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Tech Rally Powers Nasdaq Higher While Nike and Lamb Weston Stumble

MarketDash Editorial Team
7 hours ago
The Nasdaq Composite jumped over 1% Friday as technology stocks led markets higher, but not everyone joined the party. Nike tumbled 10% despite beating earnings estimates, while Lamb Weston plunged 25% after its quarterly report disappointed investors.

Markets climbed Friday afternoon, with technology stocks powering the rally. The Nasdaq Composite led the charge, jumping 1.10% to 23,260.50, while the Dow gained 0.55% to 48,216.43 and the S&P 500 rose 0.83% to 6,830.85.

Sector Scorecard

Information technology shares were the day's winners, climbing 1.6% and pulling the broader market higher. On the flip side, consumer staples stocks slipped 0.4%, making it the session's worst-performing sector.

Nike's Puzzling Drop

Here's a head-scratcher: Nike Inc. (NKE) reported solid earnings results that beat Wall Street expectations, then promptly fell around 10%. The athletic apparel giant posted second-quarter revenue of $12.43 billion, topping analyst estimates of $12.22 billion. Earnings came in at 53 cents per share, crushing the consensus forecast of 38 cents per share.

So what's the problem? Gross margins declined for the second consecutive quarter, raising concerns about pricing power and profitability trends going forward.

Big Winners

Autozi Internet Technology (Global) Ltd (AZI) rocketed 54% to $2.34 after announcing a strategic investor confirmed a $90 million initial equity investment.

Amicus Therapeutics, Inc. (FOLD) soared 31% to $14.20 on acquisition news. BioMarin Pharmaceutical Inc (BMRN) agreed to buy the company in a deal valued at approximately $4.8 billion in total equity. BioMarin's shares also climbed 19% to $61.88 as investors cheered the combination.

Notable Decliners

Lamb Weston Holdings Inc (LW) had a rough day, plummeting 25% to $44.70 after reporting second-quarter results that disappointed Wall Street.

BlackBerry Ltd (BB) dropped 10% to $3.90 following its third-quarter earnings report.

Mangoceuticals Inc (MGRX) tumbled 45% to $0.72 after announcing a digital asset treasury strategy focused on Solana, with up to $100 million allocated.

Commodities and Global Markets

Oil gained 0.9% to $56.66 per barrel, while precious metals sparkled. Gold rose 0.4% to $4,381.60, silver jumped 3.4% to $67.415, and copper advanced 1.1% to $5.4955.

European markets finished in positive territory, with the STOXX 600 up 0.37%. London's FTSE 100 gained 0.61%, Germany's DAX 40 rose 0.37%, Spain's IBEX 35 climbed 0.22%, and France's CAC 40 edged up 0.01%.

Asian markets also closed higher across the board. Japan's Nikkei 225 gained 1.03%, Hong Kong's Hang Seng rose 0.75%, China's Shanghai Composite climbed 0.36%, and India's BSE Sensex advanced 0.53%.

Economic Data

U.S. existing home sales increased 0.5% from the prior month, reaching an annualized rate of 4.13 million for November, suggesting modest improvement in the housing market.

Back to News

Tech Rally Powers Nasdaq Higher While Nike and Lamb Weston Stumble

MarketDash Editorial Team
7 hours ago
The Nasdaq Composite jumped over 1% Friday as technology stocks led markets higher, but not everyone joined the party. Nike tumbled 10% despite beating earnings estimates, while Lamb Weston plunged 25% after its quarterly report disappointed investors.

Markets climbed Friday afternoon, with technology stocks powering the rally. The Nasdaq Composite led the charge, jumping 1.10% to 23,260.50, while the Dow gained 0.55% to 48,216.43 and the S&P 500 rose 0.83% to 6,830.85.

Sector Scorecard

Information technology shares were the day's winners, climbing 1.6% and pulling the broader market higher. On the flip side, consumer staples stocks slipped 0.4%, making it the session's worst-performing sector.

Nike's Puzzling Drop

Here's a head-scratcher: Nike Inc. (NKE) reported solid earnings results that beat Wall Street expectations, then promptly fell around 10%. The athletic apparel giant posted second-quarter revenue of $12.43 billion, topping analyst estimates of $12.22 billion. Earnings came in at 53 cents per share, crushing the consensus forecast of 38 cents per share.

So what's the problem? Gross margins declined for the second consecutive quarter, raising concerns about pricing power and profitability trends going forward.

Big Winners

Autozi Internet Technology (Global) Ltd (AZI) rocketed 54% to $2.34 after announcing a strategic investor confirmed a $90 million initial equity investment.

Amicus Therapeutics, Inc. (FOLD) soared 31% to $14.20 on acquisition news. BioMarin Pharmaceutical Inc (BMRN) agreed to buy the company in a deal valued at approximately $4.8 billion in total equity. BioMarin's shares also climbed 19% to $61.88 as investors cheered the combination.

Notable Decliners

Lamb Weston Holdings Inc (LW) had a rough day, plummeting 25% to $44.70 after reporting second-quarter results that disappointed Wall Street.

BlackBerry Ltd (BB) dropped 10% to $3.90 following its third-quarter earnings report.

Mangoceuticals Inc (MGRX) tumbled 45% to $0.72 after announcing a digital asset treasury strategy focused on Solana, with up to $100 million allocated.

Commodities and Global Markets

Oil gained 0.9% to $56.66 per barrel, while precious metals sparkled. Gold rose 0.4% to $4,381.60, silver jumped 3.4% to $67.415, and copper advanced 1.1% to $5.4955.

European markets finished in positive territory, with the STOXX 600 up 0.37%. London's FTSE 100 gained 0.61%, Germany's DAX 40 rose 0.37%, Spain's IBEX 35 climbed 0.22%, and France's CAC 40 edged up 0.01%.

Asian markets also closed higher across the board. Japan's Nikkei 225 gained 1.03%, Hong Kong's Hang Seng rose 0.75%, China's Shanghai Composite climbed 0.36%, and India's BSE Sensex advanced 0.53%.

Economic Data

U.S. existing home sales increased 0.5% from the prior month, reaching an annualized rate of 4.13 million for November, suggesting modest improvement in the housing market.