Check out the companies making headlines before the bell. Rivian Automotive — Shares of Rivian Automotive skyrocketed more than 40% after the electric vehicle company secured up to $5 billion in funding from Volkswagen Group. The initial investment totals $1 billion, with another $4 billion expected by 2026. A so-called short squeeze added fuel to the gain as about 19% of the Rivian shares available for trading were sold short before this news, according to FactSet.
Nvidia posted a 3-day losing streak before the bounce, culminating in a 7% decline on Monday as investors rotated out of the red-hot AI leader. Citi Research increased its Nvidia price target to $150 from $126 on Wednesday. Aptiv — The automotive technology stock dropped 7% after Piper Sandler downgraded Aptiv to underweight from neutral, and cut its price target.
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