Shoe Giant Stumbles on Earnings

By George Banko

December 22, 2023

Good morning Wake-Up Watchlisters! While you’re sipping coffee you’ll see stock futures dipped on Friday. Traders are awaiting the release of a crucial US inflation gauge that could cement the case for Federal Reserve interest-rate cuts from March. But despite the recent rally, down-trending third-quarter GDP and weak earnings from sports apparel giant Nike (more on that below) are showing slower economic growth across the developed world.

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Here’s a look at the top-moving stocks this morning.

Nike, Inc. (NYSE: NKE)

Nike is down 11.45% in premarket trading after posting mixed second quarter results. Adjusted earnings per share of $1.03 topped Wall Street expectations of $0.85, but revenue of $13.39 billion was just shy of estimates $13.46 billion. The athletic apparel company also announced its plans to cut $2 billion worth of costs over the next three years, citing weakness in its online business as the reason.

Marathon Digital Holdings (Nasdaq: MARA)

Marathon Digital is up 5.61% premarket after the bitcoin ecosystem provider added Anchorage Digital Bank National Association as a bitcoin custodian. The addition increases the number of marathon’s bitcoin custodians from two to three.

NetEase, Inc. (Nasdaq: NTES)

NetEase is down 20.17% premarket after Beijing took aim once again at online gaming. New draft regulations issued Friday proposed measures that would limit the amount of time and money players spend online. This prompted a sell-off of shares in NetEase.

ANSYS, Inc. (Nasdaq: ANSS)

Ansys is up 16.67% premarket after the company weighed options, including a sale, after getting takeover interest. The company is working with advisers who asked to not be identified discussing private information. No final decision has been made and Ansys could opt to remain independent, the people added.