Check out the companies making headlines in premarket trading. Nike — Shares tumbled 12.1% after the athletic retailer slashed its sales guidance and announced plans to cut costs by around $2 billion over the next three years. Nike also posted its second straight quarter of worse-than-expected revenue, which hasn’t happened since 2016. Foot Locker , a notable seller of Nike products, slid 7.1%. Bristol Myers Squibb , Karuna Therapeutics — Shares of Bristol Myers Squibb slipped 1% after announcing it agreed to buy Karuna Therapeutics for $14 billion, or $330 per share. Karuna Therapeutics, which has an experimental schizophrenia drug under review with the FDA, soared 46% on the news. NetEase , BiliBili — U.S.-listed shares of Chinese internet companies dropped after China published draft guidelines focused on mitigating incentives that can encourage gaming. NetEase dived 22.2%, while BiliBili shed 10.6%. Rocket Lab — Shares jumped 12.6% in Friday’s premarket, a day after the space company disclosed an agreement with a U.S. government customer to design, make and manage 18 vehicles. Work will begin immediately to fulfill the contract, which is valued at $515 million in total. Coinbase — The crypto exchange stock climbed 1.3% on the heels of an optimistic call from investment bank JMP. The firm nearly doubled its target share price for Coinbase, calling the company the Amazon of the cryptocurrency space. Analog Devices — The semiconductor stock rose 1.1% following an Edward Jones upgrade to buy from hold. Edward Jones said the company should benefit as more automation and connected devices leads to more chips in each device. Elsewhere, UBS named Analog one of its semi stocks to like heading into 2024. — CNBC’s Michelle Fox contributed reporting
Source: www.cnbc.com