Nike reported fiscal second-quarter earnings that beat analysts’ expectations but announced a $2 billion cost-cutting plan over the next three years as it expects sales to soften in the second half of fiscal 2024. Its shares dropped 11%, with shares of Dick’s Sporting Goods and Foot Locker down 4.3% and 6.3%, respectively.
Berkshire Hathaway purchased 5.2 million shares of Occidental Petroleum in recent days, bringing its total ownership in the company to 243.7 million shares, or a 27.7% stake, according to a filing with the SEC. Occidental shares rose 0.9%.
Rocket Lab was up 14% after it said it received a contract from a U.S. government customer worth $515 million to “design, manufacture, deliver, and operate 18 space vehicles. “
Tesla was down 0.4% in premarket trading after RBC Capital reduced its delivery estimates for the electric-vehicle maker in the fourth quarter to 456,000 from 476,000, citing registration data and app downloads.