Check out the companies making headlines before the market opens. Nike — The iconic sneaker brand reported slower growth in China in the third quarter of fiscal 2024, sending shares higher despite better-than-expected quarterly earnings and revenue driven by sales and price changes in North America. down 6.2%. Lululemon — The activewear retailer reported holiday earnings Thursday that topped expectations, but its shares fell nearly 13% after issuing guidance that fell short of expectations as the athleisure apparel maker faces slowing demand in North America. . Reddit – The social media stock fell more than 4%, giving up a fraction of its IPO gains from the day before. Reddit priced its IPO at $34 per share on Thursday, sending its stock price soaring more than 48%. Best Buy — The electronics retailer rose 2% after JPMorgan upgraded its investment opinion to overweight from neutral. The bank thinks Best Buy’s outlook has improved, in part because of the computer trend that’s starting to take hold with the return to school. JPMorgan also raised its price target by $12 to $101, implying a 26% upside. FedEx — The shipping company reported quarterly earnings of $3.86 per share on revenue of $21.7 billion, sending shares up 12% premarket. Analysts expected earnings of $3.45 per share on revenue of $22.04 billion, according to LSEG. Dutch Bros. – Shares of Dutch Bros. fell 6% Thursday after selling 8 million shares issued to shareholders of the drive-thru coffee chain for $34 via Morgan Stanley. LVMH – Shares fell more than 3.5% on news that Antonio Belloni will step down as deputy chief executive Bernard Arnault at the French luxury goods company. Peroni, who was the managing director and chairman of the executive committee of LVMH Group, will serve as president of LVMH Italia after resigning in April. —CNBC’s Jesse Pond, Tanaya Machel and Michelle Fox Theobald contributed reporting.
