Midday movers: Nike, Karuna Therapeutics and more

Investing.com – Main U.S. indexes rose Friday in light volume ahead of the Christmas holiday as inflation data lifted hopes the Fed will begin lowering interest rates in the first quarter of next year.

Here are some of the biggest U.S. stock movers today:

Nike (NYSE: NKE) stock fell 11% after it reported better-than-expected second quarter results but warned about softer 2nd-half revenue due to cautious consumers. Foot Locker (NYSE: FL), Under Armour (NYSE: UAA), Lululemon (NASDAQ: LULU), and other footwear and apparel makers declined in sympathy.

Tencent stock fell 11% and Netease (Nasdaq: NTES) stock fell 15% Friday after China authorities unveiled more regulations aimed at curbing player spending on online gaming. A handful of other China internet stocks listed as ADRs in the U.S. also declined, including Alibaba (NYSE: BABA) and PDD Holdings (Nasdaq: PDD).

Karuna Therapeutics Inc. (NASDAQ: KRTX) stock climbed 47% after Bristol Myers Squibb (NYSE: BMY) agreed to acquire Karuna for $330 per share in cash, for a total equity value of $14 billion. Bristol Myers Squibb shares were up 2.7%.

ANSYS (NASDAQ: ANSS) stock rose 9.7% early on Friday after a report from Bloomberg said the company is weighing options including a sale following takeover interest.

Cummins Inc (NYSE: CMI) stock fell 2.8% after it reached an agreement in principle to resolve U.S. regulatory claims regarding its emissions certification and compliance process for certain engines primarily used in pick-up trucks.

By Louis Juricic

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