Nike (NYSE:NKE) – Nike shares fell 14.04% in pre-market trading. Nike exceeded fourth-quarter fiscal earnings estimates with adjusted earnings of $1.01 per share, but sales of $12.6 billion fell short of expectations. Annual revenue of $51.4 billion also missed the $51.6 billion target, despite adjusted earnings of $3.95 per share surpassing forecasts of $3.70 per share. Nike predicted a surprising revenue decline for fiscal 2025, expecting a mid-single-digit percentage drop, against analysts’ expected increase of 0.91%. This is due to weakened demand for its sneakers, as it loses market share to newer brands like On and Hoka. Nike said it cut overstocked brands and invested in better running shoes, and plans new versions of the Air Max line. For the next quarter, Nike expects a revenue drop of about 10%. Due to Nike’s unexpected fiscal 2025 revenue drop prediction, shares of JD Sports and Puma fell significantly, while Adidas shares saw a brief increase followed by a drop. Analysts expect Adidas to gain market share as Nike recalibrates its business until at least spring 2025.
Nokia (NYSE:NOK), Infinera Corporation (NASDAQ:INFN) – Nokia will acquire Infinera for an enterprise value of $2.3 billion to expand its optical networks business, especially in the North American market. The price of $6.65 per share represents a 26.4% premium over Infinera’s closing price. Nokia will pay at least 70% in cash. Nokia shares rose 1.3% in pre-market trading, while Infinera shares jumped 18.4%.
Verizon Communications (NYSE:VZ), AT&T (NYSE:T), T-Mobile (NASDAQ:TMUS) – Major US telecom providers stated on Thursday that some of their international traveling users are facing connectivity issues due to an incident with a partner network provider. Verizon, AT&T, and T-Mobile are working to resolve the issue but have not detailed the extent or the responsible partner.
Super Micro Computer (NASDAQ:SMCI) – Super Micro Computer may replace Walgreens in the Nasdaq 100 index due to its rising market value. Walgreens faces increasing challenges, having been excluded from the Dow Jones Industrial Average in February and is now at risk of being removed from the Nasdaq 100 index. Its stock fell to its lowest level since 1997 after announcing the closure of thousands of pharmacies and cutting financial forecasts for the current fiscal year. Shares rose 0.4% in pre-market trading.
Walgreens Boots Alliance (NASDAQ:WBA) – On Thursday, Walgreens shares plunged 22% after reporting third-quarter fiscal net income of $344 million, or 40 cents per share, with adjusted earnings of 63 cents, below the expected 68 cents. Total sales were $36.351 billion, surpassing last year’s $35.415 billion. The company adjusted its adjusted earnings forecast for the fiscal year to $2.80 to $2.95 per share. Additionally, Walgreens announced the closure of 650 to 700 stores in the US and up to 650 Boots stores in the UK due to weak sales. The company expects pre-tax costs between $3.8 billion and $4.1 billion and halved the dividend. Shares fell 0.6% in pre-market trading.
Accolade (NASDAQ:ACCD) – Accolade exceeded first-quarter expectations by reporting a loss per share of -35 cents, above analysts’ estimate of -48 cents. The company also posted revenue of $110.47 million, 5.02% higher than the $105.19 million forecast. However, Accolade issued projections for the fiscal second quarter and the year below analysts’ expectations. The company expects revenue between $104 million and $106 million for the second quarter and an adjusted EBITDA loss between $8 million and $10 million, higher than the projected loss of $5.9 million. Shares of the health technology company plummeted 26.3% in pre-market trading.
Biogen (NASDAQ:BIIB) – Eisai and Biogen launched their Alzheimer’s treatment, Leqembi, in China, following launches in the United States and Japan. The drug, which removes a toxic protein called beta-amyloid from the brain, is the first proven to alter the course of the fatal disease. The initial cost will be $345.04 (2,508 yuan) per 200 mg vial.
Novo Nordisk A/S (NYSE:NVO) – Novo Nordisk will limit initial sales of its obesity treatment Wegovy in China while managing access to the drug for the world’s largest obese population. The company faces the challenge of meeting pent-up demand, taking advantage of a temporary edge over its competitor, Eli Lilly. Shares fell 0.7% in pre-market trading.
Illumina (NASDAQ:ILMN), Grail (NASDAQ:GRAL) – Illumina announced on Thursday that it will record a $1.47 billion goodwill impairment charge in the second quarter related to Grail, a recently spun-off cancer diagnostics company. Goodwill impairment reflects the perceived loss in value of an acquired business. Additionally, it expects an additional charge of approximately $420 million for Grail’s in-process research and development asset.
Microsoft (NASDAQ:MSFT) – Russian hackers who breached Microsoft’s systems and spied on employee inboxes earlier this year also stole emails from its customers, the tech giant revealed on Thursday. The disclosure highlights the extent of the breach and increases regulatory pressure on Microsoft’s system security against foreign threats. Shares rose 0.33% in pre-market trading.
OpenAI – Time magazine and OpenAI have signed a multi-year content agreement, allowing the creator of ChatGPT to access Time’s news archive. The AI will cite and link to sources on Time.com in user responses. Financial terms were not disclosed.
Meta Platforms (NASDAQ:META) – Meta, the owner of Facebook, is considering blocking news content in Australia if the government requires payment of licensing fees. Mia Garlick, regional policy director, said all options are being considered, including preventing Australians from sharing news on the platform to avoid such fees. Additionally, a US appeals court on Thursday revived a class-action lawsuit by a software engineer against Meta Platforms, alleging the company refused to hire him, preferring foreign workers paid lower wages, potentially setting a precedent against discrimination of American citizens. Shares rose 0.6% in pre-market trading.
Amazon (NASDAQ:AMZN) – Amazon plans to launch its first space internet satellites in the fourth quarter of this year, with Project Kuiper customer trials slated for 2025 and limited commercial service also in 2025. The goal is to compete with Elon Musk’s Starlink network, with a constellation of over 3,000 satellites. Shares rose 0.4% in pre-market trading.
Uber Technologies (NYSE:UBER), Lyft (NASDAQ:LYFT) – Uber and Lyft agreed to adopt a minimum payment standard of $32.50 per hour for drivers in Massachusetts and pay $175 million to settle a lawsuit brought by the state’s attorney general. The agreement includes paid leave, accident insurance, and health stipends, reflecting a balance between flexibility and benefits. Additionally, Uber is offering up to $1,000 in credits for certain travelers in the US and Canada who opt not to use their personal cars for five weeks. Instead, they must use public transportation, car-sharing, or other alternative transport options to reduce carbon emissions and promote sustainable practices. Uber shares rose 0.3% in pre-market trading, while Lyft shares were stable.
Tesla (NASDAQ:TSLA) – Tesla claims Elon Musk won the legal dispute over his $56 billion pay package because shareholders approved the compensation, despite a judge nullifying it earlier this year. The company argues that the shareholder vote, which ratified the 2018 package, should influence the final judgment. According to the J.D. Power Initial Quality Study for the 2024 model year, Tesla no longer stands out in quality among electric vehicles due to questionable design changes, such as the removal of turn signal stalks, which frustrated owners and reduced their scores in a key quality survey. Shares rose 0.5% in pre-market trading.
Rivian Automotive (NASDAQ:RIVN) – Rivian plans to reduce material costs in its electric SUVs and pickups by 20% by the end of 2024, focusing on electronics and process simplification to achieve profitability. The partnership with Volkswagen should help reduce operational expenses and launch new affordable models. Shares fell 0.8% in pre-market trading.
Fisker (NYSE:FSR) – Hope is dwindling for owners of Fisker Inc.’s electric SUVs as the company faces bankruptcy. Customers report increasing difficulties in getting technical support for their problematic vehicles. According to Bloomberg, an owner in Cincinnati has accumulated a dozen unresolved service calls, while another in Colorado can’t find a local shop to repair a crack in his vehicle’s sunroof.
Nikola (NASDAQ:NKLA), Walmart (NYSE:WMT) – Nikola delivered its first hydrogen-electric semi-truck to Walmart Canada, making it the first major retailer in the country to add this vehicle to its fleet. The initiative is part of Walmart’s efforts to achieve zero emissions by 2040. Nikola shares rose 3.7% in pre-market trading, while Walmart shares rose 0.3%.
Target (NYSE:TGT) – Target is taking a tougher approach to combat store theft, lowering the minimum value threshold for theft intervention from $100 to $50. This change is part of efforts to control inventory losses impacting its profit margins. The new directive is expected to be implemented this summer.
Boeing (NYSE:BA) – Despite Boeing’s financial and production challenges following an incident in January, workers’ willingness to strike for better working conditions will not change, according to the local union president. Workers, represented by the IAM, seek better retirement benefits and wage increases above 40% over three to four years after years of stagnant wages. Additionally, the National Transportation Safety Board (NTSB) warned Boeing that it could lose its status as part of the incident investigation after violating rules by disclosing non-public information to the press and speculating on possible causes.
Lockheed Martin (NYSE:LMT), Boeing (NYSE:BA) – The joint venture between Boeing and Lockheed Martin will replace Sierra Space’s Dream Chaser aircraft with a mass simulator on its Vulcan rocket certification flight in September, announced Tory Bruno, CEO of United Launch Alliance. This flight is essential to qualify the Vulcan for US national security missions.
Banks – Major US banks have sufficient capital to withstand a severe economic downturn, according to the Federal Reserve’s annual stress test results. While they may face significant losses in risky business areas this year, the CET1 ratio shows robustness, with minimums above regulatory requirements. Additionally, ten major banks agreed to pay $46 million to settle an antitrust lawsuit accusing them of manipulating the interest rate swaps market. Investors claimed the banks profited from bid/ask spreads, harming competitors and investors. The banks include Bank of America (NYSE:BAC), Goldman Sachs (NYSE:GS), JPMorgan Chase (NYSE:JPM), Barclays (NYSE:BCS), BNP Paribas (EU:BNP), Citigroup (NYSE:C), Deutsche Bank (NYSE:DB), Morgan Stanley (NYSE:MS), NatWest (NYSE:NWG), and UBS (NYSE:UBS).
New York Community Bancorp (NYSE:NYCB) – NYCB announced a one-for-three reverse stock split, effective mid-July, aiming to raise the stock price after a 71% drop since January due to unexpected losses and dividend cuts. The measure aims to attract more institutional and retail investors.
UBS Group AG (NYSE:UBS) – UBS is restructuring its wealth management sector in the US, hiring Michael Camacho, a former JPMorgan Chase executive, to lead the unit. Additionally, UBS is creating a new division, Global Wealth Management Solutions, focused on offering various products and services to its advisors and clients. Camacho, who assumes the role on September 16, replaces Jason Chandler, who will take on a new role in the company.
Block (NYSE:SQ) – Block Inc.’s investment in Bitcoin allows the company to explore a “potentially transformative” technology, according to CFO and COO Amrita Ahuja. The Bitcoin bet is seen as a long-term commitment, with the company investing 10% of gross profit from Bitcoin products monthly. Ahuja emphasizes that Bitcoin could change the reality of underserved consumers, who typically pay high fees to move money.
Webtoon Entertainment (NASDAQ:WBTN) – Online comics platform Webtoon Entertainment saw its shares rise up to 14.3% above the initial price on its Nasdaq debut, reaching a market value of $2.71 billion. Founded as a side project in 2005 by Junkoo Kim, the company plans to use the $315 million raised in the IPO to expand its presence in North America. Shares jumped 11.17% in pre-market trading.
Chewy (NYSE:CHWY) – Keith Gill, known as Roaring Kitty, posted an image of a dog on his social network X on Thursday, generating 2.5 million views and speculation about its meaning, possibly related to Chewy Inc. The trading volume of the pet products company’s shares was well above the 65-day average, with shares rising quickly on Thursday but closing the day down 0.3%. Chewy shares fell 0.17% in pre-market trading.