Midday trading featured some of Wall Street’s biggest movers, led by Nike, whose shares jumped 17%. Power generation companies also rose, while crypto-related stocks suffered from a downturn.
Nike shares were up 17% today by midday today after the firm announced that it has weathered the toughest part of its recent downturn, following a fiscal Q4 earnings report that beat the very low expectations of some investors. The company’s stock is at $72.35 at press time.
Nike’s stock price. Source: Yahoo Finance
In its report Thursday, Nike confirmed that the biggest costs fell in the fourth quarter, easing concerns that Trump’s tariff increases on key production centers in Vietnam and China would undercut its recovery. The company posted a disappointing quarter, with sales down 12 percent and net income plunging 86%. Along with that, profit margins shrank sharply.
Despite those figures, the CEO of Nike, Elliott Hill, told investors that Nike has moved past its worst downturn and expects declines in its revenue and profits to slow in the coming quarters.
Hill said, “The results we’re reporting today in Q4 and in FY25 are not up to the Nike standard, but as we said 90 days ago, the work we’re doing to reposition the business through our ‘Win Now’ actions is having an impact.”
When Nike released its recent results after the market closed Thursday, its share price dipped initially. But after an hour-long conference call between analysts from Wall Street and Nike’s executives, the stock had climbed over 10 percent in after-hours trading.
Crypto stocks dipped while power generation stocks were up
Elsewhere in the market, shares of Pony.ai fell 4% following a report from The New York Times stating that Uber is considering funding to acquire Pony.ai’s US subsidiary. The former CEO and co-founder of Uber, CEOTravis Kalanick, is leading the potential acquisition. Uber’s own shares also slid, dropping about 3%.
Cryptocurrency-related stocks were lower, as investors appeared to lock in gains at the end of a strong month and adjust their portfolios for the quarter. Coinbase dropped over 5%, Robinhood fell roughly 2%. At the same time, eToro slid nearly 3%.
Galaxy Digital slipped 1%, while Circle tumbled 11%. Bitcoin miners also saw modest losses. Both Riot Platforms and CleanSpark were down about 1%.
In contrast, US power generation companies rose after it was reported that Trump is planning to sign an executive order that would bolster the American electricity supply in support of the race against China in artificial intelligence development. Vistra and GE Vernova both gained about 4%, Vertiv rose by 3% while Oklo jumped 2%.
