On this episode of Stock Movers:
- Nike (NKE)'s wholesale business and strength in North America powered the company’s latest quarterly sales above Wall Street’s expectations, showing that turnaround efforts at the world’s largest sportswear company are starting to deliver results. Sales fell 1% on a currency-neutral basis in the company’s most-recent quarter, a smaller drop than investors anticipated, according to a statement. Revenue in the period was $11.7 billion, higher than the $11 billion projected by analysts. Nike shares rose 0.9% 4:35 p.m. in extended New York trading. The stock has dropped 7.8% so far this year through Tuesday’s close.
- CoreWeave (CRWV) shares rallied today after it signed a deal to supply Meta Platforms Inc. with as much as $14.2 billion worth of computing power, underscoring the massive costs of developing and running advanced AI models. “They loved our infrastructure in earlier contracts and came back for more,” Chief Executive Officer Michael Intrator said in an interview. As part of the agreement, CoreWeave will provide the social media giant access to Nvidia Corp.’s latest GB300 systems, he said. Meta didn’t provide comment. CoreWeave shares jumped as much as 15.9% after markets opened in New York. Meta shares declined as much as 1.9%.
- The US government agreed to acquire a stake in Lithium Americas (LAC) according to US Secretary of Energy Chris Wright. The deal is the Trump administration’s latest effort to speed development of a domestic supply chain to counter China’s dominance over metals critical to defense, automaking and consumer electronics. In July, the US Defense Department announced a $400 million equity investment in MP Materials Corp. to fund a major new plant making rare-earth magnets.
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