Stocks making the biggest moves midday: Nike, Lululemon, FedEx, Dutch Bros and more

Published Fri, Mar 22 202412:14 PM EDTUpdated Fri, Mar 22 20244:06 PM EDT

Check out the companies making headlines in midday trading. Nike — The sneaker brand fell 7% after the company gave a soft outlook for the full year and reported that sales in China have been slowing . In its latest quarter, Nike reported beats on the top and bottom lines. Lululemon — The athleisure company plummeted 16% after posting weaker-than-expected guidance as demand slows in North America. Separately, Lululemon beat earnings and revenue expectations for its fiscal fourth quarter. Reddit — Shares of the social media platform shed 9% a day after its initial public offering. On Thursday, Reddit soared 48% in its highly anticipated d ebut . Best Buy — The retailer added nearly 2% on the back of a JPMorgan upgrade to overweight from neutral. The firm called the stock "spring-loaded" and said there were positive trends to watch. FedEx — The shipping company jumped 7% after beating analysts' expectations in its last quarter. FedEx reported adjusted earnings of $3.86 per share on revenue of $21.7 billion, higher than the $3.45 per share on $22.04 billion of revenue analysts polled by LSEG, formerly Refinitiv, had anticipated. Dutch Bros — Shares shed 6% after the coffee chain retailer announced a secondary public offering by certain stockholders. These selling stockholders anticipate offering eight million shares, priced at $34 apiece . LVMH — The French luxury goods company lost 2%. The parent company of Fendi announced that Antonio Belloni will step down as group managing director and chair of the executive committee of LVMH Group. In April, Belloni is expected to become the president of LVMH Italy. Martin Marietta Materials — Shares of the construction materials company slid 1% following a downgrade from JPMorgan . After a 21% year-to-date rally, analyst Adrian Huerta thinks the stock's valuation now looks overly stretched. Papa John's International — Shares tumbled 4% a day after Shake Shack announced it was hiring away the pizza chain operator's CEO, Rob Lynch. On Friday, BTIG downgraded Papa John's to neutral from buy , citing the lack of seasoned leadership to replace Lynch. "We think the company could struggle for the next year," BTIG said. Tesla — Shares slipped 1% after Bloomberg News , citing people familiar, reported the electric vehicle manufacturer was cutting its production in China. Nvidia — The chip giant popped 3% on Friday. UBS analyst Timothy Arcuri raised his price target to $1,100, reflecting an increase of $300. This also implies shares can rise more than 20% from Thursday's close. — CNBC's Michelle Fox, Alexander Harring and Darla Mercado contributed reporting.