Stocks making the biggest moves premarket: Reddit, Nike, FedEx and more
Check out the companies making headlines before the bell. Nike — The stock slumped 6.2% after the iconic sneaker brand reported slowing growth in China in its fiscal 2024 third quarter, despite posting better-than-expected quarterly earnings and revenue, boosted by North American sales and price changes. Lululemon — Shares tumbled nearly 13% after the athletic apparel retailer posted holiday earnings on Thursday that beat expectations, but issued lower-than-expected guidance as the athleisure wear maker struggles with slower demand in North America. Reddit — The social media stock slipped more than 4%, giving back a fraction of the gains from the prior day’s initial public offering. Reddit soared more than 48% on Thursday after pricing its IPO at $34 per share. Best Buy — The electronics retailer added 2% after JPMorgan upgraded its investment opinion to overweight from neutral. The bank sees an improved outlook for Best Buy, in part due to computing trends kicking in for back to school. JPMorgan also hiked its price target by $12 to $101, suggesting 26% upside. FedEx — Shares jumped 12% during premarket trading after the shipping company reported quarterly earnings of $3.86 per share on revenue of $21.7 billion. Analysts were expecting $3.45 per share on revenue of $22.04 billion, according to LSEG, formerly known as Refinitiv. Dutch Bros. — Shares lost 6% after an eight million share offering by selling shareholders of the drive-through coffee chain priced at $34 each on Thursday through Morgan Stanley. LVMH — Shares dropped more than 3.5% on news that Antonio Belloni will step down from his management role as deputy to chief executive Bernard Arnault at the French luxury goods company. Belloni, who was the group managing director of LVMH and chair of its executive committee, will become president of LVMH Italy after leaving his roles in April. — CNBC’s Jesse Pound, Tanaya Macheel and Michelle Fox Theobald contributed reporting. This post has been syndicated from a third-party source. View the original article here.
