Check out the companies making headlines before the market opens. Nike — Shares of Nike rose 6% after the sportswear company announced that Chief Executive Officer John Donahue will retire. Company veteran Elliott Hill will return to take over the role. FedEx — Shares of FedEx fell more than 13% after the shipping giant reported a sharp drop in profit and lowered its full-year guidance. Lennar – The homebuilding stock fell 3% despite beating analysts’ expectations in the fiscal third quarter. The company reported a profit of $4.26 on revenue of $9.42 billion, while analysts polled by LSEG expected a profit of $3.63 on revenue of $9.17 billion. Trump Media & Technology Group — Shares of Trump Media & Technology Group fell nearly 5% as selling restrictions ended for former President Trump and other early investors. Constellation Energy — Shares of Constellation Energy rose more than 7% after the company said it would restart the Three Mile Island nuclear power plant with the goal of selling power to Microsoft to meet its data center energy needs. MillerKnoll — The office furniture stock fell more than 5% after reporting fiscal first-quarter profit and revenue that missed estimates. The company also issued weak guidance for the quarter. AUTO – Auto stocks were broadly lower after Mercedes-Benz cut its annual forecast due to worsening economic conditions, particularly in China. Ford and Tesla shares fell less than 1% each, while General Motors fell more than 1%. PepsiCo — The snack and beverage stock fell 1% after Morgan Stanley downgraded the stock to equal weight from overweight. The bank cited PepsiCo’s ongoing risks to organic sales growth and earnings per share, as well as market share losses, during the call. ASML – Shares of ASML fell 2% after Morgan Stanley downgraded the semiconductor maker to equal weight from overweight. Analyst Lee Simpson said the company could be at risk of an expected slowdown. Contessa Pharmaceuticals — The biotech stock traded more than 5% higher after Morgan Stanley upgraded the stock to overweight from equal weight. The bank said it sees the potential for Contessa’s orexin 2 to become the best treatment for narcolepsy. Aptiv — Shares of Aptiv rose more than 1% after Wells Fargo upgraded the automotive technology supplier to overweight from equal. The investment firm said Aptiv’s shares looked more attractive after the recent slump wiped out much of its premium valuation. Valero Energy — Shares of Valero Energy fell 1.2% after Piper Sandler downgraded the company to neutral from overweight, saying that while the refinery remains “best in class,” But the refinery has “less room to outperform.” Chewy — Shares of Chewy fell nearly 3% after the pet products retailer announced a $500 million public offering of Class A shares. Chewy also said it will purchase $300 million in shares from Buddy Chester, an affiliated entity of the company’s largest shareholder; Chewy plans to cancel and cancel these repurchased shares after the transaction. —CNBC’s Michelle Fox, Sarah Min, Jesse Pond and Samantha Subin contributed reporting.
