Biggest stock movers Friday: FDX, X and more

Stock futures slipped during Friday’s premarket session as investors eagerly awaited the release of the Federal Reserve’s most preferred inflation measure, November’s personal consumption expenditures (PCE) price index report, scheduled for release later today.

Here are some of Friday’s biggest stock movers:

Biggest stock gainers

• FedEx (NYSE:FDX) shares surged nearly 9% despite mixed FQ2 results, as the parcel giant announced plans for a tax-free separation of its FedEx Freight unit into an independent public entity to streamline operations. While lowering its annual forecast, FedEx now expects flat revenue for the year, compared to the previously projected low single-digit growth, and adjusted EPS guidance was revised to $19.00-$20.00 ($19.50 midpoint), slightly below the prior range of $20.00-$21.00. The company cited weaker-than-expected revenue and profit at FedEx Freight, driven by reduced U.S. industrial production, which impacted demand in the less-than-truckload (LTL) industry. However, cost reduction efforts under the DRIVE program and higher base yields helped offset some of the freight unit’s weakness. CEO Raj Subramaniam said the separation aims to unlock value for the freight business and position FedEx for greater shareholder returns.
• Mission Produce (NASDAQ:AVO) shares jumped over 11% after FQ4 results exceeded expectations, driven by a 37.4% rise in sales and a 160% increase in adjusted profits, fueled by higher avocado prices. For FQ1, the company expects stable industry avocado volumes but anticipates a 20% rise in pricing, signaling continued strong demand.

Biggest stock losers

• United States Steel (NYSE:X) shares dropped over 4% after the company lowered its Q4 guidance, citing weak demand and pricing in Europe. Adjusted EBITDA for the quarter is now expected to be around $150M, down from the prior forecast of $225M to $275M, while adjusted net earnings per diluted share are projected between -$0.29 and -$0.25, much below the consensus of $0.28. CEO David Burritt highlighted continued pressure from low steel prices and ramp-related costs at Big River Steel, alongside reduced selling prices, volumes, and increased maintenance in the Flat-Rolled segment. The company also expects weaker adjusted EBITDA in its Mini Mill and European segments due to lower volumes.
• Nike (NYSE:NKE) shares fell as much as 4% despite exceeding estimates in fiscal Q2, as the sportswear giant outlined its turnaround plan under new CEO Elliott Hill. The company is taking bold steps to revive the brand, including aggressively clearing aged inventory, strengthening its digital presence, and curbing promotional pricing. However, these initiatives will take time and require significant investment, with Nike warning of headwinds to its financial performance for the remainder of the year. The company projects Q3 revenue to decline by a low double-digit percentage, falling short of analyst expectations for an 8% drop, alongside a 300-350 basis point contraction in gross margin. Additionally, Nike expects an even steeper revenue decline in Q4 and anticipates its 2025 summer order books will be lower than last year. “This will take time,” Hill said during his first earnings call as CEO, “But I’m confident we are making the right move.”