Rivian Automotive ( NASDAQ: RIVN ) tops the list of big-name companies making notable moves in Wednesday's midday trading. Shares of the electric vehicle maker jumped following an update on its latest production and deliveries.
Veru ( VERU ) rallied as well, thanks to the release of data related to its COVID anti-viral treatment. At the same time, Rocket Companies ( RKT ) climbed on an upgrade.
On the other side of the spectrum, RingCentral ( RNG ) showed midday losses after an analyst downgraded the stock on concerns about competition from Microsoft.
Gainers
Rivian Automotive ( RIVN ) received a boost from the release of its latest production and delivery update . Shares advanced more than 10% after it revealed that it delivered 4,467 vehicles during Q2.
The EV maker added that it remains on track to meet its annual production guidance of 25K vehicles. The firm said it produced 4,401 vehicles in Q2 at its manufacturing facility in Normal, Illinois.
Veru ( VERU ) also saw midday strength, bolstered by clinical data included in a recent edition of the New England Journal of Medicine. The results showed that its sabizabulin product met the primary endpoint in a Phase 3 study.
Sabizabulin was being tested as anti-viral and anti-inflammatory oral drug candidate for COVID. VERU said the death rate for the drug was significantly lower than the placebo group.
The list of midday gainers also included Rocket Companies ( RKT ). Shares climbed almost 5% after Wells Fargo upgraded the mortgage lender to Overweight from Equal Weight , saying the firm will likely benefit from the "dislocation" in the residential mortgage market.
Decliner
RingCentral ( RNG ) endured substantial selling pressure following a downgrade from Needham. The firm cut its rating on the maker of cloud-based communication and collaboration offerings to Hold from Buy, citing competition from Microsoft's Team product.
"It has become clear that Microsoft Teams’ enterprise footprint up-sell to voice represents an increasing headwind to RNG growth," analyst Ryan Koontz wrote in a note, according to Bloomberg. The downgrade sparked an 11% midday drop in RNG.
For more of the day's biggest winners and losers, head over to Seeking Alpha's On The Move section .
For further details see:
Hot Stocks: RIVN rises on production stats; VERU data release; RKT upgrade; RNG downgrade