Before the bell, take a look at the businesses that are in the news.
Nike: After the athletic clothing firm announced CEO John Donahue would be leaving the role, shares of the company increased by 6%. Elliott Hill, a long-time employee of the company, is set to retire and assume the role.
FedEx: Following a sharp drop in earnings and a reduction in its full-year guidance, the transportation behemoth’s shares fell more than 13%.
Luminar — Even though the homebuilding stock exceeded analysts’ forecasts for its third fiscal quarter, it fell 3%. LSEG polled analysts, and they predicted that the business would make $3.63 on $9.17 billion in revenue, compared to $4.26 on $9.42 billion in actual results.
Trump Media & Technology Group: After the selling restrictions on former President Donald Trump and other early investors were lifted, shares in the company fell by over 5%.
Constellation Energy — The company’s shares surged by more than 7% following its announcement that it will restart the Three Mile Island nuclear facility in order to offer Microsoft the electricity it needed for its data centres.
The Miller-Knoll Following the release of a fiscal first-quarter earnings and revenue miss, the office furniture stock saw a loss of more than 5%. Additionally, the business released cautious guidance for the current quarter.
Auto stocks: As a result of Mercedes cutting its annual projections due to worsening economic conditions, particularly in China, auto stocks were generally trading down. General Motors’ stock dropped more than 1%, although Ford and Tesla’s losses were each less than 1%.
PepsiCo: After a Morgan Stanley downgrade to equal weight from overweight, the stock of the snack and beverage company fell 1%. For the call, the bank mentioned Pepsi’s declining market share, risks related to earnings-per-share, and its persistent organic sales growth.
ASML – After downgrading the semiconductor manufacturer to equal weight from overweight, shares of the company fell 2%. The corporation may be facing the possibility of a downturn in expectations.
Pharmaceuticals Contessa — After being upgraded from equal weight to overweight by Morgan Stanley, the biotech stock was trading more than 5% higher. Contessa’s orexin 2 has the potential to be the greatest narcolepsy medication available.
Aptiv — Following an upgrade to overweight from equal weight at Wells Fargo, shares of the auto technology provider increased by more than 1%. The investing firm stated that following a recent decline that wiped out much of its premium value, Aptiv’s stock now appears more appealing.
Valero Energy: The refinery’s shares dropped 1.2% after Piper Sandler reduced it from overweight to neutral, citing “less room for outperformance” despite the refinery’s continued status as “best in class.”
Chewy — Following the news of its IPO, the retailer of pet supplies saw a nearly 3% decline in sales.
Source (CNBC)
