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

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 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. 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. 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 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. PACB gained 11.6% to $1.6750.
• Archer Aviation Inc. ACHR climbed 9.6% to $5.01. Archer Aviation announced it has signed a memorandum of understanding (MOU) with Southwest Airlines Company LUV to develop operational plans for electric air taxi networks utilizing Archer's eVTOL aircraft at California airports.
• Forward Air Corporation FWRD gained 9.6% to $23.51.
• Tyra Biosciences, Inc. TYRA rose 9.1% to $20.69.
• Annexon, Inc. ANNX gained 9.1% to $5.97.
• Recursion Pharmaceuticals, Inc. RXRX rose 8.8% to $8.37.
• EyePoint Pharmaceuticals, Inc. EYPT climbed 8.7% to $10.77.
• Aurora Innovation, Inc. 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. NTLA rose 8.4% to $26.72.
• Rivian Automotive, Inc. 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. HIMS rose 5.7% to $22.24.
• e.l.f. Beauty, Inc. 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 ERIC gained 3.8% to $6.63 after the company reported better-than-expected second-quarter sales and issued guidance.

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