Stocks making the biggest moves premarket: Rivian, FedEx, Whirlpool, Nvidia, Micron and more
See the buzz around companies making waves before the market opens.
— Rivian Automotive’s shares catapulted over 40% after the electric car maker secured up to $5 billion from Volkswagen Group’s funding round. The initial funding amounts to $1 billion, with a further $4 billion anticipated by 2026. An incident called short squeeze additionally stoked the surge, as roughly 19% of Rivian’s shares available for trading were short sold preceding this announcement, as per FactSet.
— FedEx’s stock grew by 14% due to impressive fourth-quarter fiscal results. The logistics titan outperformed Wall Street’s forecasts on revenue and profit and announced a 16% hike in capital expenditure from fiscal year 2023 as the company’s cost-saving strategies take hold.
— Whirlpool’s stocks jumped by more than 18% following a Reuters report speculating a prospective offer from Bosch for this household appliance manufacturer.
— The airline’s shares declined by 3% as it revised its revenue outlook for Q2 due to altered booking trends. The company revealed a projected decline in revenue per available seat mile between 4% and 4.5% compared to the same period last year, despite previously expecting a 1.5% to 3.5% decrease.
— Shares of the packaged food company dropped 4% in the pre-market due to mixed quarterly reports. Although General Mills beat earnings estimates for the latest quarter, they reported revenues that undershot Wall Street’s expectations.
— The chipmaker’s stock climbed over 2%, continuing a near 7% recovery in Tuesday’s trading session. Nvidia rebounded from a 3-day losing streak, climaxing in a 7% downturn on Monday as investors pivoted from the surging AI leader. On Wednesday, Citi Research raised its Nvidia price target from $126 to $150.
— The auto tech stock slipped 7% following Piper Sandler’s downgrade from neutral to underweight and a reduction in its price target. The firm referred to Rivian and Volkswagen’s joint venture announcement, indicating less dependence on middlemen like Aptiv for future electrical design. This new $63 price target suggests a 14% drop for Aptiv shares from Tuesday’s close.
— The packaged food manufacturer saw a 1% increase following an upgrade to overweight at JPMorgan, the first of its kind since 2009. Analyst Ken Goldman mentioned “strong demand” and favorable long-term margins as the rationale for the upgrade.
— The steel company’s stock rose 2% after an upgrade to outperform from market perform by BMO Capital Markets. The firm believes U.S. Steel is undervalued even amidst uncertainty around its potential sale to Nippon Steel.
— The memory chip producer’s stock increased around 3% in anticipation of its quarterly results after the bell. Many Wall Street analysts predict Micron Technology will exceed quarterly estimates and raise guidance as AI-driven demand remains robust.
— The investment platform’s shares climbed 3%. Wolfe upgraded Robinhood to outperform from peer perform on Wednesday, pointing to its robust fundamentals.
