Nike (NKE) stock is climbing after being upgraded to Overweight from Neutral by JPMorgan, citing the company’s effective turnaround efforts. The firm also raised its price target for the stock to $93.

Copper mining company Freeport-McMoRan (FCX) stock is falling after a Chilean official said there may be a US tariff exemption for copper (HG=F).

Alibaba (BABA) announced its first pair of smart glasses. The Quark glasses will use the company’s large language model (LLM).

To watch more expert insights and analysis on the latest market action, check out more Market Catalysts here.

Video Transcript

Now, time for some of today’s trending tickers.

We are watching Nike, Freeport McMoRan, and Alibaba.

First up, Nike shares climbing this morning.

It got an upgrade from JPMorgan.

Analysts are upping the stock to overweight from neutral and raising their price target to $93.

They cited Nike’s turnaround plans, expecting recovery to begin in the second half of 2026, and the call, by the way, follows Goldman Sachs’ price target raised earlier this month on the basis of strong consumer demand and adjustments for tariff rates, as some of Nike’s biggest producers, including Vietnam and Indonesia, have reached trade deals with the US.

Still with me is Brooke De Palma, who tracks Nike closely.

So Brooke, it is interesting to see sentiment turning a little bit when it comes to Nike.

Yeah, very surprising compared to where we were a year ago.

We are seeing that stock move higher, up 9% year over year as the CEO there, Elliott Hill, who was named last fall, really makes this turnaround play or turnaround strategy get underway.

Of course, he’s trying to implement more consistent pricing, not as many price cuts that we’ve seen in the past.

He’s also trying to return to some of those wholesale partners like Foot Locker or Dick Sporting Goods worth noting.

Dick’s Sporting Goods has recently agreed to acquire Foot Locker and what we’ve seen over this past year is really this momentum for Nike to get underway to gain back its relevance.

It’s since lost to maybe Hoka as well as on running over these past few years as the strategy and the move to direct consumer came underway.

It’s also worth noting, as you mentioned at the top, these tariff negotiations have really taken a toll on Nike, Indonesia, Vietnam, China.

Those are some sourcing regions for Nike and so seeing this company overcome all those tariff negotiations and come out on top is what investors are really looking for here as well.

Yeah, definitely demand and cost both in focus here.

Let’s talk about shares of copper miner Freeport McMoRan.

They’re taking a hit after the finance minister of Chile said in an interview with a Chilean radio station that the country is hoping to receive an exemption on the US’s 50% tariff on copper.

Import shares of Freeport dropping as much as 5%.

Right now they’re down by about 3%, and this is while that Chilean finance minister’s in Washington and doing some talks with the US on here.

Freeport, one of the big producers here in the US, so the thinking was if there was this 50% tariff that stayed in place, Brooke, that you know that that Freeport and other US producers could maybe have an advantage.

So that’s going away, it seems the investors perceiving the opposite is true.

Yeah, we’re seeing this in line with copper futures.

Copper futures that ticker HG equals down about 3% in intraday trading as well.

And when you think about just how much copper makes up, it has to do with electronics.

It also has to do with automobiles, you know, vehicles have copper in them.

In addition to that, we also know that the home builder industry also has to do with.

Copper Essentially copper makes up all our electrical wires at home.

And so ultimately what was thought here was that copper was going to cost more, that consumers here in the US would have to pay higher for these these copper rates.

But now based on this latest announcement, then maybe we’re hoping for a bit of trade negotiation here and these copper tariffs to go away now essentially.

We’re reversing maybe those gains that we’ve seen copper over the past say really 2 months is up more than 20% or nearly 21%, and that’s largely once again because of this idea that copper was going to cost more here, right?

And finally on our trenders list, Alibaba, it’s debuting its first ever pair of smart glasses.

The Chinese e-commerce giant sharing the first look at its glasses.

They’re called Quark.

They’ll be powered by its large language model.

They’ll be equipped with its AI assistant and similar to Meta Glasses, the new Alibaba product can be used to make calls, listen to music, transcribe, or translate conversations.

Alibaba says the glasses will be released in China by the end of the year.

Those shares up about 2.5% in the US trading.

Would you wear these things?

Have you tried the Meta Glasses yet, Brooke?

Julie, I have never tried the glasses, but I was recently at a wedding.

I’ve been to many weddings so far this year and one of the guests there was actually recording one of the speeches with the glasses, and I was like this is the future and clearly now Alibaba wants a piece of that future in their hands as well.

We are seeing Alibaba shares once again as you said, move a bit higher on this new shares are up about.

2.5% year to date, Alibaba has really had this momentum behind it, of course, being a Chinese e-commerce giant, shares are up more than 46% year to date, and so it’s been pretty interesting to see how this Chinese e-commerce player has been able to come on to.

Now they’re getting into this conversation, of course, me out this week.

It will be interesting to hear if they have anything to say about their recent partnership with Ray-Ban as well.

Julie, have you tried them though?

I haven’t, but I love the idea of recording things with them because like nobody likes to be at something and you’ve got your, your phone up right this way.

You just look I like that.

I like it.

All right, thank you.

Hope you enjoy the rest of wedding season and you can scan the QR code below to track the best and worst performing stocks with Yahoo Finance’s trending tickers page.