Midday movers: FedEx, Rivian, Whirlpool rise; Paychex falls

(Updated – June 26, 2024 11:54 AM EDT)

Investing.com — U.S. stock futures were mixed Wednesday, with tech continuing to rebound after breaking a three-day losing streak the previous session, while other sectors including financials edged lower.

Here are some of the biggest U.S. stock movers today:

Nvidia (NASDAQ:) stock fell 1.8% after the previous session’s hefty gains which propelled its market cap to $3.1 trillion.

Rivian (NASDAQ:) stock soared 30% after German auto giant Volkswagen (ETR:) announced a major investment plan in the American high-end electric truck group.

FedEx (NYSE:) stock rose 14% after the shipping giant revealed an upbeat outlook and unveiled plans for a $2.5 billion share buyback in its current financial year.

Blackstone (NYSE:) fell 0.1% after the private equity firm agreed to buy British hotel operator Village Hotels, part of a wider investor push into the hospitality sector as it outperforms the broader commercial property market.

Albemarle (NYSE:) (ALB) stock rose 6% as the world’s largest lithium producer plans to hold more auctions for the metal used in EV batteries.

Whirlpool (NYSE:) stock rose 13% after Reuters reported that German engineering group Robert Bosch is weighing a bid for U.S. appliances manufacturer.

Robinhood (NASDAQ:) stock rose 2% after analysts upgraded its stance on the trading platform operator to “outperform” from “peer perform”, citing solid net deposits, “significant” operating leverage and “strong” free cash flow generation.

Chipotle (NYSE:) was flat after the burrito giant conducted a 50-for-1 stock split, the company’s first split ever and one of the largest in the history of the New York Stock Exchange.

Vista Outdoor (NYSE:) stock rose 10% after analysts raised its all-cash bid for the shooting sports company to $42 a share, or about $3.2 billion, from $39.50 previously.

Southwest Airlines (NYSE:) stock fell 1% after the carrier cut its second-quarter revenue forecast, citing uneven travel demand.

Paychex (NASDAQ:) fell 6% despite reporting results for its fourth quarter that were about in-line with estimates, after it issued guidance that disappointed investors. Management said small and mid-size businesses continue to face a challenging operating environment due to complex regulations, a tight labor market and inflationary pressures. Shares of peer ADP (ADP) were also lower.

General Mills (NYSE:) fell 4.8% after its published results for its fourth quarter, with revenue missing estimates. It also issued lackluster guidance for the year.

Additional reporting by Louis Juricic