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Sears surges on Kenmore Amazon deal, Abercrombie launches on BABA's Tmall, Nike gets upgraded

Here’s a look at some of the stocks the Yahoo Finance team will be tracking for you today.

Dow component Nike (NKE) shares sprinted ahead in early trading after Morgan Stanley upgraded the stock to overweight from equal-weight and raised its price target to $68 from $56 per share. The firm believes the Nike’s stock will rally about 18% from Wednesday’s close as its new sneakers, such as the Air VaporMax, will improve sales growth.

Sears (SHLD) shares surged this morning following news that the embattled retailer has started selling its Kenmore appliances on Amazon (AMZN), including the full line of Kenmore Smart appliances with Amazon Alexa. It’s another way Sears is looking to boost sagging sales.

Another struggling retailer is expanding its presence in China. Abercrombie & Fitch (ANF) was higher in early trading on news it’s launching its namesake and Abercrombie kids brands on Alibaba’s (BABA) Tmall. The deal opens Abercrombie to Baba’s 54 million annual active buyers. Abercrombie’s Hollister brand has been in the Tmall since 2014.

Qualcomm (QCOM) shares fell on Thursday. The chipmaker gave a disappointing outlook for the current quarter as its ongoing legal battle with Apple (AAPL) continues to put pressure on its licensing business.