Headlining Companies Before the Bell: Nike, Lululemon, Reddit, Best Buy, FedEx, Dutch Bros., LVMH
In the fast-paced world of finance, staying informed about the latest market trends and company news is crucial. Here are some companies making headlines before the bell:
Nike: The iconic sneaker brand saw its stock drop 6.2% after reporting slowing growth in China in its fiscal 2024 third quarter. Despite posting better-than-expected quarterly earnings and revenue boosted by North American sales and price changes.
Lululemon: Shares tumbled nearly 13% after the athletic apparel retailer issued lower-than-expected guidance as it struggles with slower demand in North America, despite beating holiday earnings expectations.
Reddit: The social media stock slipped more than 4% after a strong IPO performance, giving back some of its gains from the previous day’s trading session.
Best Buy: Shares of the electronics retailer added 2% after JPMorgan upgraded its investment opinion to overweight from neutral, citing an improved outlook for Best Buy due to computing trends kicking in for back-to-school season.
FedEx: Shares jumped 12% premarket after the shipping company reported quarterly earnings of $3.86 per share on revenue of $21.7 billion, beating analysts’ expectations.
Dutch Bros.: The drive-through coffee chain saw its shares lose 6% after an 8 million-share offering priced at $34 each by selling shareholders through Morgan Stanley.
LVMH: Shares dropped more than 3.5% on news that Antonio Belloni will step down from his management role as deputy to chief executive Bernard Arnault at the French luxury goods company. Belloni will become president of LVMH Italy after leaving his current roles in April.
Stay tuned for more updates and analysis on these companies as the market opens.
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