Check out the companies in the spotlight before the opening bell:
Nike witnessed a 6.2% drop in its stock price following the announcement of a slowdown in growth in China during the third quarter of fiscal 2024. Despite reporting better-than-expected earnings and revenue, boosted by strong North American sales and price adjustments.
Lululemon’s shares plunged by nearly 13% after exceeding holiday earnings expectations but issuing lower guidance due to sluggish demand in North America for the athletic apparel retailer.
Reddit’s stock dipped over 4% after a significant surge following its IPO at $34 per share. The social media company soared by more than 48% but faced a slight decline the following day.
Best Buy’s stock rose by 2% after JPMorgan upgraded its investment outlook to overweight from neutral. The electronics retailer is expected to experience improved performance, attributed to promising computing trends and the back-to-school season.
FedEx experienced a significant premarket surge of 12% after beating analysts’ expectations with earnings of $3.86 per share on revenue of $21.7 billion for the quarter. The shipping company outperformed predicted earnings, despite slightly lower revenue.
Dutch Bros. saw a 6% decrease in its stock price following an 8 million-share offering by selling shareholders at a price of $34 per share through Morgan Stanley.
Source (CNBC)
