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

Written By Michael Gary Scott



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.


See also  Positive Indicators for Morgan Stanley Stock Golden Cross Indicates Positive Momentum for Morgan Stanley Stock Despite Analyst Downgrades

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


We simplify the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.