Umair
Check out the companies making headlines in premarket trading. FedEx — Shares tumbled more than 8% after the parcel delivery company slashed its full-year guidance , citing “weakness” in the U.S. industrial economy. FedEx now said to expect between $18 and $18.60 in earnings per share after certain exclusions, down from the range of $19 to $20 per share set earlier. United Parcel Service shares slid 1.5% in sympathy. Cleveland-Cliffs — The steel producer lost 2% after the Minnesota Star Tribune reported that 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. Nike — The athletic apparel maker dropped nearly 7% after warning that sales will fall in the current quarter. That admission overshadowed a better-than-expected quarterly report, with Nike surpassing analyst consensus forecasts on both lines. Micron Technology — The semiconductor stock slid almost 4% despite beating Wall Street expectations for earnings in the fiscal second quarter and offering strong guidance. Micron earned an adjusted $1.56 per share on revenue of $8.05 billion, while analysts polled by LSEG penciled in just $1.42 a share and $7.89 billion, respectively. U.S. Steel — The steelmaker slipped 1% on the heels of weak guidance for the first quarter. U.S. Steel said to expect a loss of between 49 cents and 53 cents per share, while analysts polled by FactSet estimated a decline of 32 cents a share. Lennar — The homebuilder shed nearly 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. However, its first-quarter earnings and revenue beat expectations. Danaher — The conglomerate added 2% following a Goldman Sachs upgrade to buy from neutral. Goldman said the stock could outperform over the next year after a rough patch. Adaptive Biotechnologies — The biotech stock popped almost 4% on the back of Goldman Sachs’ upgrade to buy from neutral. Goldman said Adaptive is in a strong end market and has an improving position within it. — CNBC’s Michelle Fox contributed reporting
