Shares of companies active in Friday's early trade are Nike Inc., Cisco Systems, Lorillard Inc., LDK Solar Co., Celera, Under Armour and Longtop Financial Technologies.
Shares of Nike (NYSE: NKE) plunged 9 percent to $78.90 in early trading after the company reported lower-than-expected third quarter profit on weaker margins and higher costs. The company posted quarterly net income of $523 million or $1.08 per share compared to $497 million or $1.01 per share in the same quarter last year, while analysts estimated net income of $1.11 per share.
Under Armour, Inc. (NYSE: UA) declined 5.8 percent to $63.19 in early trade after weak results from sector rival Nike.
LDK Solar Co. (NYSE: LDK) fell 8.5 percent to $11.45. The Chinese solar PV maker posted earnings per ADR of $1.09 for the fourth quarter on revenue of $921 million, higher than estimates for earnings per ADR of $0.90 and revenue of $871 million. The company’s first quarter forecast was generally in-line with estimates.
Cisco Systems, Inc. (NASDAQ:CSCO) rose 2 percent to $17.33 after the company said it intends to pay a cash dividend to shareholders for the first time.
Lorillard, Inc. (NYSE: LO) gained 8 percent to $85.10 in early trade. According to a report from Wall Street Journal, a U.S. Food and Drug Administration panel said removal of menthol cigarettes from the U.S. market would benefit the public health.
ADR's of Longtop Financial Technologies Limited (NYSE: LFT) surged 12 percent to $33.50 in early trade on Friday. In the past 52 weeks, the stock has traded in the range of $32.48 to $34.79.
Shares of Celera Corp. (NASDAQ:CRA) climbed 31.18 percent after Quest Diagnostics Inc. (NYSE: DGX) announced an agreement to acquire the diagnostics kit maker for $8 per share to gain immediate access to genetic tests and pipeline of biomarkers.