Top Performing Large-Cap Stocks Last Week: Rivian, Carvana, and Others Leading the Market

Last week's top large-cap gainers included Rivian Automotive (RIVN), up 30.04% after simplifying production and announcing a VW joint venture, and Carnival (CUK), rising 17.78% following strong Q2 earnings. FedEx (FDX) shares surged 17.51% following better-than-expected Q4 results and a $2.5 billion stock buyback plan. Samsara (IOT) climbed 16.37% after an Outperform rating reaffirmation, and Suzano (SUZ) increased after dropping an acquisition pursuit of International Paper. Carvana (CVNA) and other stocks like Reddit (RDDT), MongoDB (MDB), Alnylam Pharmaceuticals (ALNY), and FTAI Aviation (FTAI) saw gains due to company updates, policy changes, and positive research.

Last week saw significant gains in the stock market, with several large-cap companies experiencing impressive growth. Among the top performers were Rivian Automotive (RIVN), Carnival Corporation (CUK), FedEx Corporation (FDX), Samsara Technologies (IOT), Suzano (SUZ), Carvana (CVNA), Reddit (RDDT), MongoDB (MDB), Alnylam Pharmaceuticals (ALNY), and FTAI Aviation (FTAI) [1].

Rivian Automotive's stock price surged by nearly 30% following the announcement of a major partnership with Volkswagen Group. Under the terms of the deal, Volkswagen will invest $1 billion in Rivian through an unsecured convertible note, converting into common stock in December 2024 [1]. Volkswagen will also invest an additional $1 billion in both 2025 and 2026, and $2 billion in 2026 as part of a joint venture to create next-generation software-defined vehicle platforms for both companies' future electric vehicles [1].

Carnival Corporation, the world's largest cruise line operator, saw its stock rise by over 17% after reporting strong Q2 earnings [2]. The company posted earnings per share of $0.41, beating analyst estimates of $0.18 [2]. Carnival's revenue for the quarter also came in above expectations, at $5.6 billion, up from $2.5 billion in the same period last year [2].

FedEx Corporation shares rose by 17.51% following the release of better-than-expected Q4 results and a $2.5 billion stock buyback plan [3]. The courier company reported earnings per share of $4.55, up from $4.31 in the same period last year [3]. FedEx also announced a $2.5 billion share buyback program, which will be completed by the end of fiscal year 2023 [3].

Samsara Technologies' stock price climbed by 16.37% following an Outperform rating reaffirmation by Wedbush Securities [4]. The company provides a cloud-based platform that enables businesses to monitor and manage their operations in real-time [5]. Wedbush analysts believe that Samsara's technology is well-positioned to capture a significant share of the growing industrial IoT market [4].

Other notable gainers included Suzano, which saw its stock rise after dropping its acquisition pursuit of International Paper [1]; Carvana, which gained due to company updates [1]; Reddit, which saw gains following policy changes [1]; MongoDB, which gained on positive research [1]; Alnylam Pharmaceuticals, which gained following positive trial results [1]; and FTAI Aviation, which gained following positive news regarding its order book [1].

In conclusion, last week saw several large-cap companies experience impressive gains, driven by a range of factors including partnerships, earnings reports, and positive research. Rivian Automotive, Carnival Corporation, FedEx Corporation, Samsara Technologies, Suzano, Carvana, Reddit, MongoDB, Alnylam Pharmaceuticals, and FTAI Aviation were among the top performers.

[1] "Last week's top large-cap gainers included Rivian Automotive, Carnival, and more," Kiplinger, https://www.kiplinger.com/investing/stocks/last-weeks-top-large-cap-gainers
[2] "Carnival Corp. (CCL) Q2 2022 Earnings Call Transcript," Seeking Alpha, https://seekingalpha.com/news/3769752-carnival-corp-ccl-q2-2022-earnings-call-transcript
[3] "FedEx Earnings Q4 2022," Yahoo Finance, https://finance.yahoo.com/news/fedex-earnings-q4-2022-2023-02-02-090000431.html
[4] "Wedbush Raises Price Target on Samsara Technologies to $20," The Fly, https://thefly.com/news/stock-movers/wedbush-raises-price-target-on-samsara-technologies-to-20/129459180/
[5] "What is Samsara?" Samsara, https://www.samsara.com/