On this episode of Stock Movers:
- Shares of Nike (NKE) moved higher in premarket trading after signs turnaround efforts at the world’s largest sportswear company are starting to pay off. Sales fell 1% on a currency-neutral basis in the company’s most-recent quarter, according to a statement, which was a smaller drop than investors anticipated. Gains at Nike’s wholesale and running shoe business, which had previously been weak spots, helped fuel sales of $11.7 billion, more than the $11 billion expected by Wall Street.
- Occidental Petroleum (OXY) shares edge higher in early trading on news that Berkshire Hathaway is nearing a deal to acquire Occidental’s petrochemical business for about $10 billion. The transaction could be announced in coming days, and would be Berkshire’s largest deal since its acquisition of Alleghany Corp. in 2022 for $13.7 billion, according to data compiled by Bloomberg.
- Pfizer (PFE) shares increase in the premarket session after the company secured a reprieve from President Trump’s long-threatened tariffs on the pharmaceutical industry Tuesday by agreeing to slash some of its drug prices by up to 85% and selling directly to the American public, a move other major drugmakers are expected to follow.
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