Stocks making the biggest moves midday: Nike, Uber, Newmont, Trade Desk and more
Check out the companies making headlines in midday trading: Nike — Shares of the sneaker giant jumped about 17% 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. Dick’s Sporting Goods , On Holding — Sporting goods stocks rose on Friday as Nike’s strong quarterly report appeared to boost investor confidence in the category. Shares of retailer Dick’s Sporting Goods jumped nearly 4%, while shoe and apparel maker On Holding gained 2%. Newmont — The gold miner’s stock fell more than 4% as the price of the precious metal slipped from record-high levels. Gold futures were down 1.8% to $3,288.50 per Troy ounce at around 11:45 a.m. ET. Year to date, Newmont shares have gained more than 50%. Estée Lauder — Shares of the beauty brand advanced more than 2%. HSBC upgraded the stock to buy from hold, citing a weak U.S. dollar and the magnitude of the company’s restructuring program. “After months of investors lacking interest, the market seems once again to have called the bottom,” analyst Erwan Rambourg wrote. “This time, it’s credible.” Trade Desk — The ad tech stock popped 3% on the back of an upgrade to outperform 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. Crypto stocks — Crypto stocks fell amid likely quarterly portfolio rebalancing and general profit-taking heading into the final weekend of a winning month for the sector. Among the crypto trading providers, Coinbase was down more than 5%, while Robinhood lost about 2% and eToro dipped nearly 3%. Crypto financial services firm Galaxy was lower by 1%. Circle dropped 11%. Most bitcoin miners were under pressure, too, with CleanSpark and Riot Platforms down nearly 1% each. Apogee Enterprises — The architectural products company climbed 5% 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 fell 4% 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. Uber shares were also 3% lower. Power generation stocks — Shares of companies focused on boosting U.S. electricity supply were trading higher on reports that President Donald Trump plans to issue an executive order to support efforts to power the artificial intelligence growth race with China. GE Vernova and Vistra were up about 4%, while Vertiv added 3% and Oklo gained 2%. — CNBC’s Fred Imbert, Tanaya Macheel, Jesse Pound, Pia Singh, Christina Cheddar-Berk and Darla Mercado contributed reporting.
