Trump says he doesn’t want Apple building products in India
President Trump on Thursday said he told Apple CEO Tim Cook that he doesn’t want tech giant building its products in India. Shares of Apple dipped about 1% in premarket trading.
“I had a little problem with Tim Cook yesterday,” Trump said. “I don’t want you building in India.”
Apple has been ramping up production in India with the aim of making around 25% of global iPhones in the country in the next few years as it looks to reduce reliance on China.
— Yun Li, Arjun Kharpal
Foot Locker stock up more than 80% as Dick’s acquisition officially announced
Foot Locker store location on 34th street in New York City.
Courtesy: Foot Locker
Shares of Foot Locker surged more than 80% in premarket trading as the retailer and Dick’s Sporting Goods announced a takeover deal. The announcement confirms a previous report by the Wall Street Journal.
The acquisition will involve Dick’s paying $24 per share in cash for the smaller company, the companies said. Foot Locker shareholders can also elect to receive stock instead of cash.
Shares of Foot Locker closed at $12.87 per share on Wednesday, down roughly 41% year to date.
Shares of Dick’s were down more than 8% in premarket trading.
— Jesse Pound
Oil prices tumble after Trump raises hope of Iran nuke deal
Crude oil futures fell more than 3% on Thursday after President Donald Trump said the U.S. is holding serious negotiations with Iran that could result in a nuclear deal.
“We’re in very serious negotiations with Iran for long-term peace,” Trump said in Doha, Qatar.
U.S. crude oil was down $2.24, or 3.55%, at $60.91 per barrel. Global benchmark Brent fell $2.18, or 3.3%, to $63.91 per barrel.
A top advisor to Iran’s supreme leader told NBC News Tuesday that the OPEC producer was ready to sign a nuclear deal with certain conditions.
— Spencer Kimball
Walmart rises on earnings beat
Walmart reported better-than-expected earnings, sending shares higher by more than 2% in the premarket.
The company posted an adjusted profit of 61 cents per share, beating an LSEG estimate of 58 per share. Revenue of $165.61 billion was about in line with the consensus forecast of $165.84 billion.
But CFO John David Rainey warned that tariffs are still too high, even after the U.S. and China agreed to lower duties for 90 days.
“We’re wired for everyday low prices, but the magnitude of these increases is more than any retailer can absorb,” he said. “It’s more than any supplier can absorb. And so I’m concerned that consumer is going to start seeing higher prices. You’ll begin to see that, likely towards the tail end of this month, and then certainly much more in June.”
— Fred Imbert
Jefferies upgrades Petrobas to buy rating on new cost-cutting measures
Jefferies upgraded shares of Petrobas to a buy rating from hold in a Thursday note. Analyst Alejandro Anibal Demichelis’ price target of $15.30 is approximately 26% above the stock’s Wednesday closing price of $12.15.
Shares of Petrobas have slipped nearly 6% this year and have plunged 28% over the past 12 months, opening up an attractive entry point for investors, Demichelis wrote.
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PBR YTD chart
“PBR shares are down 28% LTM, materially lagging peers and the Brazilian index, and now trade on 3.4x EV/DACF 2026E, a c25% discount to global peers. We see this as an undemanding valuation, relative to historical multiples, and see room for PBR to re-rate near term as the more discipline capital allocation push removes market concerns,” the analyst said.
Meanwhile, new cost-cutting efforts have significantly improved the company’s risk/reward ratio. In a recent conference call, Petrobas’ CEO confirmed that, with current oil prices in mind, the company will focus more towards cost-cutting, project simplification and capital discipline measures.
“PBR mgmt’s aim to cut costs to weather lower oil prices and base dividend commitment positively skews the risk/reward for the stock, in our view,” Demichelis added. “In addition, the ramp up of new platforms should offer some upside to PBR’s FY25 output growth target of 5%.”
— Lisa Kailai Han
Cisco Systems rises after earnings beat
Cisco Systems was the best performer in the S&P 500 in the premarket, rising nearly 4% after the tech company reported fiscal third-quarter results that beat expectations.
The company earned an adjusted 96 cents per share on revenue of $14.15 billion. Analysts polled by LSEG expected a profit of 92 cents per share on revenue of $14.08 billion.
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CSCO rises
UnitedHealth Group tumbles after WSJ reports the insurer is facing a probe from the Justice Department
Shares of UnitedHealth Group slid Wednesday night after The Wall Street Journal reported, citing people familiar, that the Justice Department is investigating the insurer.
The people told the Journal that the probe centers on UnitedHealth’s Medicare Advantage business practices.
“We have not been notified by the Department of Justice of the supposed criminal investigation reported,” a UnitedHealth spokesman later told CNBC. “We stand by the integrity of our Medicare Advantage program.”
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UnitedHealth shares in the past day
Shares of UnitedHealth were last down 8%, dragging down Dow futures.
–Darla Mercado, Bertha Coombs
Wholesale inflation reading due on Thursday
Traders are looking ahead to the producer price index, a measure of wholesale prices, due on Thursday morning.
Economists polled by Dow Jones anticipate the April’s producer price index grew by 0.3% from the prior month. They also estimate that the core reading, which excludes food and energy prices, rose 0.3% in the period.
April’s consumer price index helped lift investors’ sentiment this week. Headline CPI climbed 0.2% for the month, bringing the 12-month inflation rate to 2.3%. The monthly result was in line with Dow Jones consensus estimates, while the 12-month reading came in slightly below the forecast for 2.4%.
–Darla Mercado
Stocks making the biggest moves in extended trading
Several stocks made major moves in after-hours action on Wednesday evening.
Foot Locker – Shares of the sports apparel retailer soared 67%. The Wall Street Journal reported, citing sources familiar with the matter, that Dick’s Sporting Goods is closing in on a deal to buy the company for roughly $2.3 billion or about $24 per share. Shares of Dick’s Sporting Goods slid about 6%.
Cisco Systems – Shares of the networking tech company jumped 2% after fiscal third-quarter results topped estimates. Cisco posted adjusted earnings of 96 cents per share on revenue of $14.15 billion, while analysts polled by LSEG sought 92 cents per share on revenue of $14.08 billion. Cisco’s finance chief Scott Herren will also retire in July.
CoreWeave – The artificial intelligence infrastructure company saw shares fall about 6%. CoreWeave posted a loss of $1.49 per share, but beat the Street’s estimates on first-quarter revenue. Revenue surged 420% in the quarter on a year-over-year basis. It’s CoreWeave’s first quarterly report since it debuted on the public markets.
Read more about after-hours movers here.
–Darla Mercado
Stock futures open little changed on Wednesday evening
Futures traded near the flatline Wednesday night.
S&P 500 futures slipped 0.1%, as did Nasdaq 100 futures. Dow Jones Industrial Average futures lost 38 points, or roughly 0.1%.
—Darla Mercado