FedEx Misses Estimates and Lowers Revenue Guidance
Shares of delivery company FedEx dropped more than 10% in premarket trading after the company’s fiscal second-quarter results fell short of estimates. FedEx reported adjusted earnings per share of $3.99 on $22.17 billion of revenue, while analysts were expecting $4.18 per share and $22.41 billion of revenue. The company also lowered its full-year revenue guidance.
General Mills Reports Lower-than-Expected Revenue
Food products company General Mills saw a 3% decline in its shares after reporting revenue for the fiscal second quarter that was below expectations. General Mills reported $5.14 billion in revenue, compared to the expected $5.35 billion. Despite stronger pricing, organic net sales were down 2% year over year.
Salesforce Downgraded by Wells Fargo
Shares of Salesforce declined 1.3% following a downgrade by Wells Fargo from overweight to equal weight. The downgrade came as Wells Fargo evaluates stocks that it believes will benefit from a steady shift toward growth in 2024.
Winnebago’s Earnings Miss Expectations
The stock of recreational vehicles company Winnebago fell over 4% after its earnings for the fiscal first quarter failed to meet expectations. Winnebago reported earnings per share of $1.06, while analysts had expected $1.18 per share. Revenue also dropped nearly 20% year over year.
Argenx Faces Setback in Late-Stage Trial
Biotech company Argenx experienced a 23.5% decline in its shares after its therapy for an autoimmune condition that causes skin blistering failed to produce significant results in a late-stage trial.
UPS Shares Dip After FedEx’s Disappointing Results
The logistics and delivery company UPS saw a 3% decrease in its shares following the disappointing second-quarter results of rival FedEx.
Marathon Digital Rises on Bitcoin Mining Site Acquisition
Crypto mining company Marathon Digital saw its shares rise 2%, building on a 10.5% gain from the previous day. The increase came after Marathon announced its acquisition of bitcoin mining sites.
Hot Take: Mixed Earnings Results Shake Investors
The premarket trading session has been marked by mixed earnings results, causing significant movement in the stock prices of various companies. FedEx and General Mills missed revenue expectations, leading to a drop in their share prices. Salesforce was downgraded by Wells Fargo, impacting investor sentiment. Winnebago’s earnings fell short of estimates, resulting in a decline in its stock value. Argenx faced disappointment as its therapy failed to deliver significant results in a late-stage trial. Additionally, UPS shares dipped following rival FedEx’s disappointing results. However, Marathon Digital experienced gains due to its announcement of acquiring bitcoin mining sites. These developments highlight the volatility and unpredictability of the market, urging investors to carefully evaluate their investment decisions.
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