Rivian Automotive experienced a 38% increase in its stock price following the announcement of a partnership with Volkswagen that involves a substantial investment plan. The companies aim to collaborate on creating innovative electrical architecture and software technology. Rivian’s CEO, RJ Scaringe, expressed optimism about the partnership and believes it will support the company’s growth ambitions.
In response to Rivian’s success, Lucid Group also saw an 8% rise in pre-market trading. On the other hand, auto parts supplier Suitable witnessed a 5.6% decline after being downgraded by analysts following the Rivian and Volkswagen partnership.
Fedex reported strong fiscal fourth-quarter earnings, surpassing analysts’ expectations and signaling revenue growth expectations for fiscal year 2025. The company’s stock rose by 14% in premarket trading, with adjusted earnings projected between $20 and $22 per share for the upcoming fiscal year.
NVIDIA experienced a 2.1% increase in pre-market trading after a recent surge in market value that exceeded $3 trillion. Despite a previous decline in stock value, the chip maker’s performance improved significantly.
Chipotle Mexican Grill’s stock value declined by 0.5% following a recent 50 to 1 stock split, marking the first split in nearly two decades. Worthington Companies faced a 7.5% decrease in stock value after reporting a drop in revenue for the fiscal fourth quarter.
Upcoming earnings reports are expected from companies such as Micron Technology, Pagox, General Mills, Jefferies Financial Group, Levi Strauss, and AeroAmbiente. Micron’s stock rose by 3.2% ahead of its fiscal third-quarter earnings release, with expectations for increased demand in various sectors.
Overall, the market saw a mix of positive and negative trends following significant announcements and earnings reports. Invested parties are closely monitoring developments to capitalize on emerging opportunities and mitigate potential risks in the evolving market landscape.
Article Source
https://www.barrons.com/amp/articles/stock-market-movers-31c374f6
