Stock futures edged higher Wednesday as investors awaited a policy update from the Fed later this afternoon, and news of a potential solution to some of China Evergrande's debt woes eased fears of a contagion.
Here are some of the top movers during premarket trading Wednesday.
1. FedEx FDX | Down 5.8%
Shares of FedEx (FDX) - Get FedEx Corporation Report fell after the delivery giant's first-quarter results missed expectations and prompted downgrades and price-target cuts by analysts at Cowen, Raymond James and JPMorgan.
FedEx also cut its financial outlook as labor shortages caused expenses to soar.
2. Stitch Fix SFIX | Up 12%
Analysts at Truist and Stifel Nicolaus cut their price targets on the online personal shopping and styling service.
3. General Mills GIS | Up 2.7%
Shares of General Mills (GIS) - Get General Mills, Inc. Report were rising after the maker of Cheerios cereal and Betty Crocker cake mix reported better-than-expected fiscal-first-quarter profit and sales.
Net income totaled $627 million, or $1.02 a share, down from $638.9 million, or $1.03 a share, in the year-earlier quarter. Adjusted earnings per share of 99 cents beat the FactSet consensus of 89 cents.
4. Adobe ADBE | Down 3.9%
Shares of Adobe (ADBE) - Get Adobe Inc. Report slipped. The software company reported higher-than-expected third-quarter results and gave guidance for the current quarter that is higher than Wall Street expectations.
5. SoFi Technologies SOFI | Up 4.8%
Shares of SoFi Technologies (SOFI) - Get SoFi Technologies Inc Report advanced after analysts at Jefferies initiated a buy rating on the financial-services provider with a price target of $25. The investment firm said the stock could jump more than 60% in the next 12 months.
“We believe that ‘Flywheel,’ SoFi’s synergistic business model, will continue to drive significant user growth, product adoption, and margin expansion,” Jefferies analysts wrote in a note.