Nike shares fall, ALS drug approved and more: Friday’s 5 things to know


Here are the key events taking place on Friday that could impact trading.

NIKE RESULTS: Shares fell 9% in extended trading after the company said inventories rose 44% to $9.7 billion in the latest quarter, and higher discounts and freight costs squeezed profit margins. 

Nike reported revenue of $12.7 billion, up 4% compared with a year earlier. 

Earnings fell 22% to $1.5 billion — largely in line with analysts’ expectations. 


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

The athletic apparel maker posted revenue of $12.69 billion in the period, which topped Street forecasts. Eleven analysts surveyed by Zacks expected $12.33 billion.

AMYLYX PHARMACEUTICALS: Shares rose 9% in extended trading after U.S. health officials approved a drug to treat the deadly illness known as Lou Gehrig’s disease.

The Food and Drug Administration approved the medication based on results from one small, mid-stage study, according to The Associated Press.

The agency’s internal scientists repeatedly said the company’s results were not convincing. But thousands of patients have urged the FDA to be flexible and grant patients’ access. 

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


INCOME & SPENDING: The Commerce Department releases personal income and spending numbers for August. Economists surveyed by Refinitiv anticipate spending to rise 0.2% month-over-month, slightly above July’s lower-than-expected 0.1% growth rate. 

Personal income, meantime, is expected to jump 0.3% in August, ahead of July’s 0.2% gain. 

Shopping at Target

That brings us to the PCE Price Index, an inflation gauge that’s starting to rival the consumer price index in popularity. It fell 0.1% month-over-month in July and was up 6.3% annually. The Fed bases its 2% inflation target on the annual change in the PCE.

The Core PCE Price Index, which factors out volatile food and energy costs, is expected to rise 0.5% in August, above July’s 0.1% increase. 

The year-over-year change in the Core PCE Price Index, which is the Fed’s preferred measure of inflation, is anticipated 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 for Supply Management is out with its Chicago Purchasing Managers’ index for September. This closely watched gauge of Midwest business activity is anticipated to slip to 51.8. That would be down slightly from 52.2 the prior month and the lowest since August 2020. Remember that 50 is the dividing line between expansion and contraction. 

Manufacturing plant

CONSUMER SENTIMENT: Watch for the University of Michigan’s final index of consumer sentiment for September. 

It’s expected to hold steady at the preliminary reading of 59.5 two weeks ago, which marked the second monthly increase from an all-time low of 50.0 in June when record-high gasoline prices fueled inflation fears.

Read the full article here


Share post:

Subscribe to our newsletter

To be updated with all the latest news, offers and special announcements.


More like this

Defense secretary’s new guidance on drag shows on military bases has immediate impact: Report

Multiple military installations are canceling planned Pride Month drag...

New Triumph HD Binoculars From Vortex Optics

Posted 11 mins ago in Daily News, News, Optics,...

Today’s best mortgage deal remains 10- and 15-year terms at 5.625% | June 5, 2023

Our goal here at Credible Operations, Inc., NMLS Number...

Sunbathing grandmother mauled to death by dog, daughter and son-in-law arrested

A banned breed of dog reportedly mauled a grandmother...

Do you believe in Gun Rights?

150,000 Subscribers Already Enjoy our High Caliber News & Gear.

Join Today And Subscribe Now