Boeing shares up; Nike shares down on sales warning

Midday trading today saw several major stocks experiencing significant changes. Boeing and Lockheed Martin were in the spotlight after a contract decision by President Donald Trump. Lockheed Martin shares fell nearly 7% after it was revealed that Boeing would be awarded a contract for the next-generation fighter jet. In contrast, Boeing's stock rose almost 5% following the news. Nike's shares dropped by 5% after the company warned of falling sales in the current quarter. This news overshadowed its latest earnings report, which had exceeded expectations for the third quarter. Cleveland-Cliffs, a steel producer, saw its stock decline by 2%. A report indicated that the company would temporarily close two factories, leading to job cuts. The decision comes as automakers cut orders amid uncertainty around trade policies. Lennar, a homebuilder, experienced a 4% decline in its stock price after announcing it expects new orders to fall below analysts' estimates for the next fiscal quarter. However, the company reported strong earnings and revenue for the first quarter. Micron Technology's shares dropped nearly 8%, despite reporting better-than-expected earnings for the second quarter. The chipmaker's adjusted earnings were higher than analysts had predicted, with revenues also exceeding expectations. FedEx shares fell more than 8% after the company revised its full-year profit and revenue forecasts downwards. The CFO cited weakness in the U.S. industrial economy as a factor affecting demand. On a brighter note, Super Micro Computer's stock rose more than 6% after JPMorgan upgraded it to a neutral position due to expected growth in shipments. Alnylam Pharmaceuticals saw an 11% jump in its stock after the FDA approved its new drug for a rare heart disease.