Tag Archives: Nike

U.S. stocks rallied Wednesday as strong earnings from Nike and FedEx, along with upbeat consumer confidence data, lifted sentiment after a recent bout of selling. The S&P 500 (^GSPC) surged 1.5%, while the Dow Jones Industrial Average (^DJI) jumped more than 500 points, or 1.6%. The technology-heavy Nasdaq Composite (^IXIC) also advanced 1.5%. An upbeat gauge of consumer confidence helped raise the mood on Wednesday. The Conference Board’s Consumer Confidence Index rose to 108.3 this month… Source link

Nike (NKE) is getting its inventory bloat under control, much to the delight of investors. Shares of the apparel and footwear giant surged 12% in pre-market trading on Wednesday as better-than-expected sales and earnings quieted — for now — concerns that Nike would be hammered by sluggish global economic growth. The stock is the top trending ticker on Yahoo Finance as of 5:30 a.m. ET. But the real standout from Nike’s fiscal second quarter was the company noticeably working down its excess… Source link

Brooklyn Nets point guard Kyrie Irving was suspended eight games for his refusal to condemn an antisemitic film he shared on Twitter. (Mike Stobe/Getty Images) Nike has severed all ties with Kyrie Irving a month after the apparel company suspended its partnership with the Brooklyn Nets point guard amid controversy, a spokesperson told The Athletic’s Shams Charania. The news came roughly an hour before Charania reported that Memphis Grizzlies point guard Ja Morant is the likely successor to… Source link

The consequences for Kyrie Irving are piling up after the Brooklyn Nets guard’s tweeting of an antisemitic video last week. A day after Irving was suspended at least five games without pay by the Nets, sports apparel giant Nike announced it was suspending its relationship with Irving effective immediately and canceling the launch of his Kyrie 8 signature shoe, per CNBC’s Sara Eisen. Nike denounced antisemitism in its statement: At Nike, we believe there is no place for hate speech and we… Source link

USMNT players model their 2022 World Cup kits. (Nike) Long before Nike’s Thursday release of the U.S. men’s national team’s 2022 World Cup kits, and even before the jerseys leaked last month, some USMNT players got to glimpse and even model the threads they’ll wear in November — and Weston McKennie, midfielder and fashion aficionado, “tried to tell them.” “Them” was presumably Nike and U.S. Soccer. Players, Tim Weah said, were “just as angry” as fans now are. But by then,… Source link

Nike (NKE) just stuck a size 12 basketball shoe into the groin of trusted vendor partner Foot Locker (FL) as it seeks to bank even more money from its $150-plus pairs of sneakers. Shares of Foot Locker crashed nearly 35% on Friday — wiping out about $950 million in market value — as the sneaker retailer warned on lost business from its large customer this year. Foot Locker said no single vendor (in this case Nike) is expected to represent more than 60% of its business this year, down from… Source link

(Reuters) -Peloton Interactive Inc has drawn interest from potential buyers including e-commerce giant Amazon.com Inc, according to a person familiar with the matter, as the exercise bike maker struggles to maintain pandemic-fueled growth. Shares of Peloton surged 30% in extended trading on the news, which comes days after activist investor Blackwells Capital urged the company’s board to put it up for sale. Amazon is exploring an offer for Peloton and is speaking with advisers about whether… Source link

Nike (NKE) will report fiscal second-quarter results on Monday, with analysts looking for signs about whether the athletic giant can regain momentum it lost amid ongoing supply chain strains. Analysts polled by Bloomberg predict Nike will report adjusted earnings per share (EPS) of $0.62 on revenue of $11.26 billion. Like many athletic wear brands, Nike was hit hard by COVID-19 related factory closures in Vietnam throughout the summer, as well as supply chain delays that have snared the… Source link

On Thursday after the bell, Nike (NKE) will report first-quarter results, and while most analysts believe that the sportswear giant will post strong earnings, supply chain issues as a result of factory closings in Vietnam loom large. Analysts polled by Bloomberg predict Nike will report adjusted earnings per share of $1.15 on revenue of $12.472 billion. Over the past few months, COVID-19 cases in Vietnam have continued to rise. However, its vaccination rates have continued to lag behind its… Source link

As a result of worsening supply chain disruption in Vietnam, BTIG has downgraded Nike’s (NKE) rating from Buy to Neutral. “We believe the risk of significant cancellations beginning this holiday and running through at least next spring has risen materially for NKE as it is now facing at least two months of virtually no unit production at its Vietnamese factories which accounted for 51% of footwear and 30% of apparel units,” said BTIG senior analyst Camilo Lyon, in a recent note. Over the… Source link