FedEx Posts Downbeat Earnings, Joins Steelcase, argenx And Other Big Stocks Moving Lower In Wednesday's Pre-Market Session
Portfolio Pulse from Avi Kapoor
FedEx Corporation reported lower-than-expected earnings for Q2 and reduced its full-year revenue outlook, causing its shares to fall 9.6% in pre-market trading. Other stocks also moved lower in pre-market, including argenx SE after releasing topline study results, bluebird bio pricing a public offering, and Steelcase Inc. reporting mixed earnings.
December 20, 2023 | 10:33 am
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NEGATIVE IMPACT
argenx SE shares fell 30.4% in pre-market trading after disclosing topline results from the ADDRESS study for efgartigimod subcutaneous in adults with pemphigus vulgaris and pemphigus foliaceus.
Clinical trial results can have a significant impact on biotech stocks, and negative or underwhelming results often lead to stock price declines.
CONFIDENCE 85
IMPORTANCE 85
RELEVANCE 80
NEGATIVE IMPACT
FedEx reported Q2 earnings of $3.99 per share, below estimates of $4.19, and sales of $22.20 billion, missing the $22.39 billion forecast. The company also lowered its full-year revenue outlook.
Earnings misses and lowered revenue forecasts typically result in negative investor sentiment and a decrease in stock price in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Steelcase Inc. shares dropped 10.2% in pre-market trading despite posting upbeat earnings for its third quarter, as sales missed estimates and the company provided a fourth-quarter earnings forecast.
While earnings beat can be positive, a sales miss and cautious forward guidance can overshadow the earnings performance and lead to a decline in stock price.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 70