Check out the companies making headlines before the bell. Rivian Automotive – Rivian Automotive shares rose more than 40% after the electric car company secured up to $5 billion in financing from the Volkswagen Group. The initial investment totals $1 billion, with another $4 billion expected by 2026. The so-called short squeeze added fuel to the gains as about 19% of Rivian shares available for trading were sold short before the news, according to FactSet. FedEx – FedEx shares rose 14% on strong fourth-quarter financial results. The shipping giant beat Wall Street estimates on the top and bottom lines and announced a 16% increase in capital spending from fiscal 2023 as cost-cutting measures take effect. Whirlpool – Whirlpool shares rose more than 18% after a Reuters report that Bosch is considering a bid for the home appliance company. Southwest Airlines – Shares fell 3% after the airline lowered its second-quarter revenue forecast due to a shift in booking behavior. Southwest said it expects revenue per available mile to decline between 4% and 4.5% over the period from last year. The company previously expected a decline of 1.5% to 3.5%. General Mills – The consumer foods company fell 4% before the bell on mixed quarterly results. General Mills topped earnings estimates for the latest quarter but reported revenues below Wall Street expectations. Nvidia – The chip stock added more than 2%, building on a roughly 7% rebound during Tuesday's session. Nvidia posted a three-day losing streak before rebounding, culminating in a 7% decline on Monday as investors exited the AI leader. Citi Research increased its price target for Nvidia 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 that suggests reducing reliance on intermediaries like Aptiv to move forward in electrical engineering. The new $63 price target implies a 14% downside for Aptiv shares compared to Tuesday's close. Campbell Soup – The processed food company added 1% after an upgrade to overweight at JPMorgan, the first time the bank has given the stock a rating since 2009. Analyst Ken Goldman cited “excellent demand” and high long-term margins as a reason. Upgrade. US Steel – The steelmaker's stock rose 2% after an upgrade to outperform the market by BMO Capital Markets. US Steel appears undervalued even with its potential sale to Nippon Steel in limbo, the investment firm said. Micron Technology – The memory chip maker gained about 3% ahead of its quarterly results after the bell. Many on Wall Street expect Micron Technology to beat quarterly estimates and raise guidance as AI-fueled demand shows no signs of abating. Robinhood – Stocks added 3%. On Wednesday, Wolf upgraded the investment platform to outperform its peers, citing its strong fundamentals. — CNBC's Sarah Main, Lisa Hahn, Jesse Pound and Michelle Fox contributed reporting
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Stocks making the biggest moves in pre-market: RIVN, FDX, WHR
