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Rivian beats third-quarter consensus, but RIVN stock gives up early post-market gain

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Rivian (RIVN) reported third-quarter results that largely overcame dour Wall Street expectations late Tuesday.

Rivian beats consensus for Q3 on adjusted losses and revenue. EV company raises full-year guidance for production to 54,000 vehicles. Exclusivity deal with Amazon for EV vans is being shelved in favor of a wider customer base. Rivian reported third-quarter results that largely overcamedour Wall Street expectations late Tuesday. The RIVN stock price, however, quickly gave up on a robust post-market rally with shares gaining 5% initially before scaling back to a 1% gain.

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Another top Wall Street strategist says last week's spectacular stock-market rally will soon fizzle.Joseph Adinolfi is a markets reporter at MarketWatch.
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