A look at companies garnering attention in midday trading: Rivian Automotive — Shares soared more than 23% after the electric vehicle startup announced it had secured a $5 billion investment from Volkswagen Group. Volkswagen’s initial investment is $1 billion in the form of convertible notes, with an additional $4 billion planned through 2026. Fellow EV startup Lucid shares rose 4% in tandem. FedEx — The company’s shares rose more than 14% after it beat Wall Street expectations for its fourth-quarter fiscal period. The transportation giant earned an adjusted profit of $5.41 per share on revenue of $22.11 billion. Analysts surveyed by LSEG were expecting profits of $5.35 per share and revenue of $22.07 billion. The company’s fiscal 2025 outlook was broadly in line with expectations.Whirlpool — Shares surged 15.5% after Reuters reported, citing sources, that Bosch is considering a takeover bid for the appliance maker. Aptiv — Shares of the auto technology company slumped about 8% after Piper Sandler downgraded the stock to underweight from neutral. It cut its price target to $63, implying a 14% drop from Tuesday’s closing price, and said Rivian’s joint venture with Volkswagen represents less reliance on companies like Aptiv for electrical architecture. General Mills — Consumer foods shares fell about 4.6% after reporting mixed fourth-quarter earnings. The company reported earnings of $1.01 a share excluding special items on sales of $4.71 billion, while analysts were expecting earnings of 88 cents a share on sales of $4.85 billion. The company’s fiscal 2025 sales forecast also fell short due to cost pressures. Paychex — The company’s shares fell about 6% despite reporting better-than-expected fourth-quarter profits. Paychex’s adjusted earnings per share of $1.12 beat analysts surveyed by LSEG’s estimate of $1.10 per share. Revenue of $1.3 billion was in line with expectations. Tesla — The electric vehicle maker’s shares rose 4.8% after Stifel initiated coverage of Tesla with a buy recommendation. The firm cited Tesla’s Model 3 and Model Y improvements, as well as the start of production of the next-generation Model 2, as catalysts. The $265 price target implies a 41.4% upside from Tuesday’s closing price. Grindr — Shares rose 15.3% after the LGBTQ+ dating app unveiled a multi-year plan to expand its features through the use of artificial intelligence at its first investor day. Grindr also expects annual revenue growth of 20% to 25% through 2027. Revenues this year are expected to grow at least 25%, slightly beating expectations. Vista Outdoor — Shares of the Remington ammunition maker rose 9% after MNC Capital Partners raised its takeover offer to $42 per share in cash, totaling about $3.2 billion. The $42 offer is 24% higher than Tuesday’s closing price. Campbell Soup — Shares rose 3% after JPMorgan upgraded the company to overweight from neutral, saying food company Campbell Soup’s acquisition of Rao’s parent company Sovos Brands was a bullish development. — CNBC’s Alex Harring, Lisa Kailai Han, Scott Schnipper, Sarah Min and Michelle Fox contributed to this report.
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