Midday movers: RingCentral, Rivian, Roblox and more
By Liz Moyer
Investing.com -- Stocks soared on Thursday after a better than expected report on inflation in October stoked hopes for a smaller interest rate hike by the Federal Reserve next month. Here are the midday movers for Nov. 10:
RingCentral Inc (NYSE: RNG) shares jumped 30% after the cloud based communications company said it was cutting costs, including laying off 10% of its workforce, and it gave weaker than expected guidance for the fourth quarter.
Rivian Automotive Inc (NASDAQ: RIVN) stock jumped 18% after the electric truck maker said it was confident it would be able to ramp up production in the fourth quarter despite third quarter sales that were below expectations. Fellow EV maker Nio Inc (NYSE: NIO) offered solid guidance on delivery for the fourth quarter, sending its shares 9% higher.
Roblox Corp (NYSE: RBLX) stock rose 7.8% after the game development platform said fourth quarter bookings are expected to hit a new peak as it brings in older users, after it missed expectations for the third quarter.
Six Flags Entertainment New (NYSE: SIX) shares rose 13.6% after the amusement park operator said its largest shareholder, H Partners Management, could raise its stake to 19.9% from the 14.9% in the original cooperation agreement.
Tapestry Inc (NYSE: TPR) shares fell 0.2% after the parent of fashion makers Coach and Kate Spade beat estimates but cut its outlook, citing the effect of foreign exchange.