FedEx Posts Downbeat Earnings, Joins Steelcase, argenx And Other Big Stocks Moving Lower In Wednesday's Pre-Market Session

U.S. stock futures were lower this morning, with the Dow Jones futures falling around 30 points on Wednesday.

Shares of FedEx Corporation FDX fell sharply in pre-market trading after the company posted weaker-than-expected earnings for its second quarter and lowered its full-year revenue outlook.

FedEx reported quarterly earnings of $3.99 per share, falling short of the Street's estimate of $4.19. The company reported quarterly sales of $22.20 billion which missed analyst expectations of $22.39 billion, according to Benzinga Pro.

FedEx shares dipped 9.6% to $253.10 in pre-market trading.

Here are some big stocks recording losses in today’s pre-market trading session.

• argenx SE ARGX shares tumbled 30.4% to $314.86 in pre-market trading after the company disclosed topline results from the ADDRESS study evaluating efgartigimod subcutaneous in adults with pemphigus vulgaris and pemphigus foliaceus.
• bluebird bio, Inc. BLUE shares dipped 30.4% to $1.69 in pre-market trading. bluebird bio priced $125 million public offering of 83,333,333 common shares at $1.50 per share.
• Vast Renewables Limited VSTE dipped 20.9% to $9.48 in pre-market after dipping 14% on Tuesday.
• Jin Medical International Ltd. ZJYL shares fell 11.7% to $100.60 in pre-market trading after gaining around 12% on Tuesday. Last Thursday, before the market open, the company announced that it had signed a preliminary Memorandum of Understanding (MOU) with Jiangsu Zhongjin Kanglu Information Technology Co., Ltd.
• Immunovant, Inc. IMVT shares fell 10.5% to $37.15 in pre-market trading.
• Steelcase Inc. SCS shares dipped 10.2% to $11.41 in pre-market trading. Steelcase posted upbeat earnings for its third quarter, while sales missed estimates. The company said it sees fourth-quarter adjusted earnings of 19 cents to 23 cents per share on revenue of $765 million to $790 million.
• Roivant Sciences Ltd. ROIV shares fell 7.4% to $10.00 in pre-market trading.
• Biohaven Ltd. BHVN shares declined 6.1% to $36.03 in pre-market trading.

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