Company Earnings and Market Reactions

As the trading day concluded, several notable companies released their earnings reports, resulting in varied responses from investors. Here, we break down the key updates from these companies in extended trading hours.

FedEx

FedEx’s stock experienced a decline of over 4% following an earnings report that fell short of analysts’ expectations. The company reported adjusted earnings of $4.51 per share, while analysts anticipated earnings of $4.54 per share. Conversely, FedEx’s quarterly revenue of $22.16 billion did exceed the consensus forecast of $21.89 billion.

Micron Technology

Shares of Micron Technology rose by 4% after the company provided an optimistic outlook for the upcoming fiscal quarter. Micron projected adjusted earnings of $1.57 per share alongside revenues of $8.80 billion, surpassing Wall Street’s expectations of $1.47 per share and $8.50 billion in revenue. The company’s results for the second quarter also exceeded forecasts.

Nike

Nike saw a 2% increase in its stock price after reporting strong results for its fiscal third quarter. The sports apparel giant announced earnings of 54 cents per share and revenues amounting to $11.27 billion, both figures exceeding analyst predictions of 29 cents in earnings and $11.01 billion in revenue. However, it is noteworthy that the sales represented a 9% decrease compared to the same period last year.

Planet Labs

In contrast, Planet Labs faced a significant downturn with shares dropping by 9%. The satellite imaging firm reported revenue of $62 million for its fiscal fourth quarter, aligning with analyst predictions.

U.S. Steel

U.S. Steel’s stock fell approximately 2% after the company issued disappointing guidance for the first quarter, anticipating adjusted losses between 49 and 53 cents per share, contrasting with consensus estimates of a loss of 32 cents per share.

Lennar

Lennar, the homebuilder, experienced a 3% decrease in extended trading as its guidance for new orders came in lower than expected. The company projected between 22,500 and 23,500 new orders for the fiscal second quarter, while analysts predicted 23,802 orders. Nevertheless, first-quarter earnings of $1.96 per share on revenues of $7.63 billion surpassed expectations.