Take a look at the companies making headlines in midday trading. Nike — Shares of the sneaker brand fell nearly 8% after the company gave a weak full-year outlook and reported that sales in China have been slowing. In its most recent quarter, Nike reported revenue and profit growth. Lululemon — Shares of Lululemon plunged 16% after the athleisure company issued weaker-than-expected guidance amid slowing demand in North America. Separately, Lululemon’s fiscal fourth-quarter profit and revenue beat expectations. Reddit – Shares of the social media platform fell 2% a day after its initial public offering. On Thursday, Reddit surged 48% in its debut. Best Buy — The retailer rose 2.7% after JPMorgan upgraded the stock to overweight from neutral. The company called the stock “energetic” and said there were positive trends to watch. FedEx — The shipping company beat analysts’ expectations last quarter, sending its shares up 7%. FedEx reported adjusted earnings of $3.86 per share on revenue of $21.7 billion, above the $3.45 per share on revenue of $22.04 billion expected by analysts polled by LSEG (formerly Refinitiv). Dutch Bros — Shares of Dutch Bros fell 6.5% after the coffee chain retailer announced a secondary public offering for certain shareholders. The shareholders selling their shares are expected to issue 8 million shares, priced at $34 each. LVMH — The French luxury goods company fell 2%. Fendi parent company announced that Antonio Belloni will resign as managing director and chairman of the executive committee of LVMH Group. In April, Belloni is expected to become president of LVMH Italy. Martin Marietta Materials – Shares of the building materials company fell 1% after JPMorgan downgraded its rating. After rising 21% year to date, analyst Adrian Huerta believes the stock’s valuation now looks too stretched. Papa John’s International — Shares of Shake Shack fell 3.4% after the pizza chain operator announced it would hire Chief Executive Officer Rob Lynch. On Friday, BTIG downgraded Papa John’s to neutral from buy, citing a lack of experienced leadership to replace Lynch. “We think the company may struggle next year,” BTIG said. Tesla – Shares of Tesla fell 2% after Bloomberg News reported that the electric car maker is cutting production in China, citing people familiar with the matter. . Nvidia — The chip giant’s shares rose 3% on Friday. UBS analyst Timothy Arcuri raised the price target to $1,100, a gain of $300. That also means the stock could rise more than 20% from Thursday’s closing price. —CNBC’s Michelle Fox, Alexander Harlin and Darla Mercado contributed reporting.
