Infinera Soars After $2.3 Billion Deal to Be A🍃cqu🅷ired by Nokia

Shares of Infinera (INFN) soared in premarket trading Friday, a day after the optical networking solutions company agreed to be acquired by Finnish telecommunications firm Nokia (NOK) for $2.3 billion.

The deal values California-based Infinera at $6.65 per share, and will be paid at least 70% in cash, with shareholders also able to receive up to 30% of the deal's value in 澳洲幸运5官方开奖结果体彩网:American depositary shares (ADSs) of Nokia, the companies said Thursday.

Infinera manufactures a number of networking-related products like optical semiconductors, meaning the acquisition can give Nokia larger exposure to the 澳洲幸运5官方开奖结果体彩网:artificial intelligence (AI) data center market that has seen increa𝓰sed demand in the last year.

The deal is set to close in the first half of next year assuming it's approved by Infinera shareholders and U.S. regulators, and Nokia said it expects to see an estimated 200 million euros ($214 million) in "net comparable operating profit synergies by 2027."

Infinera shares soared about 17% to trade at $6.16 late in the session Friday. 澳洲幸运5官方开奖结果体彩网:American deposi𝔍tary receipts (ADRs) of Nokia were up about 1%.

-Aaron McDade

Rocꦐket Pharmaceuticals Falls as FDA Delays Approval of Gene Therapy Treatment

Rocket Pharmaceuticals (RCKT) shares declined in intraday trading Friday after the biopharmaceutical firm announced that the 澳洲幸运5官方开奖结果体彩网:Food and Drug Administration (FDA) wants more data about its gene therapy to treat a rare immune disorder in childr🥀en before granting approval.

The company reported that the FDA sent it a Complete Response Letter (CRL) asking for “limited additional Chemistry Manufacturing and Controls (CMC) information to complete its review” of the drug, called Kresladi.

This is the second time the FDA 𓂃has delayed a decision on Kresladi, which is designed to treat severe leukocyte adhesion deficiency-I (LAD-I). Rocket had anticipated action by the end of March, but officials extended that by three months, also because of questions about CMC.

Shares of Rocket Pharmaceuti🍸cals were down nearly 4% Friday afternoon, and have lost more than 30% of their value year-to-🍎date.

-澳洲幸运5官方开奖结果体彩网:Bill McColl

𓆉Trump Media Stock Seesaws After First 🅷Presidential Debate

Trump Media & Technology Group (DJT) shares surged in early trading Friday before turning lower, one day after the 澳洲幸运5官方开奖结果体彩网:first 2024 presidential debate Thursday night.

The parent company of Donald Trump’s social media site Truth Social saw its stock price💜 climb more than 9% ahead of the opening bell Friday, though shares reversed course after the opening bell and were about 6% lower in ♐early afternoon trading.

The stock has experienced significant 澳洲幸运5官方开奖结果体彩网:volatility since it merged with Digital World Acquisition Corp. and 澳洲幸运5官方开奖结果体彩网:became a public company in March.

The swing in Trump Media shares Friday came after a majority of debate viewers polled by CNN, which hosted the debate, said they believed Trump won the debate. About two-thirds of respondents said Trump gave a stronger performance than President Joe Biden.

Other stocks associated with the former president's campaign experienced similar swings. Rumble (RUM), an online video platform popular among conservatives, reported a record number of live-stream viewers during the debate Thursday, and its stock climbed early Friday before dropping about 3% later in the session.

-澳洲幸运5官方开奖结果体彩网:Andrew Kessel

What Friday's Inflation Report Tells Us About Future Interest Rate Cuts

The Federal Reserve's preferred measure of inflation slowed down in May, 澳洲幸运5官方开奖结果体彩网:buoying hopes of interest rate cuts.

Prices as measured by the Personal Consumption Expenditures (PCE) index, rose by a negligible amount over the month. It was the slowest pace of inflation since November.

"It is just additional news that monetary policy is working—inflation is gradually cooling," said San Francisco Federal Reserve Bank President Mary Daly in an interview on CNBC after the numbers were released.

The new PCE data supports economists' and traders' view that a central bank rate cut is imminent. Traders are still firm in their belief that a rate cut is likely in September, pricing in a 68% chance, according to the CME Group’s FedWatch tool. The chances were up slightly from the week before and up more than 20 percentage points from a month ago.

"Officials will want to see a few more encouraging inflation reports before beginning to cut interest rates, but they will not wait until inflation falls to their 2% target," wrote Michael Pearce, Deputy Chief U.S. Economist at Oxford Economics. "We still expect the Fed to begin cutting rates in September, and once per quarter thereafter."

-澳洲幸运5官方开奖结果体彩网:Taylor Tompkins

Watch for These Levels as Nike Shares Plummet

Nike (NKE) shares dropped more than 19% to about $76 Friday morning after the athletic apparel and equipment maker 澳洲幸运5官方开奖结果体彩网:reported ಞweaker-🌠than-expected quarterly revenue and cut its sales outlook.

Nike shares trended sharply lower between late February and early April after the 50-day 澳洲幸运5官方开奖结果体彩网:moving average (MA) crossed below the 200-day MA to form a bearish 澳洲幸运5官方开奖结果体彩网:death cross signal. Since that time, the stock has oscillated within a 澳洲幸运5官方开奖结果体彩网:rising wedge, a chart pattern that indicates a continuation🎐 of the current longer-term downtrend. 

Investors ca𓆏n use the measured move technique to project where Nike shares may be heaﷺded after their post-earnings slump.

To do this, we calculate the distance in dollars of the most recent downtrend preceding the rising wedge and deduct that amount from the pattern’s lower 澳洲幸运5官方开奖结果体彩网:trendline. In this case, we subtract $18 from $93 to arrive at a 澳洲幸运5官方开奖结果体彩网:price target of $75. 

This provides a possible area on the chart where bargain hunters may look for buying opportunities. Amid further weakness, it’s also worth monitoring if a prominent 澳洲幸运5官方开奖结果体彩网:swing low that formed on the chart in October 2022 provides support around $82.

-澳洲幸运5官方开奖结果体彩网:Timothy Smith

Stocks Making the Biggest Moves in Early Trading

Gains:

• Trump Media & Technology Group (DJT): Shares of the former President’s media company, which operates the social media platform Truth Social, gained about 3% Friday morning following the first presidential debate of 2024.
• Infinera (INFN): Shares jumped 18% after Finnish telecommunications company Nokia (NOK) 澳洲幸运5官方开奖结果体彩网:announced plans to buy the semiconductor manufacturer for $2.3 billion.
• UnitedHealth Group (UNH): The healthcare giant’s stock rose 2% after announcing a $20 million settlement with the Department of Justice Thursday over claims that OptumRx, one of United’s subsidiaries, illegally filled opioid prescriptions that should have raised red flags over potentially not being for medical use.

Losses:

• Nike (NKE): The apparel giant’s stock slumped 18% after 澳洲幸运5官方开奖结果体彩网:earnings released after the bell Thursday contained revenue below expectations and a subpar outlook for fiscal 2025. Other apparel stocks like Skechers (SKX), Under Armour (UA), and Lululemon (LULU) were also lower.
• Rocket Pharmaceuticals (RCKT): Shares of the drugmaker fell 6% after the company said the FDA had turned away one of its products, requesting more information on the drug meant to treat an immunodeficiency disorder in children.
• Chewy (CHWY): The pet-focused e-commerce company’s shares fell 10%, coming back down to earth after 澳洲幸运5官🐲方开♈奖结果体彩网:getting caught in the meme stock craze and skyrocketing Thursday when Keith Gill, also known as “Roaring Kitty,” posted a dog-related meme on X.

Stock Futures Remain in Green Despite PCE Drop

Futures contracts connected to the Dꦜow Jones Industrial Average were up less than 0.1% in premarket trading on Friday.

S&P 500 futures were up 0.2%.

Nasdaq 100 futures gained 0.3%.