A pair of high-profile electric vehicle manufacturers highlighted Thursday’s midday trading. Rivian Automotive (NASDAQ:RIVN) rose on a strong production forecast, while Lordstown Motors (MOUNT) jumped 50% after closing a deal to sell its factory to Foxconn.
Elsewhere in the market, Bumble (BMBBL) experienced buying interest following the release of strong quarterly results. Meanwhile, earnings news sent Manulife Financial (CMF) in the opposite direction, causing a substantial intraday loss.
The earnings news allowed Rivian Automotive (RIVN) to show significant strength in midday trading, recovering from recent weakness. Investors focused on the electric vehicle maker’s production forecast, which saw RIVN back its 2022 target of 25,000 vehicles. The company plans to meet this benchmark despite ongoing supply chain challenges.
For the last quarter, the company reported a net loss of $1.58B. encouraged by the optimistic production forecastRIVN rose 21% in intraday action.
Fellow electric vehicle manufacturer Lordstown Motors (MOUNT) also showed a large percentage gain during the middle of the day. Shares soared more than 50% after the company closed the sale from its facilities in Lordstown, Ohio, to Hon Hai Technology (Foxconn).
As part of the deal, RIDE received total revenues of $230 million, plus $27 million in reimbursement for operating and expansion costs.
BMBL beat its forecast for revenue and adjusted EBITDA, with the top figure up 38% from last year. The company also said that paying users increased to 3M.
Meanwhile, MFC saw a deterioration in some of its key metrics, with annualized premium-equivalent sales and return on core capital both falling from last year. On the news, the stock was down about 10% in intraday action.
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