Rivian Automotive ( RIVN ) represented one of Wall Street's notable gainers in Thursday's midday trading. Shares of the electric vehicle maker rose on word of a key partnership.
Snap ( SNAP ) was another intraday standout, climbing on signs that the social media giant's CEO has aggressive targets in mind for next year. Meanwhile, Regeneron ( NASDAQ: REGN ) advanced on strong clinical trial data.
On the downside, McCormick ( MKC ) dropped following the release of its quarterly update.
Gainers
Rivian Automotive ( RIVN ) rallied in midday trading on news that the EV maker has entered into a partnership with Mercedes-Benz Vans. The stock rose nearly 8%.
Under the tie-up, the companies will set up a joint venture manufacturing firm meant to produce large electric vans. The venture is targeting production to begin in a few years.
Elsewhere, Snap ( SNAP ) also received buying interest, rallying by nearly 8% after a leaked memo showed CEO Evan Spiegel making aggressive goals for 2023.
According to The Verge, the internal document, originally sent to employees, targeted a user base of 450M by the end of 2023, which would represent a 30% improvement from current levels. Spiegel also set a revenue objective of $6B.
Meanwhile, Regeneron ( REGN ) showed midday strength as well, surging 19% on positive clinical trial data for its Eylea eye medicine. The studies looked at a less-frequent dosing regimen for the drug in patients with diabetic macular edema and wet age-related macular degeneration.
Decliners
McCormick ( MKC ) lost ground following the release of its quarterly results, which included weak financial figures and reduced guidance. Shares dropped 7% in intraday action.
The spice maker revealed Q2 earnings and revenue that missed analysts' expectations , with a top-line figure that deteriorated about 1% from last year. Meanwhile, the company cut its full-year EPS target to $3.03 to $3.08, compared to a prior forecast of $3.17 to $3.22.
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Hot Stocks: RIVN jumps on partnership; MKC drops on earnings; SNAP internal memo leak; REGN clinical data