Nike reported a 4% decline in sales for its fiscal first quarter, falling short of LSEG consensus estimates, which led to a more than 10% drop in its stock price. The company attributed the revenue miss primarily to a downturn in its China business and announced plans for staff layoffs in 2027.
In contrast, ON Semiconductor's shares rose over 7% after it confirmed plans to acquire Synaptics for $123 per share in cash, valuing the deal at $5.7 billion, down from an earlier agreement of $7 billion. This acquisition is expected to enhance ON Semiconductor's capabilities in the semiconductor market.
Additionally, shares of Nexalin Technology fell over 18% after announcing a distribution deal for its neurostimulation device across seven South American countries. Meanwhile, Vylor's stock saw a slight increase after being added to the S&P 500, following its spin-off from Corteva, which will now be included in the S&P MidCap 400.
Lastly, Seagate Technology and Western Digital experienced declines of over 11% and 8%, respectively, due to a report that Toshiba plans to double its hard disk drive production capacity and invest $380 million in expansion, intensifying competition in the HDD market