Nike reported a 12% sales decline in the Greater China market, which has negatively impacted its stock, causing a drop of more than 3%. However, the company still managed to beat earnings and revenue expectations for its fiscal fourth quarter.
In contrast, Constellation Brands' shares rose approximately 1.5% after it reported earnings of $3.43 per share, exceeding analysts' expectations of $3.20, along with revenue that also surpassed forecasts.
The stock performance of Shutterstock and Getty was adversely affected after Getty canceled a proposed merger with Shutterstock due to regulatory demands, leading to a sharp decline of over 30% in Shutterstock's shares and a 4% drop for Getty.
Alcoa's stock fell 4% following its announcement of a $4.1 billion acquisition of assets from South32, which includes bauxite, alumina, and aluminum portfolios. On a positive note, shares of Salesforce and ServiceNow increased after Guggenheim upgraded both companies to 'buy', citing that artificial intelligence would not negatively impact them and highlighting attractive valuations.
Bloom Energy's stock rose more than 7.5% after announcing an expanded partnership with Brookfield to finance AI infrastructure projects, indicating strong demand in that sector. Conversely, Kroger's shares fell 2% after announcing its acquisition of Giant Eagle for $1.65 billion, which the CEO stated would enhance the company's market reach.
Lastly, shares of memory companies Sandisk and Micron Technology experienced declines of 3.5% and 2.5%, respectively, as they began trading in the third quarter following significant gains in the previous quarter