Market movers: Rivian Automotive, EnWave, Snail Games...
Published: 14:30 07 Jul 2026 EDT
Figma (NYSE:FIG) was reinstated with a ‘Buy’ rating and a $30 price objective by Bank of America, with the firm arguing that artificial intelligence is likely to strengthen the company's competitive position rather than undermine it.
Shares of Figma traded higher on the news, adding more than 7% at about $23 on Tuesday afternoon.
Rivian Automotive Inc (NASDAQ:RIVN) shares declined on Tuesday after the electric vehicle maker announced a public offering of common stock aimed at raising capital for general corporate purposes.
The company said it has commenced an underwritten public offering of 75 million shares of common stock and expects to grant underwriters a 30-day option to purchase an additional 11.25 million shares. All shares in the offering will be sold by Rivian, with the final size and terms subject to market conditions.
EnWave Corp (TSX-V:ENW, OTC:NWVCF, FRA:E4U) announced that it has signed a second equipment purchase agreement with Mexican food processing company Procescir S.A. de C.V. for an additional 120-kilowatt Radiant Energy Vacuum (REV) dehydration machine.
The new equipment purchase follows Procescir's commercialization of its first REV production line. EnWave said the second system will expand Procescir's manufacturing capacity, allowing the company to increase production of private-label and branded dried fruit, vegetable and ingredient products, while supporting its toll drying business for international food companies.
Snail Inc (NASDAQ:SNAL) has announced the launch of three new content releases for ARK: Survival Ascended, including ARK: Genesis Part 1 Ascended, ARK: Tides of Fortune, and ARK: Dragontopia.
The company said it expects to recognize approximately $11 million from its deferred revenue backlog during the third quarter of 2026 in connection with the release of ARK: Genesis Part 1 Ascended.
Shell PLC (LSE:SHEL, NYSE:SHEL) shares jumped over 2% after it said stronger trading and improved refining margins should support second-quarter performance, although production has been hit by disruption to output from Qatar following the war in the Middle East.
In a separate statement, it was revealed that the oil major had also struck a deal to sell its downstream business in South Africa to UAE's ADNOC Distribution for an implied enterprise value of $1 billion. The deal includes 580 fuel stations, wholesale fuel, aviation and lubricants operations, with ADNOC planning to retain the Shell brand under a long-term licensing agreement.
