Pre-market movers: Nvidia, FedEx jump as investors eye earnings ahead opening bell

Key Points

Tech & Chips:

• Nvidia (NVDA): Up pre-shareholder meeting, likely fuelled by AI growth prospects.
• Micron Technology (MU): Up ahead of earnings, anticipating strong results fuelled by Nvidia partnership.

Logistics & Retail:

• FedEx (FDX): Soaring after exceeding earnings expectations and projecting continued growth.

Electric Vehicles:

• Rivian (RIVN): Skyrocketing due to a $5 billion investment from Volkswagen for EV technology collaboration.

Other:

• Vista Outdoor (VSTO): Up on a higher all-cash takeover offer from MNC Capital.

Overall Market:

• U.S. Stock Futures show little movement, suggesting a cautious start to the day.

Stock markets are poised for a mixed opening on Wednesday, with US futures showing little change. However, several companies are making headlines in pre-market trading, according to Investopedia.

Tech Gains Steam

Leading the pre-market surge is chipmaker Nvidia (NVDA), whose shares are up over 2 per cent. This rise comes ahead of the company’s annual shareholder meeting Wednesday, where investors will vote on executive compensation and board members.

Also read: Nvidia dethrones Microsoft, becomes world’s most valuable company

Nvidia’s jump likely reflects investor confidence in the company’s future, particularly in the rapidly growing field of artificial intelligence (AI).

Another chipmaker, Micron Technology (MU), is also experiencing pre-market gains of nearly 3 per cent. This rise comes ahead of the company’s quarterly earnings report later today.

Analysts are expecting a significant jump in Micron’s revenue, fuelled in part by its partnership with Nvidia for AI graphic processing units (GPUs).

FedEx Delivers Strong Quarter, Soars Pre-Market

Logistics giant FedEx (FDX) is a star performer in pre-market trading, with shares surging over 13 per cent. This surge follows the company’s strong quarterly earnings report that beat analyst expectations.

Also read: European stocks tumble amid French election fears, Nvidia recovers on US market

The report highlights FedEx’s success in cost-cutting measures, and CEO Raj Subramaniam’s comments suggesting continued momentum is buoying investor confidence.

Rivian Rides High on Volkswagen Investment

Electric vehicle (EV) maker Rivian (RIVN) is experiencing a pre-market jump of roughly 40 per cent. This surge follows the announcement of a $5 billion investment from German automaker Volkswagen (VWAGY). The joint venture will allow Volkswagen to access Rivian’s advanced vehicle software technology.

Vista Outdoor Sees Potential Takeover

Shares of Vista Outdoor (VSTO) are climbing over 8 per cent pre-market after MNC Capital Partners increased its all-cash offer to acquire the company. The new offer represents a significant premium over Vista’s previous closing price.

Investors Cautiously Eye Opening Bell

While these pre-market movers signal investor interest in specific companies, overall U.S. stock futures remain relatively flat.

This suggests a cautious start to the trading day, with investors likely waiting for further economic data or corporate earnings reports before making significant moves.

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