Nike Inc (NYSE:NKE) shares were up 7.6% in Friday’s early deals after expectation-topping results were announced after yesterday’s close.
Earnings came in at $0.94 per share, versus forecasts for $0.75, on revenue of $12.94 billion, which was up 2% year-over-year but was short of the $12.98 billion Street consensus. Read more
Positivity spilt over to rivals adidas AG (OTCQX:ADDYY) and Puma shares were each up 6.5% in Europe, ahead of the open for their ADRs on the OTC Market.
Whilst Under Armour Inc (NYSE:UA) was up 2.44%, at $6.71.
Retailers, which last month took a big hit on their own earnings, were also trading up.
Foot Locker, Inc. (NYSE:FL) was up 2.89% at $17.45, whilst Dick's Sporting Goods (NYSE:DKS) gained 3.15% to $109.95.
Elsewhere, Advanced Micro Devices, Inc. (NASDAQ:AMD) shares advanced another 1.2% in premarket adding to Thursday’s gains, following positive earlier comments from an influential Microsoft executive – with chief technology officers Kevin Scott saying AMD’s tech will be “increasingly critical” to the AI chip market. Read more
New York-listed Chinese tech stocks were trading higher after China’s cyberspace regulator proposed an easing on rules governing cross-border data flows.
It is predicted that this would allow data transfers used in manufacturing and marketing activities, excluding personal user data, would no longer require security review.
Experts suggest this could unshackle Chinese e-commerce and Chinese EV firms from what has been a challenging operating circumstance, and, as such is seen as a ‘pro-growth’ move from the Chinese authorities.
In New York, Alibaba Group (NYSE:BABA) was up 2.2% at $87.40 in premarket whilst PDD Holdings was up 2.25% at $97.75, meanwhile,
JD.com Inc (NASDAQ:JD) and ZTO Express advanced 2.66% and 1.6% respectively, at $29.31 and $24.38.
Baidu.com (NASDAQ:BIDU) climbed 2.46% up to $135.71.
Skyscanner owner Trip.com rose 1.85% to $35.74.
Chinese EV firms Xpeng Inc (NYSE:XPEV) added 4.65% to yesterday’s 3.2% gain, changing hands at $18.02 in premarket.
Li Auto was up 2.5% at $35.40 and NIO gained 4.1% at $9.28.
Meta Platforms Inc (NASDAQ:FB) stock was on the front foot, up 0.7% at $306.00, after day two of its Connect event gave further information about the Facebook and Instagram parent’s AI and VR ambitions – and, if the event was somewhat dry, then catching the imagination was a podcast between Mark Zuckerberg and Lex Fridman ‘in the metaverse’ using AI-powered photo-realistic avatars.
Elsewhere, there was scrutiny as ex-UK political leader and Meta’s current president of global affairs, Nick Clegg, admitted that Meta used public information and posts from Facebook and Instagram to train its AI.
Clegg added that Meta did not train AI on content set to private and said the company worked to omit private details from the datasets it did use.