Midday stock movers: FedEx, Constellation Energy, Nike

The stock market is trading lower midday. The S&P five hundred lost zero.35% while the tech-heavy Nasdaq Composite dropped zero.fifty three%. The Dow Jones Industrial Average is flat and the Russell 2000 Index lost zero.Sixty three%.

S&P five hundred big stock movers for the time being

Five S&P five hundred stocks making big midday moves are:

• Constellation Energy (CEG) 22.2%
• Vistra (VST) sixteen%
• Nike (NKE) 6%
• CrowdStrike (CRWD) 5.6%
• NRG Energy (NRG) 5.6%

The worst-performing 5 S&P five hundred stocks with the largest midday drop are:

• FedEx (FDX) -13.6%
• ON Semiconductor (ON) -6.2%
• Old Dominion Freight Line (ODFL) -5.5%
• Lennar (LEN) -four.3%
• Albemarle (ALB) -four.2%

Stocks also worth noting consist of:

• Tesla (TSLA) -2.four%
• Nvidia (NVDA) -1.6%
• Apple (AAPL) +zero.7%
• Amazon (AMZN) -zero.1%
• AMD (AMD) -1.7%

FedEx tumbled on earnings omit

FedEx slumped 14% after the company reported revenue and earnings that missed consensus analyst estimates.

For the quarter ended Aug. 31, the company earned $3.60 a share, down 21% year-over-year and lower than the $four.86 estimate. Revenue changed into $21.6 billion, down from $21.7 billion last year and short of the $21.96 billion forecast.

Related: Analysts reset FedEx stock price targets after earnings

FedEx has lowered its full-year outlook, now awaiting low-single-digit revenue growth in preference to the previous mid-range estimate. It expects earnings per diluted share of $17.ninety to $18.ninety, down from $18.25 to $20.25. Analysts predict earnings of $19.96 per share and $89.sixty nine billion in revenue.

“The magnitude of the Fed rate cuts the day ahead of this signals the weakness of the current environment,” Rajesh Subramaniam, Chief Executive Officer of FedEx, said during the earnings call, “Now we're no longer assuming a significant comeback on the commercial environment within remainder of this calendar year.”

Constellation surged after Microsoft purchase plan

Constellation Energy shares soared greater than 22% after the company said it planned to restart the Three Mile Island nuclear plant.

Microsoft will buy electricity below a 20-year agreement to power its data centers with carbon-free energy, marking Constellation’s largest-ever power purchase agreement.

“The choice here is the foremost powerful symbol of the rebirth of nuclear power as a clean and reliable energy resource,” Constellation CEO Joe Dominguez said.

Nike higher after CEO change

Nike stock jumped 6% after the day ahead of this’s announcement of a change during the CEO's place of job.

Veteran Elliott Hill will step out of retirement and take over for John Danahoe in October. Hill changed into president of Nike’s consumer and marketplace division ahead of retiring in 2020.

Related: Analysts revisit Nike stock price targets after major CEO shakeup

Nike shares have fallen 20% since Jan. 13, 2020, when Donahoe started as CEO, consistent with Yahoo Finance data.

In June, Nike warned of a ten% sales drop for the current quarter, citing weak demand in China and global consumer trends, a terrific distance worse than the expected 3.2% decline. Following the report, Nike had its worst trading day ever.

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“Given our needs for the future, the past performance of the business, and after conducting a thoughtful succession process, the Board concluded it changed into clear Elliott’s global expertise, leadership style, and deep working out of our industry and partners, paired together with his passion for sport, our brands, products, consumers, athletes, and employees, make him one of probably the most right person to lead Nike’s next stage of growth,” said Mark Parker, Nike’s executive chairman.

Related: Veteran fund manager sees world of pain coming for stocks