After-Hours Market Update: Nike, FedEx, Lululemon, Dutch Bros, and Reddit
As the trading day comes to a close, let’s take a look at some of the companies that are making headlines after the bell.
Nike: Shares of the athletic footwear retailer dropped 5% as the company noted that its sales in China are slowing down. Despite this, Nike beat Wall Street’s expectations in its latest quarter, posting earnings of 77 cents per share on $12.43 billion of revenue.
FedEx and United Parcel Services: Both shipping companies saw their shares rise, with FedEx gaining nearly 13% after beating quarterly earnings expectations. The company reported adjusted earnings of $3.86 per share, higher than the $3.45 per share that analysts had expected. FedEx also announced a $5 billion share buyback. UPS shares rose 4%.
Lululemon Athletica: Shares of the athleisure company dropped 10% as it reported weak guidance and slowing growth in North America. However, Lululemon posted a fiscal fourth-quarter earnings and revenue beat.
Dutch Bros: The drive-through coffee chain saw its shares slip about 5% as it announced a secondary offering of its shares by certain stockholders associated with TSG Consumer Partners L.P. Dutch Bros will not receive any proceeds from the sale of 8 million shares.
Reddit: The social media stock slipped 2% after making its debut on the New York Stock Exchange, soaring 48% in its first day of trading.
Stay tuned as these companies continue to navigate the post-market landscape. – CNBC’s Darla Mercado contributed reporting.
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