Nvidia, FedEx, Micron, Rivian, Vista Outdoor Share Price Move on Earnings, Investments, Takeover

NVIDIA (NVDA)

Nvidia's (NVDA) stock is performing exceptionally well today in premarket trading, despite the likelihood of it having a dull shareholder meeting. The stock is up 2% ahead of its annual meeting, which is taking place today. In the meeting, shareholders are set to vote on executive compensation packages, the re-election of the board of directors, and the renewal of the company's public accounting firm, PwC.

It is speculated that Jensen Huang, CEO of Nvidia, might make new announcements, but the likelihood is low. Huang and other executives may make minor announcements about the company's AI products.

FDX

FedEx (FDX) is experiencing a significant boost in its stock this morning following a successful earnings report. The company's fiscal fourth-quarter revenue, which totaled $22.1 billion, and its earnings per share, which was $5.94, both exceeded expectations. Despite fiscal full-year revenue falling short of the prior year, it was in line with analyst expectations.

The company's guidance for revenue growth in the next fiscal year, driven by cost-cutting measures, is expected to be in the low- to mid-single-digit percent range. This momentum is continuing into 2025.

MU

Micron Technology (MU) is rising ahead of its earnings report, which is set to be released after the market closes today. The chipmaker's revenue is expected to witness a significant jump compared to the same period last year, with net income of nearly $400 million anticipated, compared to a loss of $1.9 billion in 2023's third quarter.

The company is also expected to announce stronger-than-expected guidance for the fourth quarter. As Micron produces memory chips used in Nvidia's AI GPUs, the chipmaker could share in Nvidia's gains.

RIVN

Rivian (RIVN) stock is skyrocketing in premarket trading, gaining nearly 40% after Volkswagen (VWAGY) announced a $5 billion investment in the startup. The joint venture gives Volkswagen access to Rivian's vehicle software technology. As part of the agreement, Rivian will receive an initial investment of $1 billion, followed by $4 billion by 2026.

This deal is a significant win for Rivian, following Ford's decision to scrap its plans to develop plug-in cars with the EV maker.

VSTO

Outdoor products and ammunition maker Vista Outdoor (VSTO) is soaring in premarket trading, up more than 8%, after MNC Capital Partners raised its all-cash offer to purchase the company to $42 per share, totaling nearly $3.2 billion. The new offer represents a 40% premium on Vista's last closing price before MNC's initial proposal on February 19 and is 24% above Tuesday's closing price of $33.78.

MNC said the deal has no regulatory issues and is not subject to financing conditions, with the firm expecting the Vista Board to "move forward expeditiously to sign a merger agreement."

Summary

These company updates are crucial for investors to know when considering whether to buy, hold, or sell these stocks in their portfolios. Understanding the latest news and trends around executive decisions, earnings reports, investments, and mergers can help investors make informed decisions and adapt their strategies accordingly.

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