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Yahoo Finance UK

Trending tickers: Deliveroo, Chipotle, Rivian and FedEx

The latest investor updates on stocks that are trending on Wednesday

Pedro Goncalves

·Finance Reporter, Yahoo Finance UK

Updated 26 June 2024 at 6:58 am·4-min read

Coventry, UK - October 18, 2018 - Delivery food courier guy from Deliveroo checking order via mobile phone. — Deliveroo shares jump as US rival DoorDash reportedly eyes up takeover (nrqemi via Getty Images)

Deliveroo (ROO.L)

Shares in Deliveroo have been given a boost after reports of takeover interest from US rival DoorDash (DASH).

The takeaway delivery giant saw shares jump as much as 7% in morning trading on Wednesday amid speculation that the group was in the sights of the San Francisco-based competitor.

Deliveroo was reportedly approached by DoorDash last month over a possible acquisition, but the discussions are said to have ended after the pair were unable to agree on value.

It comes after rumours also swirled in 2022 that DoorDash was mulling a takeover of Deliveroo.

Analysts at Jefferies said the takeover talks may open the door to more interest in the London-listed food deliverer.

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"In this instance, the talks have failed.But such is the strength of the financial, industrial and strategic logic of a Deliveroo takeover, we would not be surprised to see similar such headlines to re-emerge in the short term.

Read more: FTSE 100 LIVE: London and European stocks higher amid Wall Street rally

"In our view, the key to unlocking a recommended offer from Deliveroo is understanding the sensibilities of the founder CEO, Will Shu. This may only be the start."

Chipotle (CMG)

Shares in Chipotle were higher in pre-market trading as investors are looking forward to see the 50-to-1 stock split trade when the Wall Street bell rings.

Chipotle Mexican Grill announced back in March a stock split with one of the biggest multiples ever: Each current share will be split into 50 new shares.

This means that when markets open on June 26, shareholders will own 50 times as many shares as they did at the close of trading on June 25, but the price of each one will be about one-fiftieth of what it was before.

Shareholders who owned the stock as of the market close on June 18 received 49 additional shares for each one held. When the market opens Wednesday, shares will trade on a post-split basis, meaning one share worth $3,283.04 (£2593.57) as of Tuesday's close will trade as 50 shares worth roughly $65.66 per share.

Pre-split, Chipotle stock was the third-highest-priced in the S&P 500 (^GSPC).

Rivian (RIVN)

Shares in the EV maker were higher in pre-market trading following the announcement that Volkswagen (VOW3.DE) will invest up to $5bn into a partnership with it.

The German carmaker is trying to rapidly improve its software, and the partnership sent Rivian's shares up more than 37%.

Upon agreement of a 50/50 joint venture, VW would receive “immediate access” to Rivian’s EV software for use in its own cars. The investment in Rivian and the joint venture amounts to $2bn in 2024 and up to $5bn by 2026.

The investment will provide Rivian – known for its flagship R1S SUVs and R1T pickups – the funding it needs to develop its less-expensive and smaller R2 SUVs that will roll out in 2026, the founder and CEO, RJ Scaringe, told Reuters.

Read more: Pensioners £900 better off from tax and benefit changes

The resulting architecture developed between the two companies will find its way into vehicles in the second half of the decade, the two said in a joint statement.

“Through our cooperation, we will bring the best solutions to our vehicles faster and at lower cost,” VW Group CEO Oliver Blume said.

Watch: Rivian surges on VW investment, Chipotle trades after stock split: Yahoo Finance

FedEx (FDX)

FedEx shares soared more than 15% in pre-market trading after the company reported results that topped analysts’ estimates in both earnings and revenue.

The Memphis-based company reported net income for the three-month period that ended May 31 of $1.47bn, or $5.94 per share, compared with $1.54bn, or $6.05 per share, a year earlier.

Revenue rose to $22.1bn, up from $21.9bn a year earlier. For the full fiscal year, revenue was $87.7bn, down from $90.2bn.

"These results are unprecedented in this current environment," FedEx CEO Raj Subramaniam said. "We expect this momentum to continue in fiscal 2025."

Adjusted earnings in the 2025 fiscal year will be $20 to $22 a share, the company said Tuesday in a statement that also detailed results for fourth quarter. The midpoint topped the $20.85 average of analysts’ estimates compiled by Bloomberg. Revenue will grow in the low-to-mid single-digit percentage

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