Stocks making the biggest moves premarket: RIVN, FDX, WHR
Check out the companies making headlines before the bell. Rivian Automotive — Shares of Rivian Automotive skyrocketed more than 40% after the electric vehicle company secured up to $5 billion in funding from Volkswagen Group. The initial investment totals $1 billion, with another $4 billion expected by 2026. A so-called short squeeze added fuel to the gain as about 19% of the Rivian shares available for trading were sold short before this news, according to FactSet. FedEx — FedEx shares popped 14% on strong fiscal fourth-quarter results . The shipping giant surpassed Wall Street’s estimates on the top and bottom lines and reported a 16% in capital spending from fiscal year 2023 as it cost-cutting measures take effect. Whirlpool — Whirlpool shares surged more than 18% following a Reuters report that Bosch is reportedly weighing an offer for the home appliance company. Southwest Airlines — Shares slumped 3% after the airline cut its second-quarter revenue outlook due to a shift in booking behavior. Southwest said it anticipates revenue per available seat mile to decline between 4% and 4.5% during the period from a year ago. The company previously expected 1.5% to 3.5% drop. General Mills — The consumer foods company dropped 4% before the bell on mixed quarterly results. General Mills topped earnings estimates for the recent quarter, but posted revenues that fell short of Wall Street’s expectations. Nvidia — The chip stock added more than 2%, building on a nearly 7% rebound during Tuesday’s session. Nvidia posted a 3-day losing streak before the bounce, culminating in a 7% decline on Monday as investors rotated out of the red-hot AI leader. Citi Research increased its Nvidia price target to $150 from $126 on Wednesday. Aptiv — The automotive technology stock dropped 7% after Piper Sandler downgraded Aptiv to underweight from neutral, and cut its price target. The firm cited the announcement of a joint venture between Rivian and Volkswagen that suggests less reliance on intermediaries such as Aptiv for electrical architecture going forward. The new $63 price target suggests a 14% fall for Aptiv shares from Tuesday’s close. Campbell Soup — The processed food company added 1% following an upgrade to overweight at JPMorgan, the first time the bank has given the stock the rating since 2009. Analyst Ken Goldman cited “excellent demand” and high long-term margins as a reason for the upgrade. United States Steel — The steelmaker’s stock rose 2% after an upgrade to outperform from market perform by BMO Capital Markets. The investment firm said U.S. Steel appears undervalued even with its potential sale to Nippon Steel in limbo. Micron Technology — The memory chipmaker gained about 3% ahead of its quarterly results after the bell. Many on Wall Street expect Micron Technology to top quarterly estimates and lift guidance as AI-fueled demand shows no signs of waning. Robinhood — Shares added 3%. On Wednesday, Wolfe upgraded the investment platform to outperform from peer perform, citing its strong fundamentals. — CNBC’s Sarah Min, Lisa Han, Jesse Pound and Michelle Fox contributed reporting
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