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

— 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

— 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

— Whirlpool’s stocks jumped by more than 18% following a Reuters report speculating a prospective offer from Bosch for this household appliance manufacturer.

Southwest Airlines

— 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.

General Mills

— 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.

Nvidia

— 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.

Aptiv

— 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.

Campbell Soup

— 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.

United States Steel

— 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.

Micron Technology

— 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.

Robinhood

— The investment platform’s shares climbed 3%. Wolfe upgraded Robinhood to outperform from peer perform on Wednesday, pointing to its robust fundamentals.

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Stocks making the biggest moves premarket: Rivian, FedEx, Whirlpool, Nvidia, Micron and more

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