Stocks making the biggest moves premarket: FedEx, Chewy, Trump Media and more

Check out the companies making headlines before the bell. Nike — Shares rose 6% after the athletic apparel company announced CEO John Donahue would be retiring from the position . Company veteran Elliott Hill will be coming out of retirement to take the position. FedEx — Shares of the shipping giant shed more than 13% after posting a significant decline in profits and cutting its full-year guidance.

Shares slipped 2% after Morgan Stanley downgraded the semiconductor manufacturer to equal weight from overweight. Analyst Lee Simpson cited that risks of a slowdown in expectations could be materializing for the company. Contessa Pharmaceuticals — The biotech stock was trading more than 5% higher following an upgrade from Morgan Stanley to overweight from equal weight. The bank said it saw potential for Contessa's orexin 2 to become a best-in-class treatment for narcolepsy.

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