Welcome to Seeking Alpha's Wall Street Breakfast, where we cover the top news for investors every morning.

We've made it to the final Friday in June. It's Friday, June 27th. I'm Julie Morgan.

Nike delivers a win. Unilever adds a premium brand and there's rare earth progress with China.

Nike's fiscal fourth quarter results were better than Wall Street feared and in line with the company's own modest expectations.

Nike anticipated a lackluster quarter as its transition plan under its new CEO continues to gain traction.

But despite the cautious tone,

the results included a top and bottom line beat as well as as expected North American, China,

and EMEA sales. For the reported quarter, Nike earned an adjusted profit of 14 cents per share,

down 86% from last year, but two cents better than expected. Total sales

were down 12% to 11.1 billion, beating the consensus estimate of 10.72 billion. Gross margin narrowed

by 440 basis points to a slightly better than expected 40.3%. Management identified new tariffs as a new

and meaningful cost headwind, estimating a $1 billion impact and outlining mitigation strategies,

including supply chain optimization, phase price increases, and cost reductions.

Pre-market Nike is up 10% after gaining more than 2% on Thursday.

The White House has announced a framework agreement with Beijing agreeing to supply rare

earths in exchange for the lifting of U.S. countermeasures.

China signaled on Friday that it would approve the deal in a statement from the country's

Ministry of Commerce.

U.S. Commerce Secretary Howard Lutnik also told Bloomberg on Thursday that President Trump

was also prepared to finalize a slate of trade deals in the coming two weeks in connection

with the president's July 9th deadline

to reinstate higher tariffs he paused in April.

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