Nike, Foot Locker shares plunge on weak sales outlook
Nike shares plunged Friday after the athletic apparel maker cut its revenue outlook for the fiscal year, with sneaker retailer Foot Locker also feeling the blow. Nike fell more than 11%. Foot Locker, which relies heavily on Nike products in its stores, was down about 4%. Shares of Nike are on track for their worst […]
Opinion: The inflation challenge of 2024
As 2023 draws to a close, there are many known unknowns – especially on the geopolitical front – and presumably as many unknown unknowns lurking on the horizon. Producing any forecast for the global economy is thus more difficult than usual. For their part, investment houses seem to be expecting a further slowdown in 2024, […]
Bristol Myers Squibb to buy Karuna Therapeutics
Bristol Myers Squibb on Friday announced it agreed to buy biopharmaceutical company Karuna Therapeutics for $14 billion in cash, or $330 per share. Karuna’s stock popped more than 47% on the news Friday morning, hitting around $317 a share. Bristol Myers Squibb shares rose more than 3%. The deal will help expand Bristol Myers’ drug […]
Consumers are feeling better about the economy. Is the ‘vibecession’ ending?
The bad vibes around the economy may finally be dissipating. Consumer confidence jumped in December to a five-month high of 110, according to the nonprofit Conference Board — a fresh sign of optimism from a survey that has shown continued signs of Americans’ economic discontent over the past year. Some experts are taking that as […]
Chick-fil-A stronger than ever amid more competition
A Chick-fil-A meal is displayed at a Chick-fil-A restaurant in Novato, California, on June 1, 2023. Justin Sullivan | Getty Images Every restaurant chain from McDonald’s to Popeyes wants to take down Chick-fil-A, but its hold over customers is tighter than ever. Since its founding in 1967, Chick-fil-A has grown to become the third-largest restaurant […]
New car sales expected to rise next year
New Kia cars are displayed on the sales lot at San Leandro Kia on May 30, 2023 in San Leandro, California. Justin Sullivan | Getty Images DETROIT – Sales of new vehicles in the U.S. are expected to increase slightly next year, as the automotive industry continues to normalize from the coronavirus pandemic and other […]
NetEase sinks 20%, Tencent 11% after China proposes new rules for online gaming companies
Shares of Chinese NetEase Inc. and Tencent Holdings Inc. fell sharply on Friday after authorities announced draft rules to crack down on spending and rewards in online gaming. In a statement, China’s National Press and Publication Administration, the top gaming regulator, proposed curbs on excessive spending on games by consumers, and bans on rewards from […]
AI is giving Santa a boost this holiday season
Manonallard | E+ | Getty Images For many Americans, it’s the first holiday season when most of the family may know the term “artificial intelligence” if it comes up during Christmas dinner. Just don’t expect AI to do the heavy lifting for Santa quite yet. The rise of generative AI — and the use of […]
Nike shares dive, company eyes $2 billion in cost cuts amid ‘softer’ outlook
Shares of Nike Inc. tumbled after hours Thursday after the athletic-gear giant warned of a “softer second-half revenue outlook” on its quarterly earnings call, and said it is targeting up to $2 billion in cost cuts over the next three years as it looks to shed management and focus on women customers and its Jordan […]
Nike (NKE) earnings Q2 2024
A customer enters a Nike store along the Magnificent Mile shopping district in Chicago on Dec. 21, 2022. Scott Olson | Getty Images Nike on Thursday unveiled plans to cut costs by about $2 billion over the next three years as it lowered its sales outlook. The stock fell about 10% after hours. Nike shares […]
