TLDR
- Nike shares dropped about 9-10% after missing first quarter revenue targets and giving weak full year guidance.
- ON Semiconductor agreed to buy Synaptics for $5.7 billion in cash, down from a previous $7 billion all stock offer.
- Synaptics shares jumped roughly 14% following the revised buyout terms.
- Moderna will join the Nasdaq 100 index on October 9, replacing Warner Bros. Discovery.
- Stock futures rose Friday as traders waited for the September jobs report.
Stock futures climbed on Friday morning. Traders were waiting for the September jobs report, which could shape the Federal Reserve’s next interest rate decision.
Nike was one of the worst performers in premarket trading. Shares fell between 9% and 10% after the company posted weak first quarter results.
Nike Misses Targets and Cuts Outlook
Nike’s revenue fell 4% from a year earlier, landing at $11 billion. That missed what analysts on Wall Street had expected.
Sales in Greater China dropped 22% year over year to $1.2 billion. Converse brand revenue fell 28%, and Nike Direct sales slipped 8%.
Wholesale revenue also slipped by 1%. The numbers point to ongoing struggles across nearly every part of Nike’s business.
Looking ahead, Nike expects full year revenue to decline by a high single digit percentage. The company projects adjusted earnings per share between $1.15 and $1.35.
That figure does not include about $0.15 per share in restructuring costs. It also falls short of the $1.67 per share that analysts had forecast.
Nike’s turnaround plan, called PACE, aims to cut around $2.5 billion in costs through 2031. About $1 billion of those savings are expected to come from employee related costs.
ON Semiconductor Moves to Buy Synaptics
ON Semiconductor shares rose more than 4% to 6% after the company agreed to acquire Synaptics. The new deal is valued at $5.7 billion in cash.
That price works out to $123 per share. It replaces an earlier all stock agreement from June that had valued the deal closer to $7 billion.
The change followed an unsolicited rival offer for Synaptics. ON Semiconductor says the new cash deal should immediately add to its adjusted earnings per share.
The company plans to fund the purchase using cash on hand along with debt financing arranged through Morgan Stanley. The deal is still expected to close by the middle of 2027.
Synaptics’ board approved the updated agreement without objection. Synaptics shares themselves jumped about 14% ahead of the market open on the news.
Elsewhere, ChronoScale Holdings shares rose about 6%. The company announced new and expanded agreements with AI infrastructure customers, targeting a $1 billion annualized revenue run rate by the third quarter of 2027.
ChronoScale also said it completed the sale of its Ekso Bionics unit. That move lets the company focus more directly on its AI infrastructure business going forward.
Moderna Set to Join Nasdaq 100
Moderna shares rose almost 2% after Nasdaq announced the biotech company will join the Nasdaq 100 index. The change takes effect before trading opens on October 9.
Moderna will replace Warner Bros. Discovery in the index. Warner is expected to complete its merger with Paramount Skydance in the coming week.
In other stock movement, Venture Global shares ticked up slightly. ConocoPhillips agreed to buy 1 million metric tons of liquified natural gas from the company each year for the next two decades, starting in 2030.
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