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The Stock Movers report, your roundup of companies making moves in the stock market, harnessing the power of Bloomberg data. Let's get a look at some of the stocks on the move today. I'm Paul Sweeney alongside Scarlet Food, were joined by Bloomberg's Emily or Fee.
Emily, what are you looking at today? Okay, so I'm looking at shares of Nike ticker NK. They're down about ten percent right now. Reported earnings on Thursday. They're third quarter guidance disappointed investors. It wasn't that bad, but they expect third quarter sales to be down low single digits, gross margins to shrink by roughly two percentage points due to Tariffstly, we're still talking about tariffs, but they are
still something that is absolutely weighing on companies here. The company also reported week sales in China and week sales in the Converse brand, which anecdotally feels right. I don't't wear Converse truck tailors. I love Converse. I was a big Converse person, like in high school, but I don't see them on the street anymore. Yeah, because you're not on high school anymore, and or do high schoolers where you might you know, you know some high schoolers.
I think they were ugs.
Yeah yeah, I feel like other Sneakers are trending right now. Adidas, the Sambas, some of the Yea, the converse not so much. That's a Defers brand. Yeah, okay, you think that maybe they'll come back in style. But we did see that those shares down and then a cut over at City, so they had their price start cut to sixty five dollars a share from seventy. So it's proving to be a choppy or rocky turnaround.
It's not very linear at this point. What's next?
So this is another turnaround story FedEx because their CEO is looking to turn around the business here and push FedEx ground and air freight networks together and slash costs. The latest earnings giving us maybe a mixed picture on how well that's going, at least in the near term. The stock is down about two percent right now ticker FDx. It was down as much as five point six percent. It was the biggest intro date drop since June, pairing losses.
They did upgrade their full year targets, but to a lower magnitude than the second quarter earnings eat and then they yeah, they raised the low end of the profit outlook, so helped by volume and pricing gains in the US. But the company also said they expect a six hundred million dollar hit to adjusted earnings due to higher costs from the grounding of some of their cargoes. Elevens. Yeah, yeah, MD elevens, you're a big shipping person.
I love the MD eleven's great plane, but boy it's old.
One more okay. Finally, a bio pharma company, Biomarn ticker bm RN. It's up seventeen percent because jump since November twenty sixteen on deal News. They agreed to buy Amicus Therapeutics for about four point eight billion dollars. And this is a company that has treatments for rare diseases, so investors are taking this as now Biomarn is going to be able to expand its portfolio of treatments and it has pricing power for these rare diseases.
They all do the stock Moover's report from Bloomberg Radio. Check back with us throughout the day for the latest roundup of companies making news on Wall Street and for the latest market moving headlines. Listen to Bloomberg Radio Live. Catch us on YouTube, Bloomberg dot com, and on Applecarplay and Android Auto with the Bloomberg Business app.