Bank of New York Mellon Posts Upbeat Earnings, Joins Archer Aviation, Rivian Automotive And Other Big Stocks Moving Higher On Friday

Author: Avi Kapoor | July 12, 2024 10:27am

U.S. stocks were higher, with the Nasdaq Composite index gaining around 100 points on Friday.

Shares of The Bank of New York Mellon Corporation (NYSE:BK) rose during Friday's session following better-than-expected quarterly financial results.

The finance behemoth reported second-quarter adjusted earnings per share of $1.51, beating the street view of $1.43. Quarterly revenue of $4.597 billion, an increase of 2% year-over-year, surpassed the analyst consensus of $4.523 billion, according to data from Benzinga Pro.

Bank of New York Mellon shares surged 4.3% to $64.12 on Friday.

Here are some other big stocks recording gains in today’s session.

Lucid Group, Inc. (NASDAQ:LCID) shares jumped 17% to $3.9850. The stock may be up on continued strength after the company’s CEO recently said the co. will need to raise more money to grow, stating Saudi’s PIF is a ‘perfect’ long-term partner on EVs.
EVgo, Inc. (NASDAQ:EVGO) shares surged 14.2% to $3.8506. Benchmark analyst Michael Legg maintained EVgo with a Buy and raised the price target from $3 to $5.
QuantumScape Corporation (NASDAQ:QS) gained 12.2% to $7.92. QuantumScape recently announced it entered into an agreement with PowerCo to industrialize solid-state batteries.
Pacific Biosciences of California, Inc. (NASDAQ:PACB) gained 11.6% to $1.6750.
Archer Aviation Inc. (NYSE:ACHR) climbed 9.6% to $5.01. Archer Aviation announced it has signed a memorandum of understanding (MOU) with Southwest Airlines Company (NYSE:LUV) to develop operational plans for electric air taxi networks utilizing Archer's eVTOL aircraft at California airports.
Forward Air Corporation (NASDAQ:FWRD) gained 9.6% to $23.51.
Tyra Biosciences, Inc. (NASDAQ:TYRA) rose 9.1% to $20.69.
Annexon, Inc. (NASDAQ:ANNX) gained 9.1% to $5.97.
Recursion Pharmaceuticals, Inc. (NASDAQ:RXRX) rose 8.8% to $8.37.
EyePoint Pharmaceuticals, Inc. (NASDAQ:EYPT) climbed 8.7% to $10.77.
Aurora Innovation, Inc. (NASDAQ:AUR) gained 8.4% to $3.5889. Aurora Innovation, is expected to release second quarter 2024 results after the closing bell on July 31.
Intellia Therapeutics, Inc. (NASDAQ:NTLA) rose 8.4% to $26.72.
Rivian Automotive, Inc. (NASDAQ:RIVN) gained 7.4% to $18.01. Mizuho analyst Vijay Rakesh maintained Rivian Automotive with a Neutral and raised the price target from $11 to $15.
Hims & Hers Health, Inc. (NYSE:HIMS) rose 5.7% to $22.24.
e.l.f. Beauty, Inc. (NYSE:ELF) shares rose 4.6% to $218.54. Piper Sandler analyst Korinne Wolfmeyer maintained e.l.f. Beauty with an Overweight and raised the price target from $210 to $258.
Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC) gained 3.8% to $6.63 after the company reported better-than-expected second-quarter sales and issued guidance.