While earnings news and the Federal Reserve's upcoming meeting dominated the conversation on Wall Street, other stories also stirred trading among individual stocks in Tuesday's midday action. This included Lithium Americas ( LAC ), which posted a double-digit percentage gain following a partnership with GM.
Elsewhere, Victoria's Secret ( VSCO ) climbed on updated guidance and an accelerated stock repurchase plan.
On the earnings front, International Paper ( IP ) climbed on better-than-expected results. Meanwhile, McDonald's ( NYSE: MCD ) lost ground amid margin concerns.
Gainers
Lithium Americas ( LAC ) surged in midday trading after announcing a partnership with General Motors, which includes a $650M equity investment from the automaker. Shares jumped 13% on the news.
Under the deal, the companies will jointly invest to develop the Thacker Pass mine in Nevada. Overall, the firms characterized GM's investment in LAC as the largest-ever by an automaker to produce battery raw materials.
Victoria's Secret ( VSCO ) showed strength during intraday action, climbing 7% on updated guidance and the announcement of an accelerated stock repurchase agreement with Goldman Sachs.
The firm said the stock buyback transaction involves making an initial payment of 125M to Goldman Sachs in exchange for about 2.5M shares of its common stock. In terms of guidance, the firm predicted operating income of $265M-$275M, compared to its prior forecast of $245M-$265M.
The release of earnings news prompted buying in International Paper ( IP ). Shares jumped almost 9% in midday action after posting better-than-expected earnings . Revenue advanced just under 1% to $5.1B.
Decliners
McDonald's ( MCD ) slumped in the wake of its quarterly results, as worries about margins triggered a nearly 3% midday slide. In a post-earnings conference call, MCD management cautioned that inflation would weigh on margins .
For its Q4 results, the fast-food giant reported earnings and revenue that exceeded analysts' projections. Revenue dipped 1% to reach $5.9B, topping projections by $180M. Leaving out the impact of foreign exchange, the top-line figure rose by 5%. Global comparable store sales advanced by 12.6%.
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Hot Stocks: LAC surges on GM deal; IP rises on earnings; MCD margin concerns; VSCO climbs