Check out the companies that made 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 Kagrisema. . Rival obesity drug maker Eli Lilly rose more than 6% after the results. FedEx — Shares rose 8.5% after FedEx announced a spinoff of its cargo business. Elsewhere, the company announced fiscal second-quarter earnings per share excluding items of $4.05, compared with just $3.90 expected by analysts surveyed by LSEG. Meanwhile, the company had revenue of $21.97 billion for the quarter, compared to the consensus estimate of $22.1 billion. Nike — The sports apparel retailer’s stock fell more than 7%. Nike beat Wall Street’s already low expectations, but sales and profits fell year-over-year. The company’s CEO also said Nike’s turnaround plan may take longer than expected. Mission Produce — Shares rose more than 10% after the avocado producer reported better-than-expected fourth-quarter results. US Steel — Steelmaker fell 6% after reporting weak fourth-quarter outlook. U.S. Steel expects a loss of 25 cents to 29 cents per share for the current quarter. Analysts surveyed by FactSet had expected earnings of 22 cents a share. Tesla — Shares fell nearly 5%, extending the nearly 1% decline seen in the previous session. Stocks have been under pressure as the broader market has fallen as investors booked profits on some of the election’s big winners. Occidental Petroleum — Shares rose about 2% after Warren Buffett’s Berkshire Hathaway said it had bought a stake in the energy company. Meanwhile, shares of SiriusXM and VeriSign, two other companies whose shares Berkshire Hathaway announced it had purchased, rose more than 1% and fell 0.2%, respectively. Micron Technology — A day after Micron posted its worst day since March 2020, the chipmaker fell 2.9%, extending its decline. The move comes after Micron released disappointing second-quarter guidance. Trump Media — The stock price fell more than 5% after President-elect Donald Trump transferred all of his shares in the company to a revocable trust. The drop in stock prices also comes after the House Republicans’ spending deal to avert a government shutdown, backed by the former president, failed Thursday night. Starbucks — The coffee giant fell about 1%. Baristas in Los Angeles, Chicago and Seattle plan to go on strike Friday morning demanding better pay and schedules. The union representing baristas at 525 Starbucks stores said the strike could spread nationwide by Christmas Eve. Cryptocurrency Stocks — Shares of MicroStrategy and Coinbase each fell about 5.5% and continue to decline as Bitcoin prices fall from their highs. Robinhood stock fell 6%. Cryptocurrencies have been on an aggressive sell-off since the Federal Reserve warned on Wednesday that it would reduce interest rate cuts next year, hurting stock and crypto markets. —CNBC’s Alex Harring, Samantha Subin, Sarah Ming, Pia Xin, Lisa Kai-Lai Han and Michelle Fox Theobald contributed reporting.
NVO, FDX, SBUX etc.
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