Stocks making the biggest moves premarket: FedEx, Chewy, Trump Media and more
Take note of the companies attracting significant attention in the pre-market hours.
— The stock price of the sports clothing manufacturer surged 6% as it came to light that John Donahue, the current CEO, is set to retire. Longstanding company member, Elliott Hill, will be stepping out of retirement to fill the role.
— The logistics heavyweight saw its shares plummet over 13% after reporting substantial falls in profits and marking down its yearly forecast.
— Despite exceeding analysts’ predictions for its third fiscal quarter, Lennar’s homebuilding stock sagged 3%. Lennar confirmed earnings of $4.26 on a revenue of $9.42 billion, surpassing LSEG-analyst predictions of $3.63 earnings with revenues of $9.17 billion.
Trump Media & Technology Group
— As the selling restrictions imposed on former President Donald Trump and other early investors were lifted, the company’s shares dipped nearly 5%.
Constellation Energy — This power utility’s shares soared over 7% after it revealed plans to reboot the Three Mile Island nuclear plant with an intention to sell the energy generated to Microsoft for its data center requirements.
— The office furniture specialist saw its stock drop over 5%, after reporting an earnings and revenue shortfall in its first fiscal quarter, along with bleak expectations for the next quarter.
Automobile stocks — Auto stocks generally trended downward following Mercedes’ decision to revise its yearly forecasts due to worsening economic conditions, particularly in China. Both Ford
and Tesla
shares fell less than 1%, whereas General Motors
experienced a dip of over 1%.
— After Morgan Stanley downgraded its rating to equal weight from overweight, citing persistent organic sales growth and earnings-per-share concerns, and ongoing market share losses, the food and drink manufacturer’s stock retreated by 1%.
— Shares of the chip producer descended 2% after Morgan Stanley downgraded its position to equal weight from overweight, as analyst Lee Simpson anticipates a potential slowdown in expectations for the company.
Contessa Pharmaceuticals — The pharmaceutical company’s stock traded over 5% higher following Morgan Stanley’s upgrade from equal weight to overweight, observing potential in Contessa’s orexin 2 to emerge as a top treatment for narcolepsy.
— The vehicle technology supplier’s shares enjoyed a rise of over 1% after Wells Fargo promoted its rating to overweight from equal weight. The investment firm commented that the stock seems more attractive following a recent downturn that eradicated much of its premium valuation.
— The energy company’s stock declined 1.2% as Piper Sandler downgraded it to neutral from overweight, alluding to “less scope for outperformance” for the refinery, irrespective of its “best in class” status.
— The animal supply retailer’s stock dipped close to 3% after publicizing a $500 million offering of its Class A stock. Additionally, Chewy intends to purchase $300 million in shares from Buddy Chester, an affiliate of its largest shareholder and plans to retire the repurchased shares after the transaction.
