FedEx, PepsiCo, Trump Media fall premarket; Nike rises

Investing.com — US stock traded in tight ranges Friday, consolidating after the previous session’s sharp gains in the wake of the Federal Reserve’s hefty interest rate cut.

Here are some of the biggest premarket US stock movers today

• FedEx (NYSE:) stock slumped 13% after the logistics group cut its full-year guidance and reported fiscal first-quarter earnings that fell well short of Wall Street expectations.

• Nike (NYSE:) stock rose 5.7% after the athletic apparel firm announced that Chief Executive John Donahoe is set to step down from the position next month.

• PepsiCo (NASDAQ:) stock fell 1.1% after Morgan Stanley downgraded its stance on the soft drinks giant to “equal-weight” from “overweight”, citing the risk of US revenue growth.

• Bank of America (NYSE:) stock fell 0.4% after Berkshire Hathaway (NYSE:) resumed sales of the bank’s stock in recent days, unloading about $900 million worth of shares and dropping its stake to $34 billion, or 10.8% of the shares outstanding.

• Trump Media & Technology Group (NASDAQ:) stock fell 4.5%, extending the sharp losses in recent weeks fueled by worries about the end of so-called lock-up period related to its stock market debut in March.

• Apple (NASDAQ:) stock fell 0.4% after iPhone 16 resale prices on September 20, the first day of shipment, have “collapsed within the first three hours of trading,” according to analysts at Jefferies.

• Lennar (NYSE:) stock fell 2.9% despite the homebuilder reporting better-than-expected third quarter results as new home orders increased amid strong housing demand.