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




FedEx ( FDX ) fell 2.7% in premarket trade after the shipping giant reported fourth-quarter financial earnings that beat analysts’ estimates but gave guidance that disappointed. The company said it expects earnings for the current fiscal year of between $16.50 and $18.50 per share, up from nearly $15 per share in fiscal 2023. Wall Street had expected about $18.30 per share. FedEx also said it sees sales growing “flat to low single-digit percent” in fiscal 2024.

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

Tesla ( TSLA ) rose 1.3% to $277.98. CEO Elon Musk met with India’s prime minister, Narenda 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.”[ads1]; Musk said Modi pushed Tesla to make “significant investments in India” and that is “something we intend to do.”

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

Amazon.com ( AMZN ) was up slightly, rising to $126.24 in premarket trading. Analysts at Jefferies raised their price target on the stock to $150 from $135, saying they see the company as a “core recipient” from
rise of artificial intelligence as “AWS benefits from increased usage to train and run AI models.”

Amazon
,

meanwhile, announced that Prime Day, the online retailer’s annual promotional event, will take place on 11-12 July. It has been estimated that Amazon reaped around $12 billion in sales on last year’s Prime Day.

Winnebago Industries

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

La-Z-Boy ( LZB ), the furniture maker, said it expects fiscal first-quarter sales of $470 million to $490 million, down $604.1 million a year earlier and below analysts’ expectations of about $522 million. The share fell 2.3 percent.

Peloton Interactive ( PTON ) fell 2.5% in premarket trading to $8.05 after shares of the digital fitness company were tipped at Wolfe Research at Underperform with a $6 price target.

Write to Joe Woelfel at joseph.woelfel@barrons.com



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