Hot Stocks: RIVN jumps on partnership; MKC drops on earnings; SNAP internal memo leak; REGN clinical data
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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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