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.