Stocks making the biggest moves premarket: Reddit, Nike, FedEx and more

Take a glance at companies that were in the limelight before the market opened.

Nike

— The stock experienced a 6.2% dip following the famed footwear company’s announcement of decelerating growth in China during fiscal Q3 2024, although it surpassed quarter earnings and revenue expectations, buoyed by North American sales and price adjustments.

Lululemon

— The athletic clothing retailer’s shares nosedived almost 13% subsequent to the release of holiday earnings on Thursday that surpassed projections, but the firm issued lower-than-projected guidance amid the athleisure wear producer’s struggles with reduced demand in North America.

Reddit

— The social media firm’s stock retreated over 4%, partially surrendering the previous day’s IPO gains. Reddit’s stock did see a remarkable ascent of beyond 48% on Thursday following its $34 per share IPO pricing.

Best Buy

— Shares of this electronics retail giant grew 2% in response to JPMorgan’s elevation of its investment stance to overweight from neutral. The bank forecasts a brighter future for Best Buy, somewhat attributed to computing trends tailoring to back-to-school demand. JPMorgan also escalated its price target by $12 to $101, indicating a 26% potential increase.

FedEx

— The courier company’s shares surged 12% in premarket trade after unveiling quarterly earnings of $3.86 per share on a revenue of $21.7 billion. Market analysts had predicted earnings of $3.45 per share on a $22.04 billion revenue, reported by LSEG.

Dutch Bros.

— The shares of the drive-thru coffee chain dipped 6% following an 8 million-share offering by selling stakeholders at $34 each on Thursday, transacted through Morgan Stanley.

LVMH

— Shares of the French luxury good conglomerate decreased more than 3.5% owing to the news of Antonio Belloni stepping down from his managerial position as deputy to CEO Bernard Arnault. Belloni, formerly the group managing director of LVMH and head of its executive committee, will assume the presidency of LVMH Italy post his April exit.

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Stocks making the biggest moves premarket: Reddit, Nike, FedEx and more

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