Check out the companies making headlines in midday trading. Nike , Foot Locker — Shares of Nike plummeted 10% after the athletic apparel company slashed its revenue outlook and announced it would cut about $2 billion in costs over the next three years. On Thursday, Nike posted fiscal second-quarter revenue of $13.39 billion, short of the $13.43 billion expected by analysts polled by LSEG, formerly known as Refinitiv. Foot Locker, which sells Nike products in its stores, slid nearly 5%. Bristol Myers Squibb , Karuna Therapeutics — Shares of Bristol Myers Squibb added 2% and Karuna Therapeutics jumped 47% after Bristol Myers said it would buy the biopharmaceutical company for $14 billion in cash . Under the terms of the deal, Bristol Myers will pay $330 per share for Karuna, which suggests a 53% premium from Thursday’s close. Tencent Music Entertainment , NetEase , Bilibili — U.S.-traded shares of Chinese internet giants took a hit after Beijing proposed guidelines to curb online gaming. Tencent slid 4% Friday, while Bilibili slipped 5%. On the other hand, NetEase plummeted more than 15%. Rocket Lab — Shares of Rocket Lab soared 24%. The space company posted a regulatory filing on Thursday, indicating that its subsidiary had signed a contract worth $515 million with the U.S. government to design, manufacture and operate 18 space vehicles. Coinbase — Shares of the crypto exchange added nearly 5% after a bullish outlook from JMP. The bank nearly doubled its target price for the stock, which it dubbed the Amazon of the cryptocurrency industry. Paychex — Shares of the payroll company rose more than 1% Friday despite a downgrade to market perform from outperform by TD Cowen . This follows a decline of 7% Thursday after the stock posted fiscal second-quarter revenue that missed analysts’ expectations. Lionsgate Entertainment — The entertainment company slid 5% after it announced plans to merge with Screaming Eagle Acquisition Corp ., a special purpose acquisition company. The deal, valued at $4.6 billion, would deliver about $350 million in gross proceeds to Lionsgate. Ansys — Ansys stock rose 11%. On Thursday, Bloomberg , citing people familiar, reported that the engineering software firm was considering its options after receiving takeover interest. — CNBC’s Michelle Fox and Samantha Subin contributed reporting.
Stocks making the biggest moves midday: NKE, RKLB, BMY, NTES
