Check out the companies making headlines before the bell. Nike — Shares rose 6% after the athletic apparel company announced CEO John Donahue would be retiring from the position . Company veteran Elliott Hill will be coming out of retirement to take the position. FedEx — Shares of the shipping giant shed more than 13% after posting a significant decline in profits and cutting its full-year guidance. Lennar — The homebuilding stock slipped 3% despite beating analysts’ expectations for its fiscal third quarter. The company reported earnings of $4.26 on revenue of $9.42 billion, while analysts polled by LSEG had expected earnings of $3.63 on revenue of $9.17 billion. Trump Media & Technology Group — Shares traded nearly 5% lower as selling restrictions on former President Donald Trump and other early investors ended. MillerKnoll — The office furniture stock lost more than 5% after reporting a fiscal first-quarter earnings and revenue miss. The company also issued weak guidance for its current quarter. Automobile stocks — Auto stocks were broadly trading lower after Mercedes trimmed its annual forecasts on the back of deteriorating economic conditions, specifically in China. Ford and Tesla each slipped less than 1%, while shares of General Motors lost more than 1%. PepsiCo — The snacks and beverage stock slipped 1% following a downgrade at Morgan Stanley to equal weight from overweight. The bank cited Pepsi’s lingering organic sales growth and earnings-per-share risks, as well as market share losses, for the call. ASML — Shares slipped 2% after Morgan Stanley downgraded the semiconductor manufacturer to equal weight from overweight. Analyst Lee Simpson cited that risks of a slowdown in expectations could be materializing for the company. Contessa Pharmaceuticals — The biotech stock was trading more than 5% higher following an upgrade from Morgan Stanley to overweight from equal weight. The bank said it saw potential for Contessa’s orexin 2 to become a best-in-class treatment for narcolepsy. Aptiv — Shares of the automobile technology supplier rose more than 1% after an upgrade to overweight from equal weight at Wells Fargo. The investment firm said Aptiv’s stock looks more attractive after a recent slump erased much of its premium valuation. Valero Energy — Shares fell 1.2% after Piper Sandler downgraded Valero Energy to neutral from overweight, saying it sees “less room for outperformance” for the refinery even as it remains “best in class.” Chewy — The pet products retailer lost nearly 3% after announcing a public offering of $500 million of its Class A stock. Chewy also said it would buy $300 million in shares from Buddy Chester, an entity affiliated with the company’s largest shareholder; Chewy plans to cancel and retire those repurchased shares following the transaction. — CNBC’s Michelle Fox, Sarah Min, Jesse Pound and Samantha Subin contributed reporting.
Source: www.cnbc.com