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Stocks Making the Biggest Premarket Moves: FedEx, KB Home, Klaviyo and More

A pedestrian walks past a FedEx truck on June 20, 2023 in San Francisco, California.

Justin Sullivan | fake images

Here are the stocks making notable moves before the opening bell.

Fedex – Shares gained more than 5% after fiscal first-quarter earnings results beat expectations. FedEx reported adjusted earnings of $4.55 per share, higher than the $3.71 expected by analysts surveyed by LSEG. Its revenue of $21.7 billion was slightly below expectations of $21.74 billion.

Start – Homebuilder stocks fell more than 3% despite KB Home beating expectations in its third-quarter report. The company generated $1.80 per share on $1.59 billion in revenue. Analysts surveyed by LSEG expected $1.43 per share on $1.48 billion in revenue. The company said it expected its real estate gross margin to decline in the fourth quarter.

klaviyo – Shares of the marketing automation company fell more than 1% after its public debut. Shares opened Wednesday at $36.75 on the New York Stock Exchange. That was higher than the company’s offer price of $30 per share.

Skyworks Solutions — Shares fell 1.3% after BNP Paribas Exane downgraded Skyworks Solutions to neutral from outperform and reduced its price target to $110 from $115, according to FactSet.

starbucks – Shares of the coffee giant fell marginally in pre-market trading, falling 0.4%. On Tuesday, the company opened $220 million manufacturing and distribution facility in Chinaits latest effort to expand in the country. Starbucks on Wednesday also announced plans to increase its quarterly dividend by 7.5%..

Netflix, disney – Shares fell in pre-market as writers and producers approached a possible end to the Writers Guild of America strike, people close to the negotiations told CNBC’s David Faber on Wednesday. Netflix shares fell 0.8%, while Disney shares fell 0.7%.

Darden Restaurants — Olive Garden’s parent company fell 2.6% despite exceeding the expectations of analysts surveyed by LSEG in both lines for its first fiscal quarter and reiterating its outlook for fiscal 2024. Darden’s fine-dining restaurants saw same-store sales decline 2.8%.

—CNBC’s Brian Evans, Jesse Pound and Alex Harring contributed reporting.

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