Check out the companies making headlines in midday trading: FedEx — The delivery giant plunged more than 13% after reporting a steep quarterly earnings drop. The company also lowered its full-year revenue forecast. CEO Raj Subramaniam said industrial demand was softer than expected, while FedEx's customers continued to shift to cheaper, slower delivery options, which squeezed profits. Nike — The apparel stock jumped 5.8% after the announcement of a CEO change.
The semiconductor stock slid 3.4% in the wake of a Morgan Stanley downgrade to equal weight from overweight. Morgan Stanley said the risk-to-reward ratio has been "balancing." Centessa Pharmaceuticals — The biotech stock rose more than 4% after Morgan Stanley upgraded it to overweight from equal weight. The bank said it sees the potential for the pharmaceutical company's narcolepsy treatment to be best in class.
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