Check out the companies making headlines before the market opens. Rivian Automotive – Shares of electric vehicle company Rivian Automotive soared more than 40% after raising up to $5 billion in financing from Volkswagen Group. The initial investment totals US$1 billion, with a further US$4 billion expected to be invested by 2026. A so-called short squeeze further fueled the gains, as about 19% of Rivian shares available for trading were shorted ahead of the news, according to FactSet. FedEx — Shares of FedEx rose 14% on strong fiscal fourth-quarter results. The shipping giant beat Wall Street’s revenue and profit forecasts and boosted capital spending 16% from fiscal 2023 as cost-cutting measures took effect. Whirlpool — Shares of Whirlpool surged more than 18% after Reuters reported that Bosch was considering a takeover bid for the appliance company. Southwest Airlines Co. — Shares fell 3% after the airline lowered its second-quarter revenue forecast due to shifts in booking behavior. Southwest Airlines said revenue per available seat mile is expected to be down 4% to 4.5% from the same period last year. The company had expected a decline of 1.5% to 3.5%. General Mills — The consumer food company’s shares fell 4% in pre-market trading on mixed quarterly results. General Mills beat profit expectations in its latest quarter but reported revenue that fell short of Wall Street expectations. Nvidia — The chip stock gained more than 2% on Tuesday, building on a nearly 7% rebound. Nvidia fell for three straight days before rebounding, falling 7% on Monday as investors fled the red-hot artificial intelligence leader. Citi Research raised its Nvidia price target to $150 from $126 on Wednesday. Aptiv — The auto technology stock fell 7% after Piper Sandler downgraded Aptiv to underweight from neutral and lowered its price target. The company cited the announcement of a joint venture between Rivian and Volkswagen as a sign that future electric architecture will reduce reliance on intermediaries such as Aptiv. The new $63 price target represents a 14% downside for Aptiv shares from Tuesday’s closing price. Campbell Soup — The processed food company’s shares rose 1% after J.P. Morgan upgraded its rating to “overweight,” the bank’s first rating on the stock since 2009. Ken Goldman said “strong demand” and higher long-term margins were the reasons for the company’s upgrade. United States Steel — Shares of the steelmaker rose 2% after BMO Capital Markets upgraded the stock to outperform. The investment firm said U.S. Steel appears to be undervalued despite a possible sale to Nippon Steel. Micron Technology — The memory chip maker’s shares rose about 3% after opening quarter results. Many on Wall Street expect Micron Technology to beat quarterly estimates and raise guidance as demand driven by artificial intelligence shows no sign of abating. Robinhood — Shares rose 3%. On Wednesday, Wolf upgraded the investment platform to outperform peers, citing strong fundamentals. —CNBC’s Sarah Min, Lisa Han, Jesse Pound and Michelle Fox contributed reporting
