Delivery giant FedEx, food products company General Mills, and biotech firm Argenx are among the companies making waves in premarket trading today.
FedEx saw its shares drop over 10% after reporting disappointing fiscal second-quarter results that missed both revenue and earnings estimates. The company also lowered its full-year revenue guidance, which further dampened investor confidence.
General Mills also took a hit, with its stock falling 3% following a second-quarter revenue report that fell short of expectations. Despite stronger pricing, the company reported a 2% decline in organic net sales.
On the biotech front, Netherlands-based Argenx witnessed a significant 23.5% drop in its shares after its therapy for an autoimmune condition failed to produce significant results in a late-stage trial.
In contrast, the cryptocurrency mining company, Marathon Digital, saw a rise in its shares, building on a gain of 10.5% from the previous day. This increase came after the company announced its acquisition of bitcoin mining sites.
With the logistics and delivery industry in focus, UPS also experienced a 3% dip in its shares following FedEx’s disappointing second-quarter results.
These developments are making waves in the stock market today, and investors are closely monitoring the impact on these companies and industries. Stay tuned for more updates as the market unfolds.
