After-hours movers: FedEx reports strong results, Rivian surges on pact with VW
After-Hours Stock Movers:
FedEx (NYSE: FDX) rose 15% after it beat EPS estimates for its fourth quarter. Management said they expect recent momentum to continue in fiscal 2025, and the shipping giant issued stronger than expected guidance for the year.
- Shares of rival UPS (NYSE: UPS) traded higher in sympathy.
Rivian Automotive (NASDAQ: RIVN) surged 46% after it and Volkswagen entered a joint venture to create next generation software-defined vehicle platforms to be used in both companies’ future electric vehicles. Volkswagen Group will invest an initial $1 billion in Rivian, with up to $4 billion in planned additional investment for a total expected deal size of $5 billion.
- Rivian peer Lucid Group (NASDAQ: LCID) shares were higher following the announcement from VW.
Tecnoglass (NYSE: TGLS) rose 12% after it announced that its Board of Directors is conducting a review of strategic alternatives.