Check out the companies making headlines in midday trading: Rivian Automotive — The stock surged more than 20% following the announcement that the electric vehicle startup secured a $5 billion investment from Volkswagen Group. Volkswagen's initial investment will be $1 billion in the form of a convertible note, with the additional $4 billion expected by 2026. Shares of fellow EV startup Lucid rose nearly 5% in sympathy.
71 billion, while analysts had expected per-share earnings of 88 cents on revenue of $4.85 billion. The firm's revenue forecast for fiscal year 2025 also fell short due to cost pressures. Paychex — Shares of the company fell around 5% despite posting better-than-expected fiscal fourth-quarter earnings. Paychex posted adjusted earnings of $1.12 per share, which is above the $1.10 earnings per share that analysts polled by LSEG were expecting. Revenue was in line with expectations at $1.