Stocks making the biggest moves premarket: NKE, CORZ, PONY
Check out the companies making headlines before the bell. Nike — Shares of the sneaker giant jumped 10% after Nike posted fiscal fourth-quarter results that beat expectations and said it expects profit and sales declines to moderate in the future. Nike said it has already taken its biggest financial hit from its turnaround efforts, and it expects tariffs to cost it roughly $1 billion, prior to any offsets from implementing price hikes and supply chain tweaks to mitigate that amount. HSBC upgraded Nike to buy from hold on the back of its results. Trade Desk — The ad tech stock popped 4% on the back of an upgrade from Evercore ISI. Analyst Mark Mahaney wrote that Trade Desk’s valuation looks attractive at its current level, while its risk-reward ratio has improved. Core Scientific — Shares of the bitcoin miner jumped 7%, as it looks to extend its rally a second day. The Wall Street Journal reported Thursday that the company is in talks to be acquired by the artificial intelligence player CoreWeave . CoreWeave shares were little changed. Iren and Cipher Mining , other hybrid bitcoin miners that have diversified into AI, advanced about 3% each. AeroVironment — Shares of the defense contractor climbed 5% in the premarket, putting it on pace for its fifth straight day of gains. AeroVironment reported quarterly results earlier this week that sent the stock soaring. Week to date, shares are up 43%. Apogee Enterprises — The architectural products company rallied 14% on better-than-expected fiscal first-quarter results. Apogee earned 56 cents per share, excluding items, on revenue of $346.6 million. Analysts polled by FactSet expected a profit of 47 cents per share on revenue of $325.5 million. Pony.ai — Shares of the autonomous vehicle company rose nearly 2% after the New York Times reported that Uber is in talks to help fund an acquisition of Pony.ai ‘s U.S. subsidiary. The takeover attempt is being led by Travis Kalanick, the Uber co-founder and former CEO. — CNBC’s Fred Imbert, Tanaya Macheel, Jesse Pound and Pia Singh contributed reporting.
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