Dow Jones Today: Stocks Inch Higher Following Benign CPI Inflation Reading; Bitcoin Jumps Above $92K – Investopedia

Rivian skyrockets as Volkswagen joint venture grows larger

32 minutes ago

Rivian Automotive (RIVN) shares rose Wednesday as the electric car maker expands its partnership with Volkswagen, with the aim of helping both companies find ways to capture more of the EV market. It skyrocketed.

The automakers announced a new joint venture in which Volkswagen will inject up to $5.8 billion into the struggling EV company. The plan increases the initial deal value of $5 billion reported in June.

Rivian noted that the agreement will leverage the strengths of the partnership to “build cutting-edge software and electronics architectures and expand electric vehicle platforms and architectures.”

The joint venture is expected to “enable the launch of the Rivian R2 in the first half of 2026 and support the launch of the Volkswagen Group's first model, expected as early as 2027.”

Rivian stock is up 20% in recent trading. Despite this morning's surge, the stock is down 46% since the beginning of 2024.

–Bill McCall

Cava rises to record high on strong earnings and outlook

1 hour 47 minutes ago

Shares of Cava Group (CAVA) soared in early trading Wednesday, a day after the fast-casual chain reported better-than-expected third-quarter results and raised its same-store sales growth outlook for fiscal 2024.

Cava reported net income of $18 million and revenue of $241.5 million, both significantly higher than a year ago and exceeding analyst consensus estimates compiled by Visible Alpha. Cava's same-store sales increased 18% year over year. This included a 13% increase in foot traffic and a 5% increase in menu pricing and product mix.

The chain has opened more stores than previously targeted and expects same-store sales to rise 12% to 13%, up from 8.5% to 9.5% in the previous quarter (which it had raised), and forecast full-year forecasts. I pulled up a part of it. to a range of 6.5% from 4.5% previously.

Kava stock has repeatedly risen since its initial public offering (IPO) last year on strong earnings. The stock soared to a record high of $172.43 in early trading, before rising 9% to around $158 in recent trading.

However, JPMorgan analysts on Wednesday raised their price target to $110 from $90, but reiterated their “neutral” rating, believing the stock already has “years of growth” priced in.

–Aaron McDade

Spotify soars after earnings—key levels to watch

3 hours 15 minutes ago

Spotify (SPOT) stock soared in pre-market trading Wednesday after the streaming media giant beat Wall Street's third-quarter subscriber growth forecast and announced a better-than-expected profit outlook. .

The stock price continues to rise after retesting the upper trend line of the ascending triangle, but a relative strength index above 70 indicates an overbought situation.

The bar pattern, which extracts the stock's upward trend from January to April and repositions it from the upper trend line of the ascending triangle, predicts a bullish price target for Spotify stock at approximately $525.

Investors should watch for important support areas around $389, $350, and $320 on the streaming giant's chart.

Shares rose 9% to $457 in recent pre-market trading.

Read the full technical analysis here.

–timothy smith

Major stock index futures fall on inflation data

4 hours 4 minutes ago

Futures, which track the Dow Jones Industrial Average, fell 0.3%.

S&P 500 futures fell 0.2%.

Nasdaq 100 futures fell 0.3%.