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Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

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Speaker 2: The Stock Movers Report, your roundup of companies making moves

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Speaker 2: in the stock market. Harnessing the power of Bloomberg Data.

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Speaker 3: Let's take a look at some stocks on the move today.

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Speaker 3: I'm Nathan Hager, joined by Bloomberg's Valerie Titel in a

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Speaker 3: mostly positive morning, Valerie, but not for Nike. Wow, this

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Speaker 3: stock's got clobber this morning.

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Speaker 1: Good morning, no Santa rally for Nike. I'm afraid Nike

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Speaker 1: shares are down some ten percent in pre market trade.

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Speaker 1: This comes after their results after the bell. They warned

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Speaker 1: that sales will be declining this quarter amid persistent weakness

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Speaker 1: in China, which is a surprising turn of events after

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Speaker 1: two straight periods of sales growth for Nike. They also

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Speaker 1: said that their Converse brand was another weak point. Sales

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Speaker 1: plunged thirty percent in the latest quarter. The CEO characterized

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Speaker 1: the company's rebound as still in the middle. N so

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Speaker 1: is still positive about the road ahead. But Nike shares

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Speaker 1: getting pummeled this morning, down ten percent in pre market trade.

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Speaker 3: Well, one stock not getting pummeled for a change now.

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Speaker 3: Valerie is oracle. Of course, we saw the earnings earlier

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Speaker 3: this week, but this morning looks like it's come out

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Speaker 3: on top of the TikTok rais. Yeah, that's right.

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Speaker 1: Oracle shares are hired by close to five percent in

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Speaker 1: pre market trade, rising on the news that will own

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Speaker 1: fifteen percent of TikTok Us Now. TikTok unveiled a long

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Speaker 1: delayed plan to separate from its Chinese parent, Byte Dance.

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Speaker 1: They've signed binding agreements to create a US joint venture

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Speaker 1: of a majority owned by American investors, Oracle being the lead,

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Speaker 1: Silver Lake and MGX are also taking part. They will

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Speaker 1: take a combined fifty percent stake in TikTok us Now.

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Speaker 1: This joint venture will operate as an independent entity that

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Speaker 1: will control the data protection, the content moderation, the algorithm,

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Speaker 1: all of the security that the US wanted in their

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Speaker 1: own hands instead of on China ground. But previously, the

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Speaker 1: value of the deal Nathan was flagged around fourteen billion.

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Speaker 1: We'll wait to see if that's confirmed, but perhaps we're

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Speaker 1: seeing such a strong market reaction to Oracle given that

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Speaker 1: maybe fourteen billion was a deal when compared to the

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Speaker 1: valuations of TikTok Us, which is on most days the

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Speaker 1: most highly downloaded app on the App Store and Apple Yeah.

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Speaker 2: No kidding.

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Speaker 3: I guess we're going to have to keep an eye

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Speaker 3: on pharmaceutical stocks today because we're hearing reports that there

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Speaker 3: could be an announcement on them this afternoon.

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Speaker 1: Yeah, this is a Reuter's report that drug makers are

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Speaker 1: expected on Friday to announce agreements with the US to

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Speaker 1: lower certain prescription drug prices. Now, in this Reuter's report,

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Speaker 1: they mentioned ab Vy, Bristol Myers, Jilliad, and Mark. So

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Speaker 1: we're seeing some of these shares trade softly in US

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Speaker 1: pre market. Jilliad is down one point two percent, Mark

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Speaker 1: down two tenths of one percent, Avvy down around two

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Speaker 1: tenths of one percent. So get a lot still to

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Speaker 1: make out from this report, but it does follow a

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Speaker 1: string of more positive reports about European drug makers coming

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Speaker 1: to agreements with the US and having those tensions ease

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Speaker 1: around prescription drug pricing. So one to watch.

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Speaker 3: And we'll be watching FedEx as well because it seems

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Speaker 3: like investors are trying to figure out how they want

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Speaker 3: to react to the earnings from the shipping giant.

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Speaker 1: Yeah, FedEx shares are in the red, down just shy

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Speaker 1: of one percent, and this comes after. I think investors

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Speaker 1: are wanting results from their sweeping network overhaul and where

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Speaker 1: didn't necessarily get them fast enough. In the results after

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Speaker 1: the bell yesterday, a string of cost headwinds in the

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Speaker 1: results from the previous quarter was something that investors drove

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Speaker 1: attention to. One of those is a cost headwind around

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Speaker 1: the grounding of some of its planes. But the CEO

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Speaker 1: told investors of this network overhaul the efforts to reduce

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Speaker 1: structural cost will lead to significant improvements and profitability, but

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Speaker 1: it like the market wants to see them sooner rather.

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Speaker 2: Than lander the stockmover's report from Bloomberg Radio. Check back

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Speaker 2: with us throughout the day for the latest roundup of

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Speaker 2: companies making news on Wall Street and for the latest

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Speaker 2: market moving headlines. Listen to Bloomberg Radio Live, catch us

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Speaker 2: on YouTube, Bloomberg dot com, and on Applecarplay and Android

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Speaker 2: Auto with the Bloomberg Business app.