Nike Stocks Fall, ALS Drug Approved & More: 5 Things You Need To Know From Friday

Nike Stocks Fall, ALS Drug Approved & More: 5 Things You Need To Know From Friday
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Here are the key events taking place on Friday. that could affect trade.

NIKE RESULTS: The shares fell more than 9% in premarket trading after the company said inventories rose 44% to $9.7 billion in the latest quarter, and higher discounts and freight costs squeezed sales margins. Profits.

Nike reported revenue of $12.7 billion, 4% more compared to the previous year.

Earnings fell 22% to $1.5 billion, largely in line with analyst expectations.


Nike logo in store window

The Nike logo is displayed in a window at a Nike store in San Francisco, California. (Justin Sullivan/Getty Images/Getty Images)

Selling and administrative expenses increased 10% to $3.9 billion.

The sportswear maker posted revenue of $12.69 billion in the period, beating Street’s forecast. Eleven analysts surveyed by Zacks expected $12.33 billion.

AMYLYX PHARMACEUTICALS: Shares are gaining 6% in premarket trading after US health officials approved a drug to treat the deadly disease known as Lou Gehrig’s disease.

The Food and Drug Administration approved the drug based on the results of a small mid-stage study, according to The Associated Press.

Internal agency scientists repeatedly said the company’s results were unconvincing. But thousands of patients have urged the FDA to be flexible and allow patient access.

Lou Gehrig’s disease has no cure, and most patients die within five years of the initial symptoms.


INCOME AND EXPENSES: The Commerce Department releases personal income and spending figures for August. Economists surveyed by Refinitiv expect spending to rise 0.2% month-on-month, slightly above July’s lower-than-expected 0.1% growth rate.

Meanwhile, personal income is expected to rise 0.3% in August, ahead of July’s 0.2% rise.

Shopping at Target

Cashier Josepine Silvestre returns change to a customer after a transaction at a Target Corp. store in Colma, Calif. (David Paul Morris/Bloomberg via Getty Images/Getty Images)

That brings us to the PCE price index, a gauge of inflation that is starting to rival the consumer price index in popularity. It fell 0.1% month-on-month in July and rose 6.3% year over year. The Fed bases its 2% inflation target on the annual change in PCE.

The core PCE price index, which takes into account volatility in food and energy costs, is expected to rise 0.5% in August, up from July’s 0.1% rise.

The year-on-year change in the core PCE index, which is the Fed’s preferred measure of inflation, is forecast to rise for the second time in three months to 4.7%. That would be a slight increase from July’s 4.6% print, which was the lowest since October.

MANUFACTURING: The Institute of Sourcing and Management released its Chicago Purchasing Managers Index for September. This closely watched gauge of Midwest business activity is anticipated to fall to 51.8. That would be slightly lower than the previous month’s 52.2 and the lowest since August 2020. Remember that 50 is the dividing line between expansion and contraction.

manufacturing plant

Employees work on the assembly line at the Dakkota Integrated Systems manufacturing facility in Detroit. (Jeff Kowalsky/Bloomberg via Getty Images/Getty Images)


CONSUMER SENTENCE: Watch for the final University of Michigan Consumer Confidence Index for September.

It is expected to hold steady at the preliminary reading of 59.5 two weeks ago, which marked the second monthly increase since a record low of 50.0 in June, when record gasoline prices fueled inflation fears.

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