FedEx, Steelcase, Lowe’s, Paramount, General Mills, Micron, and More Market Movers

FedEx
reported weaker-than-expected fiscal second-quarter earnings and reduced its fiscal-year sales forecast.
FedEx
said it expects a “low-single-digit percentage decline” in sales for fiscal 2024, compared with a previous outlook that called for “approximately flat” sales growth. The company still expects to earn between $17 and $18.50 a share in fiscal 2024, the same guidance provided in September. Shares of the shipping giant were falling 10% in premarket trading. Rival
United Parcel Service
was down 2.8%.

Steelcase
reported fiscal third-quarter earnings that rose from a year earlier and beat analysts’ estimates but revenue at the furniture comany fell 6% to $777.9 million and missed forecasts.
Steelcase
also said it anticipated fourth-quarter revenue in the range of $765 million and $790 million, below revenue of $801.7 million a year earlier. Steelcase shares declined 9.5%.

Shares of home-improvement retailer
Lowe’s
were downgraded to Hold from Buy at
Stifel.
The price target was raised to $240 from $235. Lowe’s shares fell 1.7% to $221.65.

Paramount Global
was rising 1.5% to $16.05 in premarket trading. Shares of Paramount, an entertainment company with a movie studio, television channels, and streaming services, were upgraded to Equal Weight from Underweight at
Wells Fargo
and the price target was raised to $18 from $15.

U.S.-listed shares of
Alibaba
rose 1.1%. Chief Executive Eddie Wu will take over the top role at Taobao and Tmall Group, the company’s domestic e-commerce arm in the latest shake-up at the Chinese tech company.

Worthington Enterprises,
the industrial manufacturing company, said revenue fell 7.5% in its fiscal second quarter amid a decline at its steel processing operations.

Earnings reports are expected Wednesday from
Micron Technology,

General Mills,

Toro,

BlackBerry,
and
Winnebago Industries.

Write to Joe Woelfel at [email protected]