Nike (NKE) shares close the week higher after reporting a first-quarter earnings beat. Wonder Group has reached a deal with Blue Apron (APRN) to acquire the meal kit company for $103 million. Lastly, Bank of America analysts upgrade Anheuser-Busch's (BUD) stock to a "Buy" rating. Yahoo Finance's Julie Hyman and Josh Lipton highlight several of the day's trending stocks after Friday's closing bell. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Growth stocks have become more expensive this year as investors gained confidence that the U.S. economy will avoid a recession in the near future. The Nasdaq Composite, home to many of these high-flying investments, is up nearly 30% so far in 2023. Lululemon Athletica (NASDAQ: LULU) had a great run when consumers were eagerly spending in 2021 and 2022, and its momentum has continued into the post-pandemic period.
Shares of On Holding (NYSE: ONON), the footwear company best known for its running shoes, were moving higher today in sympathy with Nike (NYSE: NKE) after the sportswear giant jumped on better-than-expected results in its fiscal first-quarter earnings report. As a result, On stock was up 6.2% as of 12:31 p.m. ET, while Nike was up by the same percentage. There was no company-specific news out regarding On Holding, but the results and comments from Nike seemed to be enough to give it a tailwind today.