Nike, the iconic sneaker brand, experienced a significant slump of 6.2% in its stock after reporting a slowdown in growth in China during the fiscal third quarter of 2024. Despite posting better-than-expected earnings and revenue, with a boost from North American sales and price adjustments, the company faced challenges in the Chinese market.
Athletic apparel retailer Lululemon saw its shares tumble nearly 13% after releasing holiday earnings that surpassed expectations. However, the company issued lower-than-expected guidance due to slower demand in the North American market. The athleisure wear maker is currently grappling with challenges in meeting consumer needs in its key region.
Social media platform Reddit witnessed a more than 4% drop in its stock price, following a significant surge on the day of its IPO. Despite experiencing a 48% increase after pricing its shares at $34, the company faced a slight setback in the trading session following the initial enthusiasm.
Electronics retailer Best Buy received a 2% increase in its stock price after JPMorgan upgraded its investment opinion to overweight from neutral. The bank’s optimistic outlook for Best Buy was driven by emerging computing trends, particularly in preparation for the back-to-school season. Additionally, JPMorgan raised its price target, suggesting a potential 26% upside for the company.
Shipping giant FedEx experienced a significant premarket jump of 12% after reporting quarterly earnings of $3.86 per share on revenue of $21.7 billion. While analysts had expected lower earnings and revenue figures, FedEx exceeded projections and showcased a strong performance in the latest financial period.
Drive-through coffee chain Dutch Bros. witnessed a 6% decline in its stock price following an 8 million-share offering priced at $34 each by selling shareholders. Despite the company’s popularity in the coffee market, the share offering impacted investor sentiment and led to a slight downturn in Dutch Bros.’ stock performance.
Luxury goods company LVMH faced a more than 3.5% drop in its shares after announcing the departure of Antonio Belloni from his management role as deputy to chief executive Bernard Arnault. Belloni, the group managing director of LVMH and chairman of its executive committee, will transition to the role of president of LVMH Italy in April, marking a significant change in the company’s leadership structure.