Stock Market Highlights: Antitrust Concerns, Earnings Surprises, and IPO Excitement

Friday saw flat stock futures despite the three major stock market indexes reaching new highs, even as an antitrust lawsuit against Apple caused a decline in the tech giant's shares.

Key movements in certain stocks on Friday were as follows:

FedEx reported fiscal third-quarter earnings that surpassed analysts' estimates, driven by cost-cutting measures which outweighed lower sales and reduced demand. The shipping company also increased its fiscal 2024 guidance and announced a $5 billion stock buyback program. Pre-market trading saw FedEx shares rising by 13%, while its competitor, United Parcel Service, experienced a 3.6% increase.

Nike announced fiscal third-quarter revenue growth compared to the previous year. However, its shares declined by 6.3% after the company forecasted challenges for the first half of fiscal 2025, anticipating a low single-digit decrease in sales year-over-year. Chief Financial Officer Matthew Friend attributed this to the life cycle management of key product franchises and a subdued global macroeconomic outlook.

Apple's premarket trading witnessed a decline following a 4.1% drop on Thursday. The tech giant faced a lawsuit from the Justice Department alleging violations of federal law to maintain dominance in the mobile phone market. Apple refuted claims of iPhone monopoly or abuse of its position, stating that the lawsuit could impede its ability to innovate.

Reddit, the popular social media news aggregation platform, debuted on Thursday at $47 per share, closing at $50.44, marking a 48.4% increase from its initial public offering price of $34. However, premarket trading showed a 3.4% decrease to $48.74 per share.

Lululemon Athletica's fourth-quarter earnings exceeded expectations, but its stock plummeted by 12% due to disappointing guidance for the fiscal first quarter and full year, falling short of analysts' projections.