In today’s midday trading, several companies are making headlines for their stock movements. Nike saw a nearly 8% decline after providing a soft outlook for the full year and reporting a slowdown in sales in China. Lululemon plummeted 16% due to weaker-than-expected guidance in North America, despite beating earnings and revenue expectations for the fourth quarter. Reddit, on the other hand, saw a 2% drop in shares following its highly anticipated initial public offering where it soared 48%.
Meanwhile, Best Buy saw a 2.7% increase after a JPMorgan upgrade to overweight, citing positive trends to watch in the stock. FedEx experienced a 7% jump after beating analysts’ expectations in its last quarter, reporting adjusted earnings of $3.86 per share on revenue of $21.7 billion. However, Dutch Bros shares fell 6.5% after announcing a secondary public offering. LVMH, the French luxury goods company, lost 2% as the company’s group managing director, Antonio Belloni, announced his departure to become president of LVMH Italy.
In other news, Martin Marietta Materials saw a 1% decline following a downgrade from JPMorgan analyst Adrian Huerta, who believes the stock’s valuation is overly stretched after a 21% year-to-date rally. Papa John’s International shares tumbled 3.4% after Shake Shack announced the hiring away of its CEO, Rob Lynch. Finally, Tesla shares slipped 2% amid reports of production cuts in China, while Nvidia saw a 3% increase as UBS analyst Timothy Arcuri raised his price target to $1,100, signaling a 20% potential increase from the previous close.