Nike Rises Premarket; Tesla and Shopify Fall

Stocks in focus in premarket trade on Wednesday, September 23rd. Please refresh for updates.

Nike (NYSE:NKE) stock soared 12% after the sports footwear retailer reported very strong numbers in the first quarter after the close Tuesday. Flat sales after a drop of 38% was particularly impressive, with the brand’s digital sales surging 82%, although margins were flattered by a lack of spending on marketing around major sports events.
Deutsche Bank (DE:DBKGn) has upgraded its investment stance to buy as a result.
Tesla (NASDAQ:TSLA) stock fell 5.5% as announcements at the electric car maker’s “Battery Day” of new, more powerful batteries and the potential of a $25,000, fully-autonomous car “in about three years time” failed to impress investors.
Shopify (NYSE:SHOP) stock fell 1.1% after the e-commerce giant announced that two “rogue members” of its support team engaged in a scheme to illegitimately obtain customer transactional records.
Stitch Fix (NASDAQ:SFIX) stock slumped 15% after the online personal styling service reported steep losses for the fiscal fourth quarter despite adding clients and growing sales.

Lululemon Athletica (NASDAQ:LULU) stock rose 2.5% after the athletic apparel retailer is set to resume its stock buyback program that had been halted because of Covid-19.

KB Home (NYSE:KBH) stock fell 3.2% despite the homebuildier reporting strong quarterly orders. However, expectations were running very strong following evidence from competitors that the pandemic has accelerated demand for new homes across the U.S.

General Mills (NYSE:GIS) stock rose 1.9% after beating quarterly sales estimates and raising its dividend, as people stuck at home due to the pandemic stocked up on its baking products and cereals.

Peloton (NASDAQ:PTON) stock rose 0.2% after Amazon (NASDAQ:AMZN), down 0.7%, denied it had any formal connection to rival exercise company Echelon Fitness so-called Prime Bike. Investors had anticipated Amazon’s entry into the growing home exercise market.