- 10 arrested for robbing Nike store in East Los Angeles KTLA Los Angeles
- ‘These Are Not Victimless Crimes’: Los Angeles Mayor Condemns 11 People Arrested for ‘Flash Mob’ Robberies In High-End Stores Yahoo! Voices
- LA’s smash-and-grab epidemic: Voters helped break California’s justice system New York Post
- Flash mob robberies: 10 arrested in undercover operation targeting retail theft at East LA Nike store KABC-TV
- 4 arrested in connection with flash mob robberies in Southern California KTLA Los Angeles
- View Full Coverage on Google News
Tag Archives: Nike
Nike responds to backlash over Dylan Mulvaney partnership, instructs customers to ‘Be kind, be inclusive’ – Fox News
- Nike responds to backlash over Dylan Mulvaney partnership, instructs customers to ‘Be kind, be inclusive’ Fox News
- Doesn’t a transgender sports bra model defeat the purpose? Washington Examiner
- Trans influencer Dylan Mulvaney SLAMMED for being made Nike Women’s ambassador by Kellie-Jay Keen GBNews
- Olympic silver medalist calls for Nike boycott after retail giant makes Dylan Mulvaney paid ambassador Fox News
- Caitlyn Jenner, others react to TikTok star and UC grad Dylan Mulvaney’s Nike partnership The Cincinnati Enquirer
- View Full Coverage on Google News
Michael Jordan’s requests for Ben Affleck’s buzzy new Nike movie ‘Air’ – AL.com
- Michael Jordan’s requests for Ben Affleck’s buzzy new Nike movie ‘Air’ AL.com
- Ben Affleck reveals Michael Jordan’s big ask for ‘Air’: ‘Has to be Viola Davis’ Fox News
- Ben Affleck, Viola Davis, Matt Damon, and Jason Bateman at Michael Jordan’s “Air” movie premiere Austin American-Statesman
- ‘Air’ Review: Ben Affleck Turns Nike’s Quest to Sign Michael Jordan Into This Generation’s ‘Jerry Maguire’ Variety
- Ben Affleck on the Demands Michael Jordan Made Before He Directed ‘Air’ Yahoo Entertainment
- View Full Coverage on Google News
Prince Harry’s ‘Spare’ ghostwriter also wrote bestselling Nike memoir
Prince Harry’s blockbuster memoir “Spare” is already a runaway success, shattering sales records as readers rush to learn details both salacious and mundane about the British royal’s life.
Though the 38-year-old has been on a media blitz promoting his book in recent weeks, the prince had help piecing together the 416-page manuscript for “Spare” in the form of superstar ghostwriter J.R. Moehringer, who has quietly written a number of other bestselling autobiographies.
Ghostwriters are writers who pen books on behalf of another party, usually without publicly receiving credit. In the case of “Spare”, Moehringer’s name does not appear on the cover and the book is attributed solely to Prince Harry.
American author J.R. Moehringer ghostwrote Prince Harry’s memoir “Spare”, as well as memoirs from tennis star Andre Agassi and Nike founder Phil Knight.
Leonardo Cendamo | Hulton Archive | Getty Images
Though he has not done any press for “Spare”, Moehringer has opened up about the ghostwriting process in the past.
He has ghostwritten two other bestselling autobiographies: 2009’s “Open” for American tennis star Andre Agassi and 2016’s “Shoe Dog” for Nike founder Phil Knight. Additionally, in 2005 he penned his own memoir, “The Tender Bar”, which was adapted into a 2021 film starring Academy Award winner Ben Affleck.
In the case of Agassi’s memoir, Moehringer told the New York Times in 2009 that he spent 250 hours with the 8-time Grand Slam champion in sessions that “sometimes resembled psychoanalysis.” But the end result allowed him to more accurately capture Agassi’s voice and tell his story.
“You try and inhabit their skin, and even though you’re thinking third person, you’re writing first person, so the processes are mirror images of each other, but they seem very simpatico,” he said in a 2012 interview on NPR’s “Fresh Air”.
Tennis star Andre Agassi poses with a German edition of his autobiography “Open”.
Florian Seefried | Getty Images Entertainment | Getty Images
Wall Street ends up with help from Nike, FedEx and consumer sentiment
Dec 21 (Reuters) – Wall Street’s three main stock indexes closed higher on Wednesday for their biggest daily gains so far in December with help from upbeat Nike (NKE.N) and FedEx (FDX.N) quarterly earnings, as well as improving consumer confidence and easing inflation expectations from investors.
Nike Inc shares soared 12% after beating profit expectations for its second quarter on strong holiday demand from North American shoppers, while FedEx finished up 3.4% and shares in cruise operator Carnival Corp (CCL.N) jumped 4.7% after posting a smaller-than-expected quarterly loss.
FedEx Corp (FDX.N), which sparked a market selloff in September after pulling financial forecasts, provided financial guidance and announced plans for $1 billion cost cuts.
Also, U.S. consumer confidence rose to an eight-month high in December as inflation retreated and the labor market remained strong while 12-month inflation expectations fell to 6.7%, the lowest since September 2021.
“We’re seeing a broad rally. It’s been helped by upbeat corporate commentary and an improvement in consumer confidence,” said Angelo Kourkafas, investment strategist at Edward Jones in St. Louis referring to Nike and FedEx.
The Dow Jones Industrial Average (.DJI) rose 526.74 points, or 1.6%, to 33,376.48, the S&P 500 (.SPX) gained 56.82 points, or 1.49%, to 3,878.44 and the Nasdaq Composite (.IXIC) added 162.26 points, or 1.54%, to 10,709.37.
Energy firms (.SPNY) were the biggest gainers among the S&P’s 11 major industry sector, adding 1.89%, as oil futures rose.
The smallest gainer among the sectors was consumer staples (.SPLRCS), which finished up 0.8%.
Still, Wednesday’s data also showed that U.S. existing home sales slumped 7.7% to a 2-1/2-year low in November as the housing market was hurt by higher mortgage rates. But the data may be fuelling investor hope that the Fed could ease up on its tightening policy.
“At the macro level you have economic weakness but at the micro level you have companies that are resilient and delivering positive expectations from an earnings perspective,” said Brian Price, head of investment management for Commonwealth Financial Network in Waltham, Mass. “That combination is going to be positive.”
Fears of a recession following the U.S. central bank’s prolonged interest rate hikes have weighed heavily on equities and these fears have put the S&P on track for its biggest annual decline since 2008 and a decline for December.
“There’s still a lot of uncertainty and we’re likely to see a lot of volatility early in the year as we could be in a mild recessionary environment,” said Edward Jones’ Kourkafas but he believes the market has already priced in a weaker economy.
“We still have some headwinds ahead but maybe we don’t have to price in a recession twice. So far what we’ve seen this year has already priced in a mild recession.”
AMC Entertainment Holdings Inc (AMC.N) finished up 4.3% after the cinema-chain operator said it suspended talks to acquire certain assets of bankrupt Cineworld Group (CINE.L).
Advancing issues outnumbered declining ones on the NYSE by a 3.43-to-1 ratio; on Nasdaq, a 2.10-to-1 ratio favored advancers.
The S&P 500 posted 5 new 52-week highs and 3 new lows; the Nasdaq Composite recorded 69 new highs and 268 new lows.
On U.S. exchanges 9.81 billion shares changed hands, compared with the 11.16 billion average for the last 20 sessions.
Reporting by Sinéad Carew in New York, Shubham Batra, Amruta Khandekar, Ankika Biswas and Johann M Cherian in Bengaluru; Editing by Shounak Dasgupta, Maju Samuel and Aurora Ellis
Our Standards: The Thomson Reuters Trust Principles.
Stock futures rise, helped by Nike and FedEx earnings
Stock futures traded higher early on Wednesday, as sentiment got a boost from strong earnings out of Nike and FedEx.
Futures tied to the Dow Jones Industrial Average added 236 points, or 0.71%. S&P 500 futures rose 0.5% and Nasdaq 100 futures climbed 0.4%.
Nike shares added 12% after the apparel maker beat Wall Street’s expectations for quarterly earnings and revenue. Meanwhile, FedEx gained 4.7% as the package delivery giant beat consensus estimates on per-share earnings. The company fell short of expectations for revenue, however.
The Dow on Tuesday rose more than 92 points, or nearly 0.3%. The S&P 500 climbed 0.1% and the Nasdaq Composite eked out a slight gain of 0.01%. All three of the major indexes snapped a four-day losing streak, putting a little wind back into hopes for an end-of-year rally.
The modest gains came even after the Bank of Japan moved to widen its cap on the 10-year Japanese government bond yield, leading to a spike in the 10-year U.S. Treasury yield higher that initially rattled traders.
“Let’s focus on the positive. … From a fundamental perspective, the market took a pretty good punch and stood on its feet,” Virtus Investment Partners’ Joe Terranova said on CNBC’s “Closing Bell: Overtime” on Tuesday.
There’s a “tremendous amount of resiliency” in the market, he added, saying that should be investors’ focus going into 2023.
Investors await another batch of data due Wednesday morning, beginning with the Mortgage Bankers Association’s weekly measurement of nationwide home loan applications. Traders will also get updates on existing home sales and consumer confidence data.
There are a few more big names left to report earnings before the Christmas holiday. RiteAid and Cintas will report before the bell Wednesday. Micron will report after the bell.
Dow Jones Futures Rise As Nike Jumps; Market Rally Still Shaky As Tesla Meltdown Continues
Dow Jones futures rose modestly after hours, along with S&P 500 futures and Nasdaq futures, with FedEx (FDX) and Nike (NKE) earnings leading the charge.
X
The stock market rally bounced modestly Tuesday, snapping a four-day losing streak.
Meanwhile, Apple (AAPL) flirted with undercutting its bear market low, a day after Amazon.com (AMZN) did.
Tesla (TSLA) continued to plunge. TSLA stock has now round-tripped its gains since the August 2020 stock split.
On the plus side, oil field services plays Schlumberger (SLB), Halliburton (HAL) and ProFrac (ACDC) are showing strength, with Schlumberger stock and ACDC stock flashing early buy points Tuesday.
The video embedded in the article discussed Tuesday’s market action and analyzed SLB stock, Halliburton and ProFrac.
Nike, FedEx Earnings
Dow Jones giant Nike and FedEx reported earnings late Tuesday, also offering some sense about the holiday shopping season.
Nike earnings and sales topped views, but inventories surged 43% vs. a year earlier. Margins fell due to markdowns. NKE stock spiked 13% after hours, signaling a move back above the 200-day line. Shares edged up 0.2% to 103.21 on Tuesday.
FedEx earnings topped views, but revenue fell short. FDX stock rose 5% in extended trade. Shares closed down 2.6% to 164.35, below the 50-day line.
Dow Jones Futures Today
Dow Jones futures climbed 0.65% vs. fair value, with NKE stock offering a boost. S&P 500 futures advanced 0.55%. Nasdaq 100 futures rallied 0.65%.
The 10-year Treasury yield climbed 3 basis points to 3.71%.
Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.
Join IBD experts as they analyze actionable stocks in the stock market rally on IBD Live
Stock Market Rally
The stock market rally erased opening losses and closed slightly higher.
The Dow Jones Industrial Average rose 0.3% in Tuesday’s stock market trading. The S&P 500 index climbed 0.1%, with Tesla stock the index’s worst performer. The Nasdaq composite edged up 1 point. The small-cap Russell 2000 advanced 0.5%.
Apple stock fell as low as 129.89, within 1% of its June bear-market low of 129.04. Shares rebounded to close down 7 cents to 132.30. Amazon stock edged up 0.3% after briefly undercutting Monday’s fresh bear low.
U.S. crude oil prices rose 1.2% to $76.09 a barrel. Natural gas prices sank 9% after tumbling more than 11% on Monday.
The 10-year Treasury yield rose 10 basis points to 3.68%, after popping 10 basis points on Monday. The Bank of Japan on Tuesday turned slightly hawkish, letting Japan’s 10-year yield rise as high as 0.5%.
The 2-year yield, more closely tied to Fed policy, was essentially flat at 4.27%.
On Friday, investors will get the November PCE inflation report, with economists expecting another notable drop in overall and core inflation.
ETFs
Among growth ETFs, the iShares Expanded Tech-Software Sector ETF (IGV) rose 0.5%. The VanEck Vectors Semiconductor ETF (SMH) fell 0.6%.
Reflecting more-speculative story stocks, ARK Innovation ETF (ARKK) edged down 0.2%, hitting a fresh five-year low. ARK Genomics ETF (ARKG) rose 0.8%. Tesla is a major holding across Ark Invest’s ETFs.
SPDR S&P Metals & Mining ETF (XME) popped 2.6% and the Global X U.S. Infrastructure Development ETF (PAVE) edged up 0.4%. U.S. Global Jets ETF (JETS) advanced 0.4%. SPDR S&P Homebuilders ETF (XHB) gave up 0.55%. The Energy Select SPDR ETF (XLE) rebounded 1.5% and the Financial Select SPDR ETF (XLF) climbed 0.4%. The Health Care Select Sector SPDR Fund (XLV) closed fractionally lower.
Five Best Chinese Stocks To Watch Now
Stocks Near Buy Points
Oil services firms are rallying, even with crude prices near one-year lows, perhaps in anticipation of stronger prices in 2023. Exxon Mobil (XOM) and Chevron (CVX) recently released their capital spending plans for next year, suggesting strong demand for services firms such as Halliburton, Schlumberger, ProFrac and more.
SLB stock rose 3.9% to 51.76, moving back above the 50-day and 21-day moving averages and arguably breaking a tight downward-sloping trendline, making a case for an early entry. Schlumberger stock is back in a still-valid buy zone from a deep cup base. SLB stock is set to have a new base with a 56.14 buy point after this week.
Fellow oil services giant Halliburton bounced above its 21-day line, up 3.8% to 37.42, still close to its 50-day line. HAL stock has a 40.09 buy point from a 47%-deep cup-with-handle base, according to MarketSmith analysis. It doesn’t have an obvious early entry. The handle will be long enough to be its own base after this week.
ProFrac stock jumped 6.9% to 23.23, back above its 50-day and 21-day lines and breaking a recent downtrend, much like SLB stock. That could serve as an early entry. ACDC stock should have a new consolidation with a 27.10 buy point after this week. ProFrac stock came public at 18 a share. It’s had three bases since then, with the breakouts not working for long.
Tesla Stock
Tesla stock dived 8.1% to 137.80, hitting yet another two-year low. Shares of the EV giant have plunged 67% from the November 2021 peak and 29% just in December.
Tesla stock has now round-tripped its advance since its August 2020 5-for-1 stock split. (TSLA stock split 3-for-1 in August 2022 as well.)
Tesla China sales slowed for a second straight week, according to weekly registration data. That’s despite ever-increasing year-end incentives, which are set to end on Jan. 1 along with China EV subsidies.
Elon Musk’s Twitter saga is raising concerns of significant damage to the Tesla brand. Many long-term notable TSLA bulls are increasingly critical of Musk.
Evercore and Daiwa Capital Markets on Tuesday cut TSLA stock price targets, both citing Twitter. Oppenheimer downgraded Tesla on Monday.
Tesla stock failed to rally Monday despite Elon Musk saying he would step down as Twitter CEO after polling Twitter users on that issue.
Shares kept tumbling Tuesday even as the major indexes and many leading stocks tried to make a stand. The heavy volume selling in the past several weeks suggests big institutions are unloading or paring TSLA stock holdings.
Late Tuesday, Musk says he will step down as Twitter chief as soon as he finds a successor and that he’ll run the software and server teams.
At some point Tesla stock may rebound and go on another run, but that could be months or even years away.
Tesla Vs. BYD: Which EV Giant Is The Better Buy?
Market Rally Analysis
After a sharp sell-off from the Dec. 13 highs, the stock market rally ended its losing streak, barely.
The major indexes were looking oversold and arguably “due” for a bounce. They got one, though it wasn’t much.
The Dow Jones found support at the 50-day line, but the other key indexes didn’t make any notable technical moves.
The stock market rally remains under pressure.
AAPL stock bounced from near bear market lows, but that doesn’t mean it’ll continue to do so.
Many leading stocks found support at key levels. But whether they’ll hold and rebound strongly is largely dependent on the overall market.
Energy names could be a partial exception, given how they trade on underlying crude oil or natural gas prices. Oil services firms such as SLB stock and coal producers like Consolidated Energy are doing better right now.
Time The Market With IBD’s ETF Market Strategy
What To Do Now
It’s not a good time to be buying stocks. While the major indexes held their ground and some top stocks didn’t fall apart, the market rally is still weak.
The S&P 500 regaining the 50-day line would seem like a minimum sign of strength, with the 200-day and December highs much-bigger tests.
Even if the market rebounds, Tesla’s continued meltdown Tuesday shows that not all stocks will follow.
If you do feel compelled to play this market, take pilot positions and be ready to take quick profits and cut losses short.
Keep looking for stocks holding up and finding support at key levels. Stocks with strong relative strength during weak markets can be leaders in the next advance.
Read The Big Picture every day to stay in sync with the market direction and leading stocks and sectors.
Please follow Ed Carson on Twitter at @IBD_ECarson for stock market updates and more.
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Nike (NKE) Q2 earnings 2023
People walk past a store of the sporting goods retailer Nike Inc. at a shopping complex in Beijing, China March 25, 2021.
Florence Lo | Reuters
Nike on Tuesday reported quarterly results that easily topped Wall Street’s expectations, even as higher costs squeezed the company’s margins.
Shares of Nike rose more than 12% after hours Tuesday.
Here’s how Nike did in its second fiscal quarter compared with what Wall Street was anticipating, based on a survey of analysts by Refinitiv:
- Earnings per share: 85 cents vs. 64 cents expected
- Revenue: $13.32 billion vs. $12.57 billion expected
The company reported net income for the three-month period ended November 30 of $1.33 billion, or 85 cents per share, compared with $1.34 billion, or 83 cents per share, a year earlier.
Nike reported revenue of $13.32 billion, up 17% from $11.36 billion a year earlier.
Over the past three quarters, Nike has beaten Wall Street’s expectations, but like other retailers, has struggled with inflated inventory levels that arose from supply chain disruptions, rising consumer demand and unpredictable in-transit shipping times.
Inventories were up 43% to $9.3 billion in the quarter, compared to last year. The merchandise glut led to aggressive markdowns, which helped reduce Nike’s gross margin to 42.9% from 45.9% a year ago. However, inventories declined from $9.7 billion in the previous quarter.
The company also saw a 10% year-over-year uptick in selling and administrative expenses to $4.1 billion, mostly led by advertising and marketing costs and investment in Nike Direct as the company continues to move away from wholesalers.
While the focus on Nike Direct was largely to blame for the increased administrative expenses, the investment has paid off. Nike Direct sales were up 16% for the quarter at $5.4 billion and digital sales were up 25%. For the last several quarters, wholesale revenue has been effectively flat but was up 19% for the quarter.
Nike’s sales in China, its third biggest market by revenue, dropped by 3% compared to last year, continuing a trend the retailer has been contending with as the country deals with lingering Covid lockdowns and a slowdown in retail spending. Overall retail sales in the country fell by 5.9% in November compared to a year ago and clothes and shoe sales plunged by 15.6%, according to the National Bureau of Statistics of China.
After earnings from Nike’s fiscal first quarter were released in September, executives said the company’s inventory had grown 65% over the last year in North America alone and as a result, the company enacted an aggressive promotional strategy to liquidate the merchandise and make way for new products.
The plan was a key part of Nike’s strategy to shift its sales directly to consumers and away from wholesalers by improving the in-store experience and enticing customers to shop directly from the company online.
On Friday, Nike announced its new “Jordan World of Flight Milan” store located on Via Torino, a famed shopping district in the Italian locale well known for its designer shoe stores.
The initiative reflects the steps Nike is taking to grow the company as a direct-to-consumer brand.
The store, called a “first-of-its-kind retail experience” by the company in a news release, has a built-in members lounge and will include interactive shopping experiences tailored to fans of the renowned sneaker brand.
Read the company’s earnings release here.
Nike suspends relationship with Kyrie Irving, cancels Kyrie 8 launch
“We are deeply saddened and disappointed by the situation and its impact on everyone,” Nike said.
The rebuke from Nike comes a day after the Brooklyn Nets suspended Irving for at least five games without pay, saying he was “currently unfit to be associated” with the organization after he shared an antisemitic film, “Hebrews to Negroes: Wake Up Black America,” on social media. The Nets said Irving would be suspended “until he satisfies a series of objective remedial measures that address the harmful impact of his conduct.”
“We were dismayed today, when given an opportunity in a media session, that Kyrie refused to unequivocally say he has no antisemitic beliefs, nor acknowledge specific hateful material in the film,” the Nets said in a statement Thursday following Irving’s appearance at a news conference. “This was not the first time he had the opportunity — but failed — to clarify.”
Jonathan Greenblatt, chief executive of the Anti-Defamation League, described the news conference as a “debacle,” adding that the ADL could not “in good conscience” accept the $500,000 Irving had agreed to donate toward anti-hate causes the day before.
Irving had for days refused to acknowledge or apologize for the antisemitism before writing on Instagram late Thursday that he “posted a Documentary that contained some false anti-Semitic statements, narratives, and language that were untrue and offensive to the Jewish Race/Religion.”
He said he took “full accountability and responsibly for my actions,” adding: “To All Jewish families and Communities that are hurt and affected from my post, I am deeply sorry to have caused you pain, and I apologize.” He said he “initially reacted out of emotion to being unjustly labeled Anti-Semitic, instead of focusing on the healing process of my Jewish Brothers and Sisters that were hurt from the hateful remarks made in the Documentary.”
Irving has a history of controversy. He was outspoken about his refusal to get a coronavirus vaccine and about New York City’s vaccine mandate. The tiff led the Nets to banish Irving for more than two months last season. Irving said at the time that it was “not a political thing here” but “about my life and what I’m choosing to do.”
The Nets, consumed by Irving’s controversial behavior and mired in a slow start this season, recently parted ways with coach Steve Nash.
Irving’s suspension by the Nets and fallout with Nike comes after Adidas cut ties with Ye, the artist formerly known as Kanye West, after he repeatedly made antisemitic comments on social media. Experts have warned of increasingly brazen antisemitism at a time when incidents of harassment, vandalism and violence directed at Jews have been at their highest levels in decades.
Ben Golliver contributed to this report.
Nike (NKE) earnings Q1 2023
A woman shops for shoes in the Nike Factory Store at the Outlet Shoppes at El Paso, in El Paso, Texas on November 26, 2021.
Paul Ratje | AFP | Getty Images
Nike on Thursday said it had a strong first fiscal quarter despite supply chain issues, as well as declining sales in Greater China, its third biggest market by revenue.
Like other retailers, Nike has been facing supply chain headwinds, such as a rise in both shipping costs and shipping times in recent quarters. The company said its inventory levels swelled during the quarter compared to the year-ago period.
The company’s shares dropped about 5% in after-hours trading.
Here’s how Nike did in its first fiscal quarter compared with what Wall Street was anticipating, based on a survey of analysts by Refinitiv:
- Earnings per share: 93 cents vs. 92 cents expected
- Revenue: $12.69 billion vs. $12.27 billion expected
Nike reported net income for the three-month period ended Aug. 31 fell 22% to $1.5 billion, or 93 cents per share, compared with $1.87 billion, or $1.18 per share, a year earlier.
Revenue during the period was up 4% to $12.7 billion, compared with $12.2 billion a year earlier.
Recently, Nike has been shifting its strategy and looking to sell its sneakers and other merchandise directly to customers and scale back on what is sold by wholesale partners like Foot Locker. The company said on Thursday its direct sales grew by 8% to $5.1 billion, and sales for its digital-brand rose 16%. On the flip side, sales for Nike’s wholesale business sales increased by 1%.
In its first fiscal quarter, Nike said its inventory rose 44% to $9.7 billion on its balance sheet from the same period last year, which the company said was driven by supply chain issues and partially offset by strong consumer demand.
Total sales in Greater China were down 16% to about $1.7 billion, compared with nearly $2 billion a year earlier. The company has faced disruption in its business in the region, where Covid lockdowns have affected its business. Nike had said in the previous quarter it expected issues in Greater China to weigh on its business.
Meanwhile, total sales in North America, Nike’s largest market, increased 13% to $5.5 billion in the first fiscal quarter, compared with roughly $4.9 billion in the same period last year. The sneaker giant has continuously said consumer demand, especially in the U.S. market, hasn’t waned despite inflation.
Read the company’s earnings release here.
This story is developing. Please check back for updates.