Several companies have made headlines in premarket trading:
1. FedEx: Shares of the delivery company dropped over 10% as its fiscal second-quarter results fell short of expectations. FedEx reported adjusted earnings per share of $3.99 on $22.17 billion in revenue, while analysts had anticipated $4.18 per share and $22.41 billion in revenue. Additionally, FedEx revised down its full-year revenue guidance.
2. General Mills: The food products company saw a 3% decline in its shares after reporting revenue for its fiscal second quarter below expectations. General Mills posted $5.14 billion in revenue, while analysts were anticipating $5.35 billion. Despite stronger pricing, organic net sales were down 2% year-over-year.
3. Salesforce: Shares of Salesforce dropped 1.3% following a downgrade by Wells Fargo. The downgrade shifted their rating from overweight to equal weight, as Wells Fargo evaluates stocks that are expected to benefit from a projected shift towards growth in 2024.
4. Winnebago: The stock of the recreational vehicles company fell more than 4% after its fiscal first-quarter earnings missed expectations. Winnebago reported earnings per share of $1.06, below the anticipated $1.18 per share. Additionally, its revenue decreased nearly 20% compared to the previous year.
5. Argenx: The Netherlands-based biotech company experienced a slide of 23.5% in its shares after its therapy for an autoimmune condition that causes skin blistering failed to produce significant results in a late-stage trial.
6. UPS: Shares of the logistics and delivery company dipped 3% in response to rival FedEx’s disappointing second-quarter results.
Source (CNBC)
