Investment Learning

FedEx, Eli Lilly, Occidental rise premarket; Nike, Novo Nordisk fall

  • December 20, 2024

Investing.com -- US stock futures fell Friday as the threat of a US government shutdown increased, and as investors awaited the release of key inflation data.

Here are some of the biggest premarket US stock movers today:

  • FedEx (NYSE: FDX ) stock soared 6.7% after the delivery giant reported better-than-expected earnings in the fiscal second quarter, while also announcing that it’s planning on spinning off its freight business.

  • Nike (NYSE: NKE ) stock slumped 7.4% after the sportswear retailer flagged "severe issues" in its guidance, despite second-quarter results topping expectations.

  • Novo Nordisk (NYSE: NVO ) stock plunged 18% after the drugmaker said its experimental next-generation obesity drug CagriSema helped patients cut their weight by 22.7% in a late-stage trial, below the 25% it had expected.

  • Eli Lilly (NYSE: LLY ) stock rose 5.5%, with the drugmaker’s gains reflecting growing confidence in its competing obesity treatments.

  • Tesla (NASDAQ: TSLA ) stock fell 5% with the EV manufacturer having a tough time in Europe, registering a 40.9% decrease in registrations in the European Union in November compared to the same month last year.

  • Trump Media & Technology (NASDAQ: DJT ) stock fell 5.5% after an SEC filing showed that President-elect Donald Trump this week transferred his entire stake in the social media company into a revocable trust of which he is the sole beneficiary.

  • MicroStrategy (NASDAQ: MSTR ) stock fell 7.6% and Coinbase Global (NASDAQ: COIN ) dropped 6.6% as these cryptocurrency-linked stocks were impacted by the sharp selloff in bitcoin, the world’s most popular digital currency.

  • United States Steel Corporation (NYSE: X ) stock fell 6.2% after the steel giant forecast a surprise loss for the fourth quarter, with steel prices remaining depressed and costs related to the ramp up of its Big River 2 facility hurting.

  • Occidental Petroleum (NYSE: OXY ) stock rose 2% after Berkshire Hathaway (NYSE: BRKa ), led by renowned investor Warren Buffett, significantly increased its stake in the energy company, acquiring a substantial number of shares, totaling $409 million.