Why Rivian Stock Surged Thursday

Many aggressive growth stocks are rising Thursday as Treasury yields drop and investors anticipate Federal Reserve rate cuts ahead. But shares of electric vehicle maker Rivian Automotive (NASDAQ: RIVN) are rising for another reason, too.

Rivian shares spiked as much as 10.6% Thursday morning, settling to a gain of 7% as of 10:45 a.m. ET.

The news helping to boost the stock was the announcement of a new pilot deal with media giant AT for Rivian's electric commercial vans and trucks. AT will begin adding the Rivian van and R1 platform trucks to its fleet early next year. The program is meant to enable AT to "begin evaluating the various ways these vehicles help improve safety, reduce costs and cut its carbon footprint."

Source Fool.com