FedEx, Nike and Micron fall premarket; Luminar gains

US stock futures slipped lower Friday, weighed by disappointing corporate earnings from some major names, News.Az reports citing Investing.

Here are some of the biggest premarket US stock movers today:

• FedEx (NYSE:FDX) stock slumped 8.6% after the parcel delivery company cut its annual profit and revenue outlook, citing the "continued weakness and uncertainty in the U.S. industrial economy."

• Nike (NYSE:NKE) stock fell 7.3% after the footwear giant warned that sales will drop by a double digit percentage in its current quarter as it contends with new tariffs, sliding consumer confidence and a slower than expected turnaround.

• Micron Technology (NASDAQ:MU) stock fell 3.2%, reversing earlier gains after the provider of memory and storage solutions forecast third-quarter revenue above Wall Street estimates, signaling strong demand for its high-bandwidth memory chips used in AI models.

• Tesla (NASDAQ:TSLA) stock rose 0.4%, with the number of its electric vehicles traded in this month on pace to hit a record high, Reuters reported on Thursday, citing data from national car shopping website Edmunds.

• Super Micro Computer (NASDAQ:SMCI) stock rose 1.4% after JPMorgan upgraded its stance on the leading player in the AI server market to ‘neutral’ from ‘underweight’, saying the company has established itself as a leader in this space, particularly known for its advanced direct liquid cooling technology and next-generation GPU capabilities.

• Nio (NYSE:NIO) ADRs fell 4.3% after the Chinese electric vehicle maker reported worse-than-expected fourth-quarter results and disappointing guidance for the current quarter.

• AstraZeneca (NASDAQ:AZN) ADRs fell 0.8% after the drugmaker said it will spend $2.5 billion on a research and development hub in Beijing, as it scrambles to revive business in its second-biggest market after scandals including the arrest of its China president last year.

• Lennar (NYSE:LEN) stock fell 5.1% after the housebuilder’s first-quarter profits took a hit as high borrowing costs and shaky consumer confidence weighed heavily on its housing business.

• Luminar (NASDAQ:LAZR) stock rose 6.7% after the automobile technology firm reported a smaller than expected loss in the fourth quarter, improving from the previous year.

News.Az