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Stock futures edged slightly higher on the last trading day of the second quarter, early Friday morning, as investors eagerly awaited U.S. inflation data due later today.
Here are some of Friday’s biggest stock movers:
Biggest stock gainers
- Infinera’s (NASDAQ:INFN) stock jumped over 25% after Nokia (NOK) announced it would acquire the firm for $2.3B. This acquisition will bolster Nokia’s optical networking business, especially in North America. The deal, which is expected to close in the first half of 2025, is priced at a 28% premium over Infinera’s closing share price on June 26th. Nokia expects this acquisition to significantly increase the scale of their Optical Networks business by 75%.
- Shares of Trump Media & Technology Group Corp. (NASDAQ:DJT) surged by nearly 6% after a CNN flash poll showed the Republican candidate outperforming US President Joe Biden in the first presidential debate. Conducted by SSRS, the poll surveyed registered voters who watched the debate, revealing that 67% believed Trump performed better compared to 33% for Biden.
Biggest stock losers
- Following mixed FQ4 results, shares of sports apparel giant Nike (NKE) plummeted over 14% as the company emphasized the challenges of navigating macroeconomic headwinds that will significantly impact fiscal 2025 and persistent weakness in China. Nike (NYSE: NKE) now anticipates FY25 sales to decline by mid-single-digits, with the first half of the year experiencing a high-single-digit drop in sales, a revision from their initial guidance of a low-single-digit sales decline. Despite this, the company expects gross margin in FY25 to expand by 10-30 basis points. For Q1, Nike forecasts a 10% revenue decline, with gross margin aligning with its full-year guidance.
- Despite beating estimates in FQ1 results, Accolade (NASDAQ:ACCD) shares plunged 26% as the company’s guidance fell short of analysts’ expectations. The health technology company expects Q2 revenue in the range of $104M to $106M, below the consensus of $113.23M, and an adjusted EBITDA loss of $8M to $10M, wider than the forecasted loss of $5.9M. For FY2025, the company anticipates revenue between $460M and $475M, vs. the $490.10M consensus, and adjusted EBITDA between $15M and $20M, compared to the consensus of $16.7M.