Check out the companies making headlines in midday trading: Rivian Automotive — The stock surged more than 20% following the announcement that the electric vehicle startup secured a $5 billion investment from Volkswagen Group. Volkswagen’s initial investment will be $1 billion in the form of a convertible note, with the additional $4 billion expected by 2026. Shares of fellow EV startup Lucid rose nearly 5% in sympathy. FedEx — Shares of the company moved more than 14% higher after topping Wall Street’s fiscal fourth-quarter expectations . The shipping giant earned $5.41 per share, after adjustments, on $22.11 billion in revenue. Analysts polled by LSEG were expecting earnings of $5.35 per share and revenue of $22.07 billion. The company’s fiscal 2025 forecast was roughly in line with estimates. Whirlpool — Shares soared nearly 15% after Reuters, citing people familiar with the matter, reported Bosch is considering making an offer for the appliance manufacturer. Aptiv — Shares of the automotive technology company plunged 10% following Piper Sandler’s downgrade of the stock to underweight from neutral . The firm slashed its price target to $63, which implies a 14% drop from Tuesday’s close, and said the joint venture between Rivian and Volkswagen points to less reliance on companies such as Aptiv for electrical architecture. General Mills — The consumer food stock slipped about 5% after posting a mixed fiscal fourth-quarter earnings report. The company earned $1.01 per share, excluding items, on revenue of $4.71 billion, while analysts had expected per-share earnings of 88 cents on revenue of $4.85 billion. The firm’s revenue forecast for fiscal year 2025 also fell short due to cost pressures. Paychex — Shares of the company fell around 5% despite posting better-than-expected fiscal fourth-quarter earnings. Paychex posted adjusted earnings of $1.12 per share, which is above the $1.10 earnings per share that analysts polled by LSEG were expecting. Revenue was in line with expectations at $1.3 billion. Tesla — The EV maker’s stock rose 3% after Stifel initiated coverage of the stock with a buy rating. The firm cited the revamping of Tesla’s Model 3 and Model Y as well as the start of production on its next-generation Model 2 vehicle as catalysts. Its price target of $265 implies 41.4% upside from Tuesday’s close. Grindr — Shares jumped 15% after the LGBTQ+ dating app laid out a multiyear plan at its first investor day to expand functionality through the use of artificial intelligence. Grindr also said it expects between 20% and 25% in annual revenue growth through 2027. For this year, revenue should grow at least 25%, which was slightly better than expected. Vista Outdoor — Shares of the Remington ammunition maker jumped more than 10% after MNC Capital Partners raised its buyout offer to $42 a share in cash, totaling about $3.2 billion. The $42 buyout offer is 24% above Tuesday’s close. Campbell Soup — Shares popped 3% after JPMorgan upgraded Campbell Soup to overweight from neutral , saying the food company’s acquisition of Rao’s parent Sovos Brands is a bullish development. — CNBC’s Alex Harring, Lisa Kailai Han, Scott Schnipper, Sarah Min and Michelle Fox contributed reporting.
https://www.cnbc.com/2024/06/26/stocks-making-the-biggest-moves-midday-rivn-fdx-whr-and-more.html
