MFC - Hot Stocks: RIVN BMBL rally on earnings; MFC drops; RIDE jumps 50% on Foxconn deal closing
A couple of high-profile electric vehicle makers highlighted Thursday's midday trading. Rivian Automotive (NASDAQ:RIVN) rose on a solid production forecast, while Lordstown Motors (RIDE) jumped 50% after closing a deal to sell its factory to Foxconn. Elsewhere in the market, Bumble (BMBL) experienced buying interest following the release of strong quarterly results. Meanwhile, earnings news sent Manulife Financial (MFC) in the opposite direction, sparking a substantial intraday loss. Gainers Earnings news allowed Rivian Automotive (RIVN) to show significant strength in midday trading, bouncing back from recent weakness. Investors focused on the EV maker's production forecast, which saw RIVN back its 2022 target of 25K vehicles. The firm plans to meet this benchmark despite ongoing supply chain challenges. For the latest quarter, the company reported a net loss of $1.58B. Buoyed by the upbeat production forecast, RIVN rose 21% in intraday action. Fellow EV maker Lordstown Motors (RIDE) also sported a
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Hot Stocks: RIVN, BMBL rally on earnings; MFC drops; RIDE jumps 50% on Foxconn deal closing