FedEx, General Mills, Steelcase, Aon fall premarket; Alphabet rises

investing.com:

Investing.com — U.S. futures slipped lower Wednesday, as investors paused for breath after a multi-week rally based on optimism of interest rate cuts from the Federal Reserve next year.

Here are some of the biggest premarket U.S. stock movers today:

FedEx (NYSE:FDX) stock slumped over 10% even after the delivery giant slashed its full-year revenue guidance and posted weaker-than-anticipated quarterly profit, warning customer demand will face strong headwinds.

General Mills (NYSE:GIS) stock fell 4.7% after the food processing company slashed its full-year forecast, seeing a “slower-than-expected volume recovery in the second quarter amid a continued challenging consumer landscape.”

Steelcase (NYSE:SCS) stock fell 8.9% after the furniture company reported a sharp drop in third-quarter revenue and offered up disappointing guidance for the final quarter of the year.

Alphabet (NASDAQ:GOOGL) stock rose 0.9% following a report that said the tech giant’s Google plans to reorganize a big part of its 30,000-person ad sales unit.

Aon (NYSE:AON) stock fell 4% after the management consulting firm announced plans to buy insurance broker NFP in a deal valued at $13.4 billion to expand in the fast-growing middle-market segment across risk, benefits, wealth and retirement plan advisory.

Lowe’s (NYSE:LOW) stock fell 1.2% after Stifel downgraded its stance on the home improvement retailer to ‘hold’ from ‘buy’, citing a “more cautious approach to FY24.”

Discover Financial Services (NYSE:DFS) stock rose 1.4% after Citi upgraded the company to ‘buy’ from ‘neutral’, citing among other reasons the reinstatement of regular share repurchases and the sale of its student loan portfolio/business.

Spirit Aerosystems (NYSE:SPR) stock rose 1.2% after