ’s spinoff of Kenvue earlier in 2023.

Constellation Brands — Shares of the alcoholic beverage maker dipped more than 3% midday after Constellation reported that sales of wine and spirits fell 14% on a year-over-year basis as well as an 8% decrease in depletions, an industry term for the number of cases sold to retailers by a distributor. Overall, however, the company topped analysts’ earnings and revenue expectations and raised its guidance for its fiscal 2024.

Lamb Weston — Lamb Weston shares jumped 10%. On Thursday, the French fry producer, which supplies McDonald’s, beat analysts’ expectations in its latest quarter on the top and bottom lines. It also raised its fiscal year guidance. CEO Tom Werner cited solid demand and a favorable pricing environment for raising the fiscal year guidance.

Instacart — Instacart fell 2.9% after Bernstein initiated coverage of the company at a market perform rating, noting that increased competition challenged the delivery company’s strong digital advertising business.

— CNBC’s Brian Evans, Alex Harring, Tanaya Macheel, Sarah Min, Jesse Pound, Pia Singh, Samantha Subin and Michelle Fox Theobald contributed reporting.