Here’s a look at the companies making headlines in midday trading: Rivian Automotive – Shares of Rivian Automotive soared more than 23% after the electric vehicle startup announced a $5 billion investment from Volkswagen Group. Volkswagen’s initial investment will be $1 billion in the form of convertible notes, with an additional $4 billion expected by 2026. FedEx — Shares of FedEx rose more than 14% after the company’s fourth-quarter earnings beat Wall Street expectations. On an adjusted basis, the shipping giant earned $5.41 per share on revenue of $22.11 billion. Analysts polled by London Stock Exchange Group (LSEG) expected earnings of $5.35 per share on revenue of $22.07 billion. The company’s forecast for fiscal 2025 was broadly in line with expectations. Whirlpool – Bosch shares surged 15.5% after Reuters reported that Bosch was considering a takeover bid for the appliance maker, citing people familiar with the matter. Aptiv – Shares of the auto technology company plunged nearly 8% after Piper Sandler downgraded the auto technology company’s stock to underweight from neutral. The company lowered its price target to $63, which would imply a 14% downside from Tuesday’s close, and said the joint venture between Rivian and Volkswagen signals less reliance on companies like Aptiv for electrical architecture. General Mills — Consumer food stocks fell about 4.6% after reporting mixed fourth-quarter earnings. The company earned $1.01 per share excluding items on revenue of $4.71 billion, while analysts expected earnings of 88 cents per share on revenue of $4.85 billion. The company’s revenue forecast for fiscal 2025 also fell short of expectations due to cost pressures. Paychex — Shares of Paychex fell about 6% despite better-than-expected fourth-quarter profit. Paychex reported adjusted earnings of $1.12 per share, above the $1.10 per share expected by analysts polled by LSEG. Revenue was $1.3 billion, in line with expectations. Tesla — Shares of the electric car maker rose 4.8% after Stifel initiated a buy rating on the stock. The company sees improvements to Tesla’s Model 3 and Model Y and the start of production of its next-generation Model 2 cars as catalysts. Its price target is $265, which represents a 41.4% upside from Tuesday’s closing price. Grindr — Shares of Grindr rose 15.3% after the LGBTQ+ dating app laid out a multi-year plan to use artificial intelligence to expand functionality during its first investor day. Grindr also stated that it expects annual revenue to grow between 20% and 25% by 2027. Vista Outdoor – Shares of the ammunition maker Remington rose 9% after MNC Capital Partners raised its cash offer to $42 a share, or about $3.2 billion in total. The $42 offer represents a 24% premium to Tuesday’s closing price. Campbell Soup — Campbell Soup shares rose after J.P. Morgan upgraded Campbell Soup to overweight from neutral and said the food company’s acquisition of Rao parent Sovos Brands is a bullish development 3%. —CNBC’s Alex Harring, Lisa Kailai Han, Scott Schnipper, Sarah Min and Michelle Fox contributed reporting.
