Stocks making the biggest moves midday: GameStop, Rivian, Regeneron, Snap and more

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Check out the companies making headlines in midday trading Thursday.

GameStop – Shares of video game retailer rose 4% after the company disclosed a new partnership with cryptocurrency exchange FTX in its quarterly update. GameStop plans to collaborate with FTX on e-commerce and online marketing initiatives. The increase in the stock price came even as GameStop reported a sales decline and widened losses for the most-recent quarter.

Rivian Automotive — Rivian shares popped more than 6% after the electric-vehicle startup and Mercedes announced they were planning a joint venture to build electric commercial vans for both brands in Europe. Production for the vehicles will be done on a shared assembly line to reduce costs and will begin in a few years.

Advanced Micro Devices — Shares of the chip stock gained 3.1% following an upgrade from Stifel to a buy rating. The firm said Advanced Micro Devices' stock could rally more than 50% going forward.

Asana – Asana shares surged 22% after the work management-focused software company beat analysts' earnings and revenue estimates for the previous quarter. Asana posted a smaller-than-expected loss of 34 cents per share. Revenue came in at $134.9 million, compared to estimates of $127.2 million, according to Refinitiv. The company's third-quarter revenue guidance was slightly ahead of estimates.

Regeneron — Regeneron's stock rallied 18.5% after the pharmaceutical stock posted positive results from a trial for a potential eye drug.

Snap — Shares of the social media company jumped more than 8% after the Verge reported that CEO Evan Spiegel broke down a turnaround plan in an internal memo. Spiegel said the company aims to grow Snapchat's user base by 30% to 450 million by