​ Top Movers of the Day

The Dow Jones Industrial Average and S&P 500 closed lower, while the Nasdaq Composite saw a modest gain on Friday. All three benchmarks had a strong week overall. Here's a summary of the stock movements and news:

• Nike: Shares fell 7% due to a soft full-year outlook and slowing sales in China, despite beating top and bottom line expectations in the latest quarter.

• Lululemon: The stock plummeted 16% after issuing weaker-than-expected guidance due to slowing demand in North America, although it beat earnings and revenue expectations for its fiscal fourth quarter.

• Reddit: Shares dropped 9% following its initial public offering, after soaring 48% on its debut day.

• Best Buy: The stock rose nearly 2% after JPMorgan upgraded it to overweight from neutral, citing positive trends.

• FedEx: Shares jumped 7% after beating analysts' expectations in the last quarter, with adjusted earnings of $3.86 per share on revenue of $21.7 billion.

• Dutch Bros: The stock declined 6% after announcing a secondary public offering of eight million shares priced at $34 each.

• LVMH: Shares lost 2% as the company announced that Antonio Belloni will step down as group managing director and chair of the executive committee, expected to become the president of LVMH Italy in April.

• Martin Marietta Materials: The stock slid 1% following a JPMorgan downgrade, with the analyst suggesting the stock's valuation is overly stretched after a 21% year-to-date rally.

• Papa John"s International: Shares tumbled 4% after Shake Shack announced it was hiring away the pizza chain operator"s CEO, Rob Lynch. BTIG downgraded the stock to neutral from buy, citing concerns over leadership.

• Tesla: Shares slipped 1% following reports by Bloomberg News that the electric vehicle manufacturer was cutting its production in China.

• Nvidia: The stock popped 3% after UBS analyst Timothy Arcuri raised his price target to $1,100, implying more than a 20% rise from Thursday"s close.