Equity futures moved higher on Wednesday as investors waited for a policy update from the Fed later this afternoon, and news of a possible solution to some of China Evergrande’s debt burden eased fears of contagion.
Here are some of the top players during Wednesday’s premarket trading.
1. FedEx FDX | 5.8% down
Shares of FedEx (FDX) – Get FedEx Corporation Report fell after the delivery giant’s first quarter results beat expectations, leading to downgrades and price cuts by analysts at Cowen, Raymond James and JPMorgan.
FedEx also lowered its financial outlook as labor shortages pushed costs up.
2. Stitch Fix SFIX | up 12%
Shares of Stitch Fix (SFIX) – Get Stitch Fix, Inc. Class A Report rose after the retailer reported a surprising quarterly profit, hitting $2 billion in revenue for the first time.
Analysts from Truist and Stifel Nicolaus lowered their target prices on the online personal shopping and styling service.
3. General mills GIS | up 2.7%
Shares of General Mills (GIS) – General Mills, Inc. Get (GIS) report rose after the maker of Cheerios cereal and Betty Crocker cake mix reported better-than-expected fiscal first quarter earnings and sales.
Net income was $627 million, or $1.02 per share, down from $638.9 million or $1.03 per share in the year-ago quarter. Adjusted earnings per share of 99 cents surpassed the FactSet consensus of 89 cents.
4. Adobe ADBE | 3.9% down
Shares of Adobe (ADBE) – Get Adobe Inc. Report slipped. The software company reported higher-than-expected third-quarter results and provided a outlook for the current quarter that is ahead of Wall Street’s expectations.
5. SoFi technologies SOFI | up 4.8%
Shares of SoFi Technologies (SOPHIA) – Get a SOFI TECHNOLOGIES INC report advanced after Jefferies analysts issued a buy recommendation for the financial services company with a price target of $25. The investment firm said the stock could rise by more than 60% in the next 12 months.
“We believe that ‘Flywheel’, SoFi’s synergistic business model, will continue to drive significant user growth, product adoption and margin expansion,” Jefferies analysts wrote in a note.