The Rise of FedEx Shares: Analyzing the Market Dynamics Behind a 12% Surge

Shares of FedEx Corporation FDX soared in pre-market trading following an exceptional third-quarter earnings report and the announcement of a significant new share repurchase program.

FedEx exceeded expectations with quarterly earnings of $3.86 per share, surpassing the analyst consensus of $3.45 by 11.88%. This marks a 13.2% growth compared to the same period last year. While quarterly sales slightly missed estimates at $21.7 billion, the positive trend in earnings captivated investors, as reported by Benzinga Pro.

FedEx’s shares surged by an impressive 12.4% to reach $297.72 in pre-market trading.

Stay informed about other notable pre-market movers.

Positive Performers

• Murano Global Investments PLC MRNO witnessed an extraordinary 266.4% surge to $35.43 in pre-market trading after a steep decline of 46% the day before.
• Nova LifeStyle, Inc. NVFY rose by 62.5% to $2.99 pre-market after already gaining roughly 22% previously.
• BIOLASE, Inc. BIOL displayed a substantial 32.8% rally to $0.1990 in pre-market trading following a robust fourth-quarter earnings report.
• Griid Infrastructure Inc. GRDI climbed 30.9% to $1.44 in pre-market trading.
• Visionary Holdings Inc. GV witnessed a 16.1% increase to $0.1950 pre-market after a previous decline of 6%.
• SU Group Holdings Limited SUGP rose by 13.1% to $3.29 in pre-market trading following a 9% decline the day before.
• HeartBeam, Inc. BEAT saw its shares increase by 10.8% to $2.56 in pre-market trading after reporting fourth-quarter financial results.
• Ocugen, Inc. OCGN gained 9% to $1.46 in pre-market trading, building on an 8% rise the previous day. Ocugen also appointed Huma Qamar, MD, MPH as Chief Medical Officer.
• Worthington Steel, Inc. WS recorded a 3.9% increase to $33.15 in pre-market trading following robust third-quarter results announced on Thursday.

Underperformers

• Abits Group Inc. ABTS suffered a 17.6% dip to $0.6398 in pre-market trading after a 6% decline the day before.
• Lululemon Athletica Inc. LULU declined by 12.8% to $417.25 in pre-market trading. Despite exceeding expectations for the fourth quarter, Lululemon’s weak forecast for the first quarter disappointed investors.
• Selina Hospitality PLC SLNA fell 11.5% to $0.2478 in pre-market trading after surging around 30% the day before.
• Pyxis Oncology, Inc. PYXS dropped 11.3% to $4.40 in pre-market trading following an 8% fall the previous day. The company reported its FY23 financial results on Thursday.
• Ispire Technology Inc. ISPR decreased by 11.3% to $7.20 in pre-market trading after a 15% decline on Thursday.
• Asset Entities Inc. ASST fell by 10.9% to $0.5750 in pre-market trading. Asset Entities had seen a 23% surge the day before following an announcement of an agreement with Zendrop.
• MMTec, Inc. MTC witnessed a 10.7% decline to $2.05 in pre-market trading after a 20% gain the previous day.
• JOANN Inc. JOAN shares fell by 9.1% to $0.14 in pre-market trading despite a 14% surge on Thursday.
• Next.e.GO N.V. EGOX saw its shares drop 8.4% to $0.0461 in pre-market trading following a 16% decline the day before.
• NIKE, Inc. NKE shares tumbled by 6.3% to $94.49. Despite positive earnings and sales results for the third quarter, the stock faced a decline in pre-market trading.

 

For more insights into the market landscape, don’t miss: FedEx, Nike And 3 Stocks To Watch Heading Into Friday