Check out the companies making headlines in midday trading: FedEx — The delivery giant plunged more than 13% after reporting a steep quarterly earnings drop. The company also lowered its full-year revenue forecast. CEO Raj Subramaniam said industrial demand was softer than expected, while FedEx’s customers continued to shift to cheaper, slower delivery options, which squeezed profits. Nike — The apparel stock jumped 5.8% after the announcement of a CEO change. Nike veteran Elliott Hill is taking over for John Donahoe in October. Shares of the company were down about 25% for the year prior to the announcement. Constellation Energy — Shares surged more than 17% after the company announced plans to restart the Three Mile Island nuclear plant and sell that power to Microsoft to satisfy the energy needs of its data centers. With that, Microsoft will purchase electricity from the plant in a 20-year agreement. Novo Nordisk — Shares fell 5.5% following disappointing trial results of the drugmaker’s experimental obesity pill, monlunabant. Analysts at Deutsche Bank called the results “underwhelming” compared to Eli Lilly’s orforglipron. Corbus Pharmaceuticals , which is developing a similar drug to Novo Nordisk’s, plunged about 60%. Competitors Eli Lilly and Viking Therapeutics climbed 1% and 4.3%, respectively. Vistra — The stock jumped more than 12% after the Texas-based power company announced it is going to acquire the entire 15% stake it does not own in its subsidiary Vistra Vision for almost $3.25 billion in cash. The transaction is expected to close Dec. 31. Trump Media & Technology Group — Shares were more than 6% lower after selling restrictions for former President Donald Trump as well as other initial investors ended. Lennar — Shares dipped 4%, despite the homebuilder posting a fiscal third-quarter earnings and revenue beat. Lennar reported earnings per share of $4.26 on revenue of $9.42 billion. Meanwhile, consensus called for earnings of $3.63 on $9.17 billion of revenue, according to LSEG. ASML — The semiconductor stock slid 3.4% in the wake of a Morgan Stanley downgrade to equal weight from overweight. Morgan Stanley said the risk-to-reward ratio has been “balancing.” Centessa Pharmaceuticals — The biotech stock rose more than 4% after Morgan Stanley upgraded it to overweight from equal weight. The bank said it sees the potential for the pharmaceutical company’s narcolepsy treatment to be best in class. Valero Energy — The energy stock declined nearly 3% after a Piper Sandler downgrade to neutral from an overweight rating, citing “less room for outperformance.” Chewy — Shares dropped 4.8% after the pet products retailer announced an underwritten offering of $500 million of its Class A stock by Buddy Chester, an entity affiliated with funds advised by its largest shareholder. In addition, Chewy plans to purchase $300 million from Chester and will cancel and retire those repurchased shares following the transaction. — CNBC’s Alex Harring, Brian Evans, Samantha Subin, Yun Li, Lisa Kailai Han, Jesse Pound and Michelle Fox contributed reporting.
Source: www.cnbc.com