- GM (NYSE:GM) took its turn in the spotlight during Friday's midday action. The carmaker announced a recall of its Chevy Volt electric vehicles due to fire concerns.
- Meanwhile, earnings news remained a key driver in intraday trading. Both South State (NASDAQ:SSB) and DMC Global (NASDAQ:BOOM) lost ground following the release of their respective earnings announcements.
- Open Lending (NASDAQ:LPRO) also came under pressure during Friday's intraday action. This followed a negative analyst comment.
- Arvinas (NASDAQ:ARVN) was one of the better performers in midday action. Shares got a boost on word that the company had inked a collaboration deal with Pfizer (NYSE:PFE).
- GM revealed that it was recalling 69,000 Chevy Volts amid concerns about fire risk. This followed a similar move in November. There have been additional reports of fires since that earlier announcement.
- GM dipped modestly on the news in Friday's intraday action.
- South State reported a quarterly profit of $1.87 per share, beating analysts' estimates. However, the firm's revenue came in below consensus, despite year-over-year growth of 53%. The revenue miss sparked a 5% drop in SSB.
- DMC Global also lost ground on earnings news. Shares slipped nearly 10% in intraday action after the company reported disappointing Q2 results. The firm also issued weak guidance for Q3.
- A downgrade hurt shares of Open Lending. Goldman reduced its rating on the stock from Buy to Neutral, predicting limited upside for the the stock going forward. LPRO dropped 7% on the news.
- Arvinas rallied in Friday's midday trading, boosted by a collaboration deal with Pfizer. The companies will work together to develop Arvinas' ARV-471 product as a potential treatment for breast cancer. ARVN jumped nearly 13% on the news.
- For a broader look at market dynamics on Friday, check out SA's comprehensive stock commentary.