Stocks: FedEx, Adobe, Chewy, General Mills All Fall Pre-Market

Investing.com -- Stocks in focus in premarket trade Wednesday, 18th September.

FedEx (NYSE:FDX) was down 10.7% after reporting a fall in operating income in its fiscal first quarter and cutting its guidance for the rest of the fiscal year, a result of a weakening macro backdrop and the end of its contract with Amazon.com (NASDAQ:AMZN).

United Parcel Service (NYSE:UPS) fell 2.6% in sympathy with its logistics rival.

Adobe Systems (NASDAQ:ADBE) was down 2.8%, after it too issued weaker-than-expected guidance in a third-quarter update that otherwise beat expectations

Chewy (NYSE:CHWY) was down 0.8% after saying revenue fell slightly short of forecasts in the quarter; its net loss narrowed slightly more than expected, however.

General Mills (NYSE:GIS) fell 3.0% after reporting a decline in organic net sales in its fiscal first quarter; profit was 2% ahead of expectations.

Lennar (NYSE:LEN) was down 0.3%, caught between an analyst downgrade and strong housing starts data that suggest the business outlook is still decent.

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