FedEx, Constellation Lead Morning Market Cap Stock Movers on Friday

FedEx, Constellation Brands Lead Market Cap Stock Movers

Shares of FedEx Corp. (NYSE:FDX) and Constellation Brands Inc. (NYSE:STZ) were among the most actively traded stocks on Friday, gaining and losing ground respectively in morning trading.

FedEx Gains

FedEx shares rose 1.5% to $253.22 in premarket trading after the company reported better-than-expected quarterly results. The shipping giant reported earnings per share of $4.83, beating the consensus estimate of $4.68. Revenue also came in above expectations, rising 10% to $23.5 billion.

Analysts say the strong results were due to increased demand for shipping services as more people shop online. FedEx also benefited from cost-cutting measures, which helped to improve its profit margin.

Constellation Brands Falls

Constellation Brands shares fell 1.2% to $231.19 in premarket trading after the company reported disappointing quarterly results. The beer and spirits maker reported earnings per share of $2.70, missing the consensus estimate of $2.75. Revenue also fell short of expectations, declining 1% to $2.2 billion.

Analysts say the weak results were due to lower sales of the company's Corona beer brand. Constellation Brands has been struggling to compete with other beer makers, such as Anheuser-Busch InBev and Molson Coors Beverage Co.