Thursday's Morning Movers: UBER Invests in RIVN, FIVE Earnings, Elliott Eyes ALGN

Uber and Rivian Partnership - Uber will invest up to $1.25 billion in Rivian through 2031 as part of a robo taxi partnership [1][2] - Under the agreement, Uber plans to purchase 10,000 fully autonomous R2 robo taxis, with an option for an additional 40,000 in 2030, contingent on regulatory approval and production milestones [2][3] - The goal is to deploy up to 50,000 autonomous vehicles globally, focusing on scaling the R2 platform [3] Market Reaction - Rivian's shares increased by 6.8% following the announcement, indicating investor enthusiasm for the autonomy story [4] - Uber's shares saw a slight increase of about 0.5%, reflecting a positive market sentiment towards both companies [5] Five Below Earnings - Five Below reported strong earnings, with adjusted EPS of $4.31, surpassing the expected $3.99, and revenue of $1.73 billion, also exceeding expectations [7][8] - The company experienced a revenue increase of over 24% year-over-year, with same-store sales up 15%, indicating strong demand among teens and younger consumers [9][10] Align Technology and Activist Investor Activity - Elliot Management has built a significant stake in Align Technology, the maker of Invisalign, leading to a 3.5% increase in shares [12][13] - Despite challenges since the pandemic, Align's shares have shown signs of stabilization and recovery, with improving dental trends noted by Barclays [14][15]