FedEx, Tesla, Amazon, Winnebago, Peloton, and more stock market movers

FedEx (FDX) fell 2.7% in premarket trading after the shipping giant reported fiscal fourth-quarter earnings that beat analyst estimates but issued disappointing guidance. The company said it expects earnings for the current fiscal year to be between $16.50 and $18.50 a share, up from about $15 a share in fiscal 2023. Wall Street had expected about $18.30 a share. FedEx also said it expects sales growth to be “steady to low single-digit” in fiscal 2024.

Shares of rival United Parcel Service (UPS) fell 1%.

Tesla (TSLA) rose 1.3% to $277.98. CEO Elon Musk met with India’s Prime Minister, Narendra Modi, on Tuesday and said he was confident the electric car maker “will be in India and will do so as soon as humanly possible.” Modi has been pushing Tesla to make “big investments in India,” Musk said, and that’s “something we intend to do.”

Separately, analysts at Barclays downgraded Tesla to Equal Weight from Overweight but raised the price target to $260 from $220.

Amazon.com (AMZN) was slightly higher, rising to $126.24 in pre-market trading. Jefferies analysts raised their price target per share to $150 from $135, saying they see the company as a “primary beneficiary” from
The Rise of Artificial Intelligence where “AWS is benefiting from the increasing use of training and running AI models.”

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Meanwhile, he announced that Prime Day, the online retailer’s annual promotional event, will take place on July 11-12. It is estimated that Amazon brought in about $12 billion in sales on Prime Day last year.

Winnebago Industries

(WGO), the recreational vehicle maker, fell 3.9% after reporting a 38% decline in fiscal third-quarter sales.

Furniture maker La-Z-Boy (LZB) said it expects fiscal first-quarter sales of between $470 million and $490 million, down $604.1 million a year earlier and less than analysts’ expectations of about $522 million. Shares fell 2.3 percent.

Shares of Peloton Interactive (PTON) fell 2.5% in premarket trading to $8.05 after shares of digital exercise company Wolfe Research were assumed to underperform with a $6 price target.

Write to Joe Woelfel at [email protected]