Nike Slips, Airlines Surge, Apellis Pharma Soars

On this episode of Stock Movers:

- Nike (NKE) shares slipped despite reporting better-than-expected sales on concerns that the war in Iran could exacerbate weakness in the region that includes Europe and the Middle East and disrupt the sportswear company’s turnaround. Sales were $11.3 billion in the company’s fiscal third quarter, surpassing the average of estimates compiled by Bloomberg but flat from a year earlier. While performance in China improved, the Converse brand remained a problem area and the EMEA region, which also includes Africa, missed estimates.

- Airlines climb as much as: United +8.6%, Delta +6.7%, American +6.1%. The S&P Supercomposite Airlines Industry Index jumps as much as 6.6%, the most since Feb. 6. Jet fuel prices have soared during the war, prompting warnings from across Wall Street about the financial impact on carriers and pushing the airlines index into a bear market

- Biogen has agreed to acquire Apellis Pharmaceuticals Inc. for $5.6 billion, expanding its treatments in immunology and rare diseases in one of the company’s largest-ever acquisitions.The Cambridge, Massachusetts-based biotech company will pay $41 a share for Apellis, more than double its closing price on Monday, Biogen said in a statement, confirming a Bloomberg News report. Apellis’ (APLS) stock had declined 32% so far this year through Monday’s close. Apellis shares soared 135% to $40.23 on Tuesday in New York, their largest jump ever. Biogen shares closed down 2.3%.

See omnystudio.com/listener for privacy information.