Check out the companies making headlines in midday trading. Nike – The athletic shoe brand fell 7% after the company gave a weak full-year outlook and reported that sales in China had slowed. In its most recent quarter, Nike reported outperformance on both the top and bottom lines. Lululemon – The athleisure company fell 16% after posting weaker-than-expected guidance as demand slowed in North America. Separately, Lululemon beat earnings and revenue expectations for its fiscal fourth quarter. Reddit – Shares of the social media platform fell 9% a day after its initial public offering. On Thursday, Reddit soared 48% in a highly anticipated debut. Best Buy The retailer added nearly 2% on the back of JPMorgan's upgrade to overweight from neutral. The company described the stock as “spring-loaded” and said there are positive trends to watch. FedEx – The shipping company jumped 7% after beating analysts' expectations in the latest quarter. FedEx reported adjusted earnings of $3.86 per share on revenue of $21.7 billion, higher than the $3.45 per share on $22.04 billion forecasts forecast by revenue analysts polled by LSEG, formerly Refinitiv. Dutch Bros – Shares fell 6% after the retail chain announced a secondary public offering by some shareholders. The selling shareholders expect to offer eight million shares, at a price of $34 per share. LVMH — The French luxury goods company lost 2%. The parent company of Fendi has announced that Antonio Belloni will step down from his position as Group Managing Director and Chairman of the Executive Committee of the LVMH Group. In April, Belloni is expected to become president of LVMH in Italy. Martin Marietta Materials – Shares of the building materials company fell 1% after JPMorgan's rating downgrade. After a 21% year-to-date rise, analyst Adrian Huerta believes the stock's valuation now appears overvalued. Papa John's International – Shares fell 4% a day after Shake Shack announced the hiring of CEO of the pizza chain operator, Rob Lynch. On Friday, BTIG downgraded Papa John's to neutral from buy, citing a lack of seasoned leadership to replace Lynch. “We believe the company may face difficulties next year,” BTIG said. Tesla – Shares fell 1% after Bloomberg News, citing people familiar with the matter, reported that the electric car maker reduced production in China. Nvidia – The chip giant jumped 3% on Friday. UBS analyst Timothy Arcuri raised his price target to $1,100, reflecting an increase of $300. It also means shares could rise more than 20% from Thursday's close. — CNBC's Michelle Fox, Alexander Haring and Darla Mercado contributed reporting.
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Stocks making the biggest moves at midday: NKE, LULU, FDX, BROS
