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Premarket Movers Wednesday: FedEx, General Mills, Adobe

Stocks moving in premarket trading Wednesday include FedEx, General Mills, Stitch Fix, Adobe and SoFi Technologies.

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%

Shares of Stitch Fix  (SFIX) - Get Stitch Fix, Inc. Class A Report rose after the retailer reported a surprise quarterly profit and reached $2 billion in sales for the first time.

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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.