On this episode of Stock Movers:
Listen for comprehensive cross-platform coverage of the US market close as heard on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Katie Greifeld, Carol Massar and Tim Stenovec.
- Nike (NKE)'s turnaround efforts are starting to pay off as the world’s largest sportswear company realigns the business around sports such as running and basketball. The company said efforts to roll out new products, boost marketing efforts and clear out old inventory helped blunt a longtime sales slump — results that boosted Nike’s shares as much as 7% on Wednesday. The stock had dropped about 8% this year through Tuesday’s close as investors waited for Nike to show signs that its comeback bid is actually working. On Wednesday, Nike’s better-than-expected results also boosted European sportswear shares, with both Adidas AG and Puma SE climbing.
- AST SpaceMobile (ASTS) shares surged after the telecommunication company gave a positive production update on its BlueBird satellite, in a post on X.
- Peloton (PTON) shares fell Wednesday after the company raised prices on both hardware and membership fees in a sweeping product overhaul, dampening the first major attempt under new leadership to overcome a multi-year slump. The new products, announced Wednesday, include new versions of the Bike and Bike+, Tread and Tread+ and the replacement of the Row with a Row+, confirming an August Bloomberg report. The hardware on each of the products gains a Swivel Screen so the display can move, letting users switch to activities like yoga or pilates off the device while still viewing classes. Throughout, the line is powered by a new artificial intelligence platform, Peloton IQ, offering personalized guidance, insights and coaching plans.
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