Amazon Surges, Apple Disappoints, Rivian Gains

Today's biggest winners and losers in the stock market, a look at the notable movers:
On this episode of Stock Movers:

- Amazon (AMZN) shares jumped in post-market trading after it beat revenue expectations for the second quarter by 1.8%, with the AI-cloud Amazon Web Services division coming in 4.1% ahead of estimates. Net income climbed 244% from a year earlier. However, it sees 3Q revenue of between $197 billion and $202 billion, less than the $204 billion consensus. The surprisingly strong performance of the AI business seems to be what’s pushing shares higher, but the company was also far more profitable than consensus forecasts. Operating income was 16% above estimates.

- Apple (AAPL) sales grew more slowly than anticipated in China and its services business last quarter, sparking concerns about two key markets for the iPhone maker. Apple shares fell about 4% in late trading following the announcement, despite total revenue topping estimates and the iPhone's revenue rising 22% to $54.3 billion during the quarter. The company is planning several new Macs and iPads across the end of this year and next spring, and incoming CEO John Ternus faces challenges including adapting Apple to the AI era and replenishing its leadership bench.

- Rivian Automotive (RIVN) reported better-than-expected earnings as it began deliveries of a new midsize sport-utility vehicle, a positive sign while the company contends with a weakened market for electric vehicles in the US. The company's adjusted loss before interest, taxes, depreciation and amortization was $379 million in the second quarter, down from a $667 million loss a year ago, and its revenue also topped estimates. Rivian is working to rein in costs and revamp production while rolling out its newest model, the lower-cost R2 line, which the company is betting can help it capture greater share of the market for EVs

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