After-Hours Stock Movers:
FedEx (NYSE:FDX) rose 10% after it announced it has decided to pursue a full separation of FedEx Freight through the capital markets, creating a new publicly traded company. It also reported earnings for its second quarter that were in-line with consensus.
Nike (NYSE:NKE) rose 9% after it beat quarterly estimates, topping expectation on the top and bottom line. Revenues were $12.4 billion, down 8 percent on a reported basis compared to the prior year and down 9 percent on a currency-neutral basis.
Foot Locker (NYSE:FL) shares traded higher in sympathy with Nike.U.S. Steel (X) fell 5% after it slashed guidance for the fourth quarter. It sees adjusted net earnings per diluted share guidance of ($0.29) to ($0.25), lower than the consensus of $0.24. Fourth quarter 2024 adjusted EBITDA is expected to be approximately $150 million vs consensus of $261.7 million.
