See the companies making headlines in midday trading. Nike’s sneaker brand fell nearly 8% after the company gave a weak full-year outlook and said sales in China were slowing. Nike reported improved revenue and earnings in its latest quarter. Lululemon — Shares of the athletic company fell 16% after issuing weaker-than-expected guidance amid slowing demand in North America. Additionally, Lululemon beat earnings and revenue expectations in its fiscal fourth quarter. Reddit – Shares of the social network fell 2% in a day after its initial public offering. Reddit shares soared 48% on Thursday following its highly anticipated debut. Best Buy – The retailer’s shares added 2.7% as JPMorgan upgraded its rating to outperform from neutral. The firm called the shares “sprung” and said there were positive trends. FedEx — Shares of the shipping company jumped 7% after beating analysts’ expectations in the latest quarter. FedEx reported adjusted earnings of $3.86 per share on revenue of $21.7 billion, beating analysts at LSEG, formerly Refinitiv, of $3.45 per share on revenue of $22.04 billion. Dutch Bros shares fell 6 .5% after the coffee chain announced a secondary public offering by certain shareholders. These selling shareholders plan to offer eight million shares at $34 per share. LVMH — The French luxury goods company lost 2%. Parent company Fendi has announced that Antonio Belloni will step down as group managing director and chairman of the LVMH Group executive committee. Belloni is expected to become president of LVMH Italy in April. Martin Marietta Materials — Shares of the building materials company fell 1% after JPMorgan downgraded its rating. Analyst Adrian Huerta says the stock looks overvalued after rising 21% year-to-date. Shares of Papa John’s International fell 3.4% on the day after Shake Shack announced it was firing the pizza chain operator’s CEO Rob Lynch. On Friday, BTIG downgraded Papa John’s to neutral from buy, citing a lack of experienced management to replace Lynch. “We think the company may face difficulties next year,” BTIG said. Tesla – Shares fell 2% after Bloomberg News, citing people familiar with the matter, reported that the electric vehicle maker was cutting production in China. Nvidia — Shares of the chip giant rose 3% on Friday. UBS analyst Timothy Arcuri raised his price target to $1,100, reflecting a $300 upside. It also means shares could be up more than 20% from Thursday’s close. — CNBC’s Michelle Fox, Alexander Harring and Darla Mercado contributed reporting.
