NVO, FDX, SBUX and more
Check out the companies making headlines before the bell. Novo Nordisk – Shares plunged more than 19% after the Danish pharmaceutical giant reported disappointing late-stage trial results for its experimental weight loss drug, CagriSema. Rival obesity drug maker Eli Lilly rose more than 6% following the results. FedEx – Shares jumped 8.5% after FedEx announced a spinoff of its freight business . Elsewhere, the company said earnings per share for the fiscal second quarter came in at $4.05, excluding items, while analysts polled by LSEG anticipated just $3.90. On the other hand, the company saw $21.97 billion in revenue for the quarter, under the consensus forecast of $22.10 billion. Nike – The athletic apparel retailer’s stock sank more than 7%. Nike topped Wall Street’s already low expectations but showed a decline in revenue and earnings year over year. The company’s CEO also said that Nike’s turnaround plan could take longer than anticipated. Mission Produce – The stock advanced more than 10% following the avocado producer’s better-than-expected results for the fiscal fourth quarter. U.S. Steel – The steel producer shed 6% after issuing weak fourth-quarter guidance. For its current quarter, U.S. Steel expects a loss between 25 cents to 29 cents per share. On the other hand, analysts polled by FactSet had expected a per-share profit of 22 cents. Tesla – Shares fell nearly 5%, extending the almost 1% loss seen in the previous session. The stock is coming under pressuring during the overall market sell-off as investors take profits on some of the big election winners. Occidental Petroleum – The stock gained around 2% after Warren Buffett’s Berkshire Hathaway disclosed that it purchased shares of the energy company . Meanwhile, shares of Sirius XM and VeriSign – two other names that Berkshire Hathaway disclosed it had purchased shares of – were up more than 1% and down 0.2%, respectively. Micron Technology – The chipmaker fell 2.9%, extending its slide one day after Micron posted its worst day since March 2020. The move comes after Micron posted disappointing second-quarter guidance . Trump Media – The stock lost more than 5% on the heels of President-elect Donald Trump transferring his entire stake of the company’s shares to a revocable trust . The stock’s fall also comes after a House Republican spending deal backed by the former president to avert a government shutdown failed Thursday night . Starbucks – The coffee giant slipped about 1%. Baristas in Los Angeles, Chicago and Seattle are set to strike Friday morning , demanding better wages and schedules. The Workers Union, which represents baristas at 525 Starbucks stores, said walkouts could escalate nationwide by Christmas Eve. Crypto-linked stocks – Shares of MicroStrategy and Coinbase each declined about 5.5%, continuing their slump as bitcoin prices fall from their highs . Robinhood shares shed 6%. The cryptocurrency has had an aggressive sell-off since the Federal Reserve on Wednesday cautioned fewer rate cuts next year, which hit equity and crypto markets. — CNBC’s Alex Harring, Samantha Subin, Sarah Min, Pia Singh, Lisa Kailai Han and Michelle Fox Theobald contributed reporting.
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