Premarket Movers: Synaptics Surges on Takeover Deal, Nike Sinks on China Slump
US equity futures pushed higher before Friday's open. Dow E-minis were up 259 points, or 0.51%, with S&P 500 futures ahead 0.48% and Nasdaq 100 futures up 0.73% by 06:46 ET. Treasury yields eased as traders cut the odds of an October hike, with a 76% probability now assigned to no change.
Nike sank ~10.7% in premarket trading after fiscal first-quarter revenue came in below the LSEG consensus. Sales dropped 4%, dragged down by a 26% drop in Greater China sales, and the company flagged a steep annual revenue decline plus job cuts in 2027. Chief executive Elliot Hill said the recovery would not be quick.
Synaptics surged more than 14% before the bell. ON Semiconductor agreed to buy the chipmaker for $123 a share in cash.
ON Semiconductor rose over 7% on the other side of the transaction. The deal is now worth $5.7B, down from the $7B price agreed earlier.
Seagate Technology sank more than 11% following a Nikkei report that Toshiba plans to double output of data center hard disk drives.
Western Digital fell over 8% on the same report. Toshiba intends to spend $380M expanding plants in the Philippines.
Index changes shuffle holdings
Vylor edged higher after joining the S&P 500. The seeds and genetics business completed its spin-off from Corteva on Oct. 1 and took its predecessor's index slot.
Corteva stayed in focus after handing over its seed arm. The remaining company moves down to the S&P MidCap 400.
Moderna gained 2% in premarket trading. The vaccine maker is set to enter the Nasdaq-100 ahead of the Oct. 9 open.
Nexalin Technology sank over 18% despite announcing a 10-year manufacturing and distribution tie-up with Inovanexa Medical Technologies. The arrangement clears its Nexalin Sync neurostimulation device for sale in seven South American markets.
Tesla climbed 1% ahead of its third-quarter production and delivery figures. The numbers are due later in the session.
Traders are waiting on September nonfarm payrolls, the main scheduled release of the day, after Brent crude slid below $100 a barrel on talk that the European Union weighed further diesel and crude stock releases.
