Umair
Check out the companies making headlines in midday trading: Boeing , Lockheed Martin — Defense contractor Lockheed Martin sold off nearly 7% after Bloomberg News reported that President Donald Trump chose Boeing instead for a contract to create the next-generation fighter jet. Boeing shares surged almost 5%. Nike — Shares tumbled 5% after the athletic retailer warned that sales would fall in the current quarter. That overshadowed a fiscal third-quarter report that exceeded expectations on both lines. Cleveland-Cliffs — The steel producer declined 2% after a report from the Minnesota Star Tribune said Cleveland-Cliffs would temporarily idle two factories, resulting in hundreds of job cuts. That decision comes as automakers have reduced orders amid uncertainty tied to President Donald Trump’s tariff policies. Lennar — Shares of the homebuilder tumbled 4% after it guided for 22,500 to 23,500 new orders for the fiscal second quarter, below the 23,802 consensus estimate, per StreetAccount. Lennar’s first-quarter earnings and revenue came above expectations. Micron Technology — The chipmaker dropped nearly 8% even after posting better-than-expected earnings in the fiscal second quarter. Micron reported adjusted earnings of $1.56 per share on revenue of $8.05 billion, while analysts polled by LSEG expected $1.42 in earnings per share and $7.89 billion in revenue. FedEx — The parcel delivery firm saw shares tumbling more than 8% after the company cut its full-year profit and revenue forecasts . Chief Financial Officer John Dietrich cited continued weakness and uncertainty in the U.S. industrial economy, which is constraining demand for FedEx’s business-to-business services. Loop Capital downgraded FedEx following the news, calling it a “really bad recession stock.” Super Micro Computer — Shares of the semiconductor manufacturer advanced more than 6% after JPMorgan upgraded the stock to neutral from underweight. The investment firm cited a tailwind from a ramp in Blackwell shipments for the upgrade. Alnylam Pharmaceuticals — The biopharmaceutical stock jumped about 11% after the U.S. Food and Drug Administration approved its injectable drug, Amvuttra, to treat a rare and fatal heart disease. — CNBC’s Yun Li and Alex Harring contributed reporting.
