reported fiscal second-quarter earnings that beat analysts’ expectations but announced a $2 billion cost-cutting plan over the next three years as it expects sales to soften in the second half of fiscal 2024.
said it was looking at “streamlining” the company and would record pretax restructuring charges of about $400 million to $450 million, mostly in the third quarter, ”primarily associated with employee severance costs.” Shares of the sneaker and apparel company dropped 12%.
Fellow athletic-gear retailers
and
fell 4.3% and 7.4%, respectively.
was up 0.9% to $256.86 after analysts at RBC Capital reduced their delivery estimates for the electric-vehicle maker in the fourth quarter to 456,000 from 476,000, citing registration data and app downloads. The analysts maintained their Outperform rating and $300 price target on
shares. Analysts at Wedbush, meanwhile, raised their price target on Tesla to $350 from $310 based on the “increasingly bullish view of further EV share gains and margin stabilization in 2024.” Wedbush reiterated its Outperform rating on the stock and said it believes Tesla will reach $1 trillion market cap next year.
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the neuroscience-drug developer, was rising 47% to $316.77 after reaching an agreement to be acquired by
for $330 a share in cash, or about $14 billion. Bristol Myers fell 0.4%.
jumped 22% to $369.50 following a report from Bloomberg that said the simulation software company was working with advisers to weigh its options, including a sale, after getting takeover interest.
was rising 16% after the commercial space company said it received a contract from a U.S. government customer worth $515 million to “design, manufacture, deliver, and operate 18 space vehicles. “
purchased 5.2 million shares of
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in recent days, bringing its total ownership in the energy company to 243.7 million shares, or a 27.7% stake, according to a filing with the Securities and Exchange Commission. Occidental shares rose 1.3%.
U.S.-listed shares of
dropped 21% after China proposed new curbs on online gaming.
declined 12% in U.S. trading.
The Biden administration said it believes the $14.1 billion sale of
to Japan’s
deserves “serious scrutiny” regarding its potential impact on national security and supply chains. Both companies told the Treasury Department they would voluntarily file for the department’s review process and “will work with the appropriate parties for a thorough and successful review,” The Wall Street Journal reported.
shares fell 0.6%.
AAR
,
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the provider of aviation services to commercial and government operators, posted adjusted fiscal second-quarter earnings that matched analysts’ estimates but sales of $545.4 million that missed expectations of $557 million. The stock declined 5.4%.
Write to Joe Woelfel at joseph.woelfel@barrons.com
