Check out the companies making headlines before the bell. Nike – The stock fell 6.2% after the iconic sneaker brand reported slowing growth in China in the third quarter of fiscal 2024, despite reporting better-than-expected quarterly earnings and revenue, helped by sales in North America and price changes. Lululemon — Shares fell nearly 13% after the athletic apparel retailer reported holiday earnings Thursday that beat expectations, but issued lower-than-expected guidance as the athletic apparel maker struggles with sluggish demand in North America. Reddit – The social media stock fell more than 4%, giving back a small portion of the gains from its IPO the day before. Reddit stock rose more than 48% on Thursday after pricing its IPO at $34 per share. Best Buy – The electronics retailer added 2% after JPMorgan upgraded its investment opinion to overweight from neutral. The bank sees an improving outlook for Best Buy, partly due to back-to-school computing trends. JPMorgan also raised its price target by $12 to $101, suggesting an upside of 26%. FedEx – Shares jumped 12% premarket after the shipping company reported quarterly earnings of $3.86 per share on revenue of $21.7 billion. Analysts had expected $3.45 per share on revenue of $22.04 billion, according to LSEG. Dutch Bros. — Shares lost 6% after offering 8 million shares through a shareholder sale in the drive-thru coffee chain at $34 each Thursday through Morgan Stanley. LVMH – Shares fell more than 3.5% on news that Antonio Belloni is stepping down from his management position as Deputy CEO Bernard Arnault at the French luxury goods company. Belloni, who was LVMH Group's managing director and chairman of its executive committee, will become president of LVMH Italy after leaving his position in April. — CNBC's Jesse Pound, Tanaya Machel and Michelle Fox Theobald contributed reporting.
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Stocks making the biggest moves in pre-market: RDDT, NKE, FDX
