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Check out the companies making headlines in afternoon trading. Nike, Foot Locker – Shares of Nike fell 11.8% after the athletic apparel company lowered its revenue outlook and announced it will cut costs by about $2 billion over the next three years. On Thursday, Nike reported fiscal second-quarter revenue of $13.39 billion, less than the $13.43 billion expected by analysts at LSEG, formerly known as Refinitiv. Foot Locker, which sells Nike products in its stores, fell nearly 4%. Bristol Myers Squibb, Karuna Therapeutics – Shares of Bristol Myers Squibb rose 2% and Karuna Therapeutics rose 47% after Bristol Myers said it would buy the biopharmaceutical company for $14 billion in cash. Under the terms of the deal, Bristol Myers will pay $330 per share for Karuna, suggesting a 53% premium to Thursday’s close. Tencent Music Entertainment, NetEase, Bilibili – US-traded shares of Chinese internet giants took a hit after Beijing proposed guidelines to curb online gaming. Tencent fell 4% on Friday, while Bilibili fell 5%. NetEase, on the other hand, declined more than 16%. Rocket Lab – Shares of Rocket Lab rose 22.8%. The space company posted a regulatory filing on Thursday indicating that its subsidiary has signed a $515 million contract with the US government to design, build and operate 18 space vehicles. Coinbase – Shares of the crypto exchange rose 4.4% after JMP’s bullish outlook. The bank nearly doubled its target price for the stock, which it dubbed the Amazon of the cryptocurrency industry. Paychex – Shares of the payroll company rose nearly 1% Friday despite lagging market performance due to an outperformance by TD Cowen. This comes after a 7% decline on Thursday after the stock reported fiscal second-quarter revenue that missed analysts’ expectations. Lionsgate Entertainment – The entertainment company fell 4% after announcing plans to merge with Screaming Eagle Acquisition Corp, a special purpose acquisition company. The deal, valued at $4.6 billion, will generate gross proceeds of approximately $350 million for Lionsgate. Ansys – Ansys stock rose 18%. On Thursday, Bloomberg reported, citing people familiar, that the engineering software firm was considering its options after receiving acquisition interest. — CNBC’s Michelle Fox and Samantha Subin contributed reporting.
