Stocks making the biggest moves premarket: FedEx, KB Home, Klaviyo and more

A pedestrian walks by a FedEx truck on June 20, 2023 in San Francisco, California.Justin Sullivan | Getty Images

Here are the stocks making notable moves before the opening bell.

FedEx — Shares gained more than 5% after fiscal first quarter earnings results that topped expectations. FedEx reported adjusted earnings of $4.55 per share, greater than the $3.71 forecasted by analysts polled by LSEG. Its revenue of $21.7 billion was slightly below expectations of $21.74 billion.

KB Home — The homebuilder stock fell more than 3% despite KB Home beating expectations in its third-quarter report. The company generated $1.80 per share on $1.59 billion of revenue. Analysts surveyed by LSEG were looking for $1.43 per share on $1.48 billion of revenue. The company did say it expected its housing gross margin to shrink in the fourth quarter.

Klaviyo — The marketing automation company stock slid more than 1% after it made its public debut. Shares opened Wednesday at $36.75 on the New York Stock Exchange. That was greater than the company’s offering price of $30 per share.

Skyworks Solutions — Shares fell 1.3% after BNP Paribas Exane downgraded Skyworks Solutions to neutral from outperform, and cut its price target to $110 from $115, according to FactSet.

Starbucks — Shares of the coffee giant were marginally lower in premarket trading, slipping 0.4%. On Tuesday, the company opened a $220 million distribution and manufacturing facility in China, its latest effort to expand in the country. Starbucks also announced on Wednesday plans to increase its quarterly dividend by 7.5%.

Netflix, Disney — Shares moved lower in the premarket as writers and producers near a potential end to the Writers Guild of America strike, people close to the negotiations told CNBC’s David Faber on Wednesday. Netflix shares were lower by 0.8%, while Disney was down by 0.7%.

Darden Restaurants — The Olive Garden parent slipped 2.6% despite beating expectations of analysts polled by LSEG on both lines for its fiscal first quarter and reiterating its outlook for the 2024 fiscal year. Darden’s fine-dining restaurants saw same-store sales shrink 2.8%.

— CNBC’s Brian Evans, Jesse Pound and Alex Harring contributed reporting.

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Stocks making the biggest moves premarket: FedEx, KB Home, Klaviyo and more

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