FedEx, KB Home, Clavio and more


A pedestrian walks by a FedEx truck in San Francisco, California on June 20, 2023.

Justin Sullivan | getty images

Here are the stocks that made notable moves before the opening bell.

FedEx – Shares rose more than 5% after fiscal first-quarter earnings results that exceeded expectations. FedEx reported adjusted earnings of $4.55 per share, better than the $3.71 expected by analysts surveyed by LSEG. Its revenue of $21.7 billion was slightly below expectations of $21.74 billion.

KB Home – The homebuilder stock fell more than 3% despite KB Home’s third-quarter report that beat expectations. The company earned $1.80 a share on revenue of $1.59 billion. Analysts surveyed by LSEG were looking for $1.43 a share on revenue of $1.48 billion. The company said it expects its housing gross margin to decline in the fourth quarter.

Klaviyo – The marketing automation company’s stock fell more than 1% after its public debut. Shares opened at $36.75 on the New York Stock Exchange on Wednesday. This was higher than the company’s offering price of $30 per share.

Skyworks Solutions – Shares fell 1.3% after BNP Paribas Exen downgraded Skyworks Solutions to neutral from outperform and cut its price target to $110 from $115, according to FactSet.

Starbucks – Shares of the coffee giant were marginally lower, slipping 0.4% in premarket trading. On Tuesday, the company opened a $220 million distribution and manufacturing facility in China, its latest effort to expand in the country. Starbucks also announced plans on Wednesday to increase its quarterly dividend by 7.5%.

Netflix, Disney – shares moved down in the premarket as writers and producers near the possible end of the Writers Guild of America strike, people familiar with the negotiations told CNBC’s David Faber on Wednesday. Netflix shares were 0.8% lower, while Disney were down 0.7%.

Darden Restaurants – The Olive Garden parent company slipped 2.6% despite LSEG beating analysts’ expectations on both lines for its fiscal first quarter and reiterating its outlook for the 2024 fiscal year. Darden’s fine-dining restaurants saw same-store sales decline 2.8%.

— CNBC’s Brian Evans, Jesse Pound and Alex Haring contributed reporting.

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