Check out the companies making headlines before the market opens. Novo Nordisk – The Danish pharmaceutical giant reported disappointing late-stage trial results for its experimental weight-loss drug CagriSema, sending its shares tumbling more than 19%. Rival obesity drug maker Eli Lilly’s shares rose more than 6% after reporting results. FedEx – Shares of FedEx rose 8.5% after announcing the spinoff of its freight business. In addition, the company said second-quarter earnings excluding items were $4.05 per share, while analysts polled by LSEG expected only $3.90. On the other hand, the company’s revenue for the quarter was $21.97 billion, missing the consensus forecast of $22.1 billion. Nike – Shares of the sportswear retailer fell more than 7%. Nike beat Wall Street’s already low expectations, but revenue and profit fell year over year. The company’s chief executive also said Nike’s turnaround plan may take longer than expected. Mission Produce — Shares of Mission Produce rose more than 10% after the avocado producer reported better-than-expected fourth-quarter results. US Steel – Shares fell 6% after the steelmaker issued weak fourth-quarter guidance. U.S. Steel expects to lose 25 cents to 29 cents per share this quarter. On the other hand, analysts polled by FactSet had expected profits of 22 cents per share. Tesla — Shares fell nearly 5%, extending a loss of nearly 1% in the previous session. The stock has come under pressure as investors take profits from some of the election’s big winners amid a broader market selloff. Occidental Petroleum Corp. – Shares of Occidental Petroleum Corp. rose about 2% after Warren Buffett’s Berkshire Hathaway disclosed a purchase of shares in the energy company. Meanwhile, shares of Sirius XM and VeriSign, two other companies Berkshire Hathaway revealed it has purchased, rose more than 1% and fell 0.2%, respectively. Micron Technology – Shares of the chipmaker fell 2.9%, a day after Micron reported its worst day since March 2020. Quarterly guidance. Trump Media – The stock fell more than 5% after President-elect Trump transferred all of his shares in the company to a revocable trust. The stock’s decline came after a House Republican spending deal backed by the former president failed Thursday night to avert a government shutdown. Starbucks – The coffee giant fell about 1%. Baristas in Los Angeles, Chicago and Seattle will go on strike Friday morning to demand better wages and schedules. The workers’ union, which represents baristas at 525 Starbucks stores, said strikes across the country could escalate by Christmas Eve. Cryptocurrency-related stocks MicroStrategy and Coinbase both fell about 5.5%, continuing their decline as Bitcoin prices retreated from their highs. Robinhood shares fell 6%. Cryptocurrencies have suffered a sharp sell-off since the Federal Reserve on Wednesday warned of smaller interest rate cuts next year, which has hit the stock and cryptocurrency markets. —CNBC’s Alex Harring, Samantha Subin, Sarah Min, Pia Singh, Lisa Kailai Han and Michelle Fox Theobald contributed reporting.
