FedEx, Nike, Lululemon, Apple, Tesla, Reddit, and More Market Movers
reported fiscal third-quarter earnings that beat analysts’ estimates as the shipping giant’s cost-cutting efforts overshadowed lower sales and reduced demand.
also raised its fiscal 2024 guidance and announced a buyback of $5 billion of stock. Shares of FedEx were up 7.4% and rival
rose 0.9%.
posted fiscal third-quarter revenue that rose slightly from a year earlier but shares were falling 8.3% after the sneaker and apparel company said the first half of fiscal 2025 would be challenging, with sales down by low single-digit percentages year over year. “This reflects near term-headwinds from life cycle management of our key product franchises,” said Chief Financial Officer Matthew Friend on an earnings call with analysts, as well as the “subdued” global macroeconomic outlook.
rose 3.4% to $24.47 after
upgraded the stock to Neutral from Sell and raised the price target to $24 from $19.
Advertisement – Scroll to Continue
rose 0.4% after it tumbled 4.1% on Thursday as the tech giant was sued by the Justice Department, which alleged the iPhone provider violated federal law to preserve its dominant position in the mobile phone market. Apple pushed back on the notion that the iPhone is a monopoly or that it had abused its position. “This lawsuit threatens who we are and the principles that set
products apart in fiercely competitive markets,” Apple said. “If successful, it would hinder our ability to create the kind of technology people expect from Apple—where hardware, software, and services intersect.”
topped expectations, but the stock tumbled 18% after the athleisure company’s guidance for the fiscal first quarter and year was short of analysts’ expectations.
was falling 1.8% following a report from Bloomberg that said the company has reduced electric-vehicle production at its plant in China.
earlier this month instructed employees at its Shanghai facility to lower production of both the Model Y sport-utility vehicle and Model 3 sedan by working fewer days a week, people familiar with the matter told Bloomberg.
U.S.-listed shares of
Advertisement – Scroll to Continue
were rising 0.1% after The Wall Street Journal reported that Apple has held preliminary talks with the Chinese company about using its generative artificial-intelligence technology in its devices in China.
Reddit
,
the popular news aggregation social media site, was falling 3.7% to $48.59 on Friday. The stock debuted Thursday at $47 a share and closed at $50.44, a jump of 48.4% above the initial public offering price of $34.
rose 2% to $82.06 after analysts at J.P. Morgan upgraded shares of the electronics retailer to Overweight from Neutral and raised their price target to $101 from $89.
Advertisement – Scroll to Continue
the so-called blank check company seeking to take Donald Trump’s Truth Social public, fell 8% after shareholders approved a merger of the two companies.
Write to Joe Woelfel at joseph.woelfel@barrons.com
Source link
