Nike Results; Amazon Upgrade; Nvidia Nears Record | Stock Movers

On this episode of Stock Movers:

- Nike (NKE) shares are on the upswing this morning after forecasting a smaller-than-expected drop in revenue for the current quarter, a sign that the sportswear company’s earnings trend may have hit an inflection point, analysts say. That comes after a string of strategic moves from CEO Elliott Hill, including a refocusing on sports and a cleanup of inventories.

- Lululemon (LULU) shares are being lifted by Nike's gains along with the broader retail sector. It comes after Lululemon recently announced layoffs.

- Amazon (AMZN) is up this morning after it was upgraded to outperform from neutral at BNP Paribas Exane, which viewed the company as the most likely to meet or beat consensus profit expectations through 2030 among hyperscalers, alongside Microsoft. Meanwhile, Alphabet is downgraded to neutral. With capital expenditure for the big four hyperscalers reaching record highs, analyst Stefan Slowinski sees depreciation to sales ratios rising from 6% to 18% by 2030

- Nvidia (NVDA) shares are rising as it is close to becoming the first company to reach a $4 trillion market capitalization, after its shares rallied back to a record following a plunge earlier this year. The company's biggest customers, including Microsoft, Meta, Amazon, and Alphabet, are projected to increase their spending on computing infrastructure, with annual AI spending expected to rise to nearly $2 trillion by 2028.

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Nike Results; Amazon Upgrade; Nvidia Nears Record