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☆ Nike to drop use of kangaroo skins for its shoes in 2023
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +2 min

March 14 (Reuters) - Nike said it will stop using kangaroo skins for its shoes this year, weeks after a similar step from German rival Puma, which would end a highly controversial practice that has drawn ire from consumers and animal rights activists. Sportswear giant Nike Inc (NKE.N) in a statement issued on Monday said it would debut a new line of Tiempo football boots, called the Tiempo Legend Elite, with a proprietary synthetic material that replaces the use of kangaroo leather. The Tiempo Premier line of football boots, which is set to launch this summer, will also forego kangaroo skin, Nike said. The decision from Nike and Puma (PUMG.DE) to end the use of kangaroo skin in their football boots comes as a big win for animal welfare activists, who have for long urged companies to drop unethical practices involving animal cruelty. The group has spearheaded the "Kangaroos Are Not Shoes" campaign, which it announced in 2020, and has been key behind introducing legislation banning the import and sale of kangaroo products.

☆ Nike, Adidas shoe supplier Pou Chen to slash 6,000 jobs in Vietnam -sources
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +2 min

The firm's Pouyuen Vietnam factory will cut 3,000 jobs this month and not extend labour contracts for another 3,000 workers later this year, the officials said, declining to be identified because they were not authorised to speak to media. The Pouyen Vietnam factory supplies global companies such as Nike Inc. (NKE.N) and Adidas AG (ADSGn.DE) and is one the biggest employers in Ho Chi Minh City, with 50,500 workers. Pou Chen shares fell 1.2% in early afternoon trade in Taiwan in a broader market (.TWII) that was down just 0.1%. Telephone calls to a factory labour union official were not answered. The plan to cut jobs marks a reversal for the company that in 2021 faced a labour shortage and manufacturing disruption in Vietnam due to the coronavirus pandemic.

☆ A Sneakerhead’s Worst Nightmare: Everyone Is Wearing Your Limited-Edition Nikes
▼ + stars: | 2023-02-07 | by ( Inti Pacheco | ) www.wsj.com time to read: 1 min

Zack Jones, a 26-year-old M.B.A. student from Provo, Utah, loves sneakers and the chase of getting them, especially the Nike Inc. limited-edition versions that can sell out fast. In early 2021, he paid a reseller $280—2½ times the sticker price—to snag a pair of “Panda” Dunks, a white-and-black leather sneaker by Nike, when he wasn’t able to get a pair directly from the sneaker giant. Then Nike did something that sneakerheads didn’t expect. The company, stepping on the thrill, restocked the Panda Dunk several times after the initial release. Suddenly the shoes were everywhere, which can be the kiss of death for collectors and die-hards who are trying to look different.

NEW YORK, Jan 30 (Reuters) - Nike Inc (NKE.N) sued Lululemon Athletica Inc (LULU.O) on Monday, saying that at least four of the Canadian athletic apparel company's footwear products infringe its patents. Nike in a complaint filed in Manhattan federal court said it has suffered economic harm and irreparable injury from Lululemon's sale of its Blissfeel, Chargefeel Low, Chargefeel Mid and Strongfeel footwear. Nike said its three patents at issue concern textile and other elements, including one addressing how the footwear will perform when force is applied. Lululemon, based in Vancouver, British Columbia, did not immediately respond to requests for comment. Reporting by Jonathan Stempel in New York; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ S&P 500 ends slightly down after mixed earnings, opening glitch
▼ + stars: | 2023-01-24 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

The Nasdaq joined the S&P 500 in negative territory, while the Dow ended modestly higher. Fourth quarter earnings season is in full swing, with 72 of the companies in the S&P 500 having reported. On aggregate, analysts now expect S&P 500 earnings 2.9% below the year-ago quarter, down from the 1.6% year-on-year decline seen on Jan. 1, per Refinitiv. Among the 11 major sectors of the S&P 500, industrials suffered the biggest loss. The S&P 500 posted 26 new 52-week highs and 10 new lows; the Nasdaq Composite recorded 77 new highs and 22 new lows.

☆ Wall Street totters after mixed earnings, trade halt glitch
▼ + stars: | 2023-01-24 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

More than 80 stocks were affected by the glitch, which caused wide swings in opening prices in stocks, including Walmart Inc (WMT.N) and Nike Inc (NKE.N). Fourth quarter earnings season is in full swing, with 72 of the companies in the S&P 500 having reported. On aggregate, analysts now expect S&P 500 earnings 2.9% below the year-ago quarter, down from the 1.6% year-on-year decline seen on Jan. 1, per Refinitiv. Among the 11 major sectors of the S&P 500, industrials was down the most. The S&P 500 posted 27 new 52-week highs and 10 new lows; the Nasdaq Composite recorded 69 new highs and 21 new lows.

Verizon Communications Inc (VZ.N) dropped 0.4% after forecasting annual profit below estimates, while Johnson & Johnson (JNJ.N) fell 1.3% as it warned that a surge in China COVID-19 cases could dent the first half sales in 2023. General Electric Co (GE.N) fell 0.2% on a disappointing profit forecast for the year, despite topping quarterly earnings estimates. Big Tech earnings could also determine whether renewed enthusiasm for growth stocks will be sustained. Microsoft Corp (MSFT.O) is scheduled to report quarterly earnings after the bell. Analysts now see fourth-quarter earnings for S&P 500 companies dropping 2.9% year-on-year, according to Refinitiv data.

☆ Activist Investor Nelson Peltz to Disney’s New Board Chair: No Thanks
▼ + stars: | 2023-01-13 | by ( Robbie Whelan | Lauren Thomas | ) www.wsj.com time to read: 1 min

Activist investor Nelson Peltz doesn’t think the Walt Disney Co.’s board leadership change will shift the direction of the company, saying the new chairman is little more than a rubber stamp for newly returned CEO Bob Iger , according to people familiar with the matter. On Thursday, Mr. Peltz and his hedge fund Trian Fund Management LP turned up the heat in their proxy battle, despite board changes the Walt Disney Co. made Wednesday in an effort to counter his push. Disney on Wednesday replaced its board chair Susan Arnold with Nike Inc. chairman Mark Parker , and assured investors that he would lead the search for the company’s next chief executive.

[1/3] The logo of the Times Square Disney store is seen in Times Square, New York City, U.S. December 5, 2019. Peltz, a billionaire activist who operates via his Trian Partners hedge fund, called for Disney to cut costs and turn a profit at its Disney+ streaming business, which has been losing money despite expanding at a fast clip. Its shares sank last year as losses deepened in its streaming business, and the price is now less than half the stock's 2021 high. Disney, Trian said, had overpaid for the assets of 21st Century Fox and bid aggressively for pay-TV giant Sky PLC. Disney said Trian would file with the Securities and Exchange Commission on Thursday to elect Peltz for a board seat in opposition to the company's nominees.

☆ Futures muted after Wall St rally, economic data on tap
▼ + stars: | 2022-12-22 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Futures down: Dow 0.10%, S&P 0.07%, Nasdaq 0.07%Dec 22 (Reuters) - U.S. stock futures were subdued on Thursday after Wall Street's main indexes staged a rally in the previous session, with investors awaiting jobs data to assess the strength of the labor market. It is expected to show gross domestic product increased at a 2.9% annualized rate, in line with the previous estimate. ET, Dow e-minis were down 32 points, or 0.1%, S&P 500 e-minis were down 2.75 points, or 0.07%, and Nasdaq 100 e-minis were down 7.75 points, or 0.07%. Micron Technology Inc (MU.O) slipped 3% in premarket trading after the chipmaker forecast a bigger-than-expected second-quarter loss. Reporting by Shubham Batra and Amruta Khandekar in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

The final estimate of third-quarter U.S. GDP revealed gross domestic product increased at a 3.2% annualized rate, above the previous estimate of 2.9%. Micron Technology Inc (MU.O) slipped 3.2% after the chipmaker forecast a bigger-than-expected second-quarter loss, sparking declines in peers. Declining issues outnumbered advancers for a 5.83-to-1 ratio on the NYSE and a 3.28-to-1 ratio on the Nasdaq. The S&P index recorded no new 52-week highs and nine new lows, while the Nasdaq recorded 27 new highs and 180 new lows. Reporting by Shubham Batra, Amruta Khandekar, Ankika Biswas and Johann M Cherian in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Under Armour names Marriott veteran Linnartz as CEO to boost e-commerce
▼ + stars: | 2022-12-21 | by ( Ananya Mariam Rajesh | ) www.reuters.com time to read: +2 min

[1/2] Stephanie Linnartz, President of Marriott International speaks at the 2022 Milken Institute Global Conference in Beverly Hills, California, U.S., May 4, 2022. REUTERS/Mike BlakeDec 21 (Reuters) - Under Armour Inc (UAA.N) on Wednesday named veteran hotelier Stephanie Linnartz as its chief executive, betting that her experience in e-commerce and branding strategy will help revive sales at the apparel maker. Linnartz currently serves as president of Marriott International Inc (MAR.O) and has been with the hotel chain operator in various roles for the last 25 years. Interim CEO Colin Browne will resume his responsibilities as chief operating officer, Under Armour said in a statement. Linnartz will receive a base salary of $1.3 million per year and a one-time sign-on cash bonus of $375,000.

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. 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. Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., December 7, 2022. On U.S. exchanges 9.81 billion shares changed hands, compared with the 11.16 billion average for the last 20 sessions.

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. 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. 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 smallest gainer among the sectors was consumer staples (.SPLRCS) but it was still up 1%. The S&P 500 posted 5 new 52-week highs and 3 new lows; the Nasdaq Composite recorded 49 new highs and 211 new lows.

U.S. consumer confidence rebounded in December as inflation retreated and the labor market remained strong, while 12-month inflation expectations fell to 6.7%, the lowest since September last year. Nike Inc (NKE.N) jumped 13.7% after reporting its best quarterly revenue growth in more than a decade, barring one quarter, and beat profit expectations on strong holiday demand from North American shoppers. Consumer discretionary stocks (.SPLRCD) led gains among the major S&P 500 (.SPX) sectoral indexes, while financial shares (.SPSY) also gained. Nike peers Lululemon Athletica Inc (LULU.O), Under Armour Inc (UAA.N) and Vans sneaker maker VF Corp (VFC.N) rose between 1.3% and 2.8%. Energy stocks (.SPNY) also rose tracking higher oil prices after data suggested a larger-than-expected draw in U.S. crude stockpiles.

☆ Wall Street eyes higher open on strong Nike earnings
▼ + stars: | 2022-12-21 | by ( Shubham Batra | ) www.reuters.com time to read: +3 min

SummarySummary Companies Nike jumps on strong second-quarter resultsFedEx soars on cost-cutting planConsumer confidence, home sales data due at 10 a.m. Wall Street's main indexes closed slightly higher on Tuesday, following early losses as Treasury yields jumped after the Bank of Japan's surprise monetary policy tweak. Fears of a recession following the U.S. central bank's prolonged interest rate hikes have weighed heavily on equities since its policy meeting last week, despite signs of cooling inflation. Other data expected through the week on core inflation and the labor market will likely determine the future course of interest rate hikes by the Fed. Market volumes are expected to decline this week before the Christmas and New Year holidays amid low participation.

☆ Nike shares surge as inventory challenges start to abate, demand stays strong
▼ + stars: | 2022-12-21 | by ( ) www.reuters.com time to read: +2 min

At least 12 brokerages raised their price targets on the stock after Nike reported better-than-expected quarterly results on Tuesday, benefiting from higher discounts and strong demand in North America. While Nike's quarterly inventory declined about 3% from the prior quarter, margins fell 300 basis points due to higher promotions and discounts. Still, the decline was smaller than expected, according to analysts, thanks also to higher-priced product launches such as the LeBron 20s and Nike Mercurial shoes. "Nike offered promotions, but at the same time, they also pushed for new product without the promotion," said Jane Hali & Associates analyst Jessica Ramirez. Reporting by Aishwarya Venugopal and Deborah Sophia; Additional reporting Ananya Mariam Rajesh in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

☆ Futures rise as Nike posts strong quarter, consumer confidence data on tap
▼ + stars: | 2022-12-21 | by ( ) www.reuters.com time to read: +2 min

"We had some better news from the likes of Nike yesterday, which suggested that consumer sentiment and spending was holding up," said Stuart Cole, head macro economist at Equiti Capital. Other data expected through the week on core inflation and the labor market will likely determine the future course of interest rate hikes by the Fed. ET, Dow e-minis were up 233 points, or 0.7%, S&P 500 e-minis were up 20 points, or 0.52%, and Nasdaq 100 e-minis were up 47 points, or 0.42%. Market volumes are expected to decline this week before the Christmas and New Year holidays. Reporting by Shubham Batra and Amruta Khandekar in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Nike Sales Jump But Inventory Remains Elevated
▼ + stars: | 2022-12-21 | by ( Inti Pacheco | ) www.wsj.com time to read: 1 min

Nike Inc.’s efforts to step up discounts on sneakers and other products helped lift sales in the latest quarter, but it signaled that progress remains in cutting its inventory levels. The sneaker giant on Tuesday said sales in its second quarter rose 17% from a year ago and profits were roughly flat, a better-than-expected result than analysts estimated that helped send shares up more than 7% in after-hours trading.

☆ Nike beats estimates boosted by discounts, promotions; shares surge
▼ + stars: | 2022-12-21 | by ( Ananya Mariam Rajesh | ) www.reuters.com time to read: +3 min

Shares in the world's largest sportswear maker surged 13% in after-market trading. Steeper discounts and increased promotions to reduce excess inventory through the quarter helped the Beaverton, Oregon-based company boost sales and attract recession-wary customers. Nike posted a profit of 85 cents per share in the second quarter ended November, topping an average estimate of 64 cents, according to Refinitiv data. Swartz said the China business was showing signs of improvement since the Chinese government had relaxed curbs. Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Anil D'Silva, Sayantani Ghosh and Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ Nike beats revenue estimates on sportswear demand; shares jump
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +1 min

Dec 20 (Reuters) - Nike Inc (NKE.N) beat Wall Street estimates for quarterly revenue on Tuesday, as persistent demand for its sneakers and sportswear in North America and Europe helped offset a sales slump in China, its most profitable market. Nike reported a sales jump of 30% in North America, its largest market, while its China business posted a 3% decline after COVID-related restrictions in the country hurt sales in the region. However, the company's profit margins were pressured by a stronger dollar, higher freight and logistics costs, as well as higher markdowns to clear excess inventory. The Beaverton, Oregon-based company's gross margins decreased 300 basis points to 42.9%, while net income for the reported quarter was flat on a year-over-year basis. The world's largest sportswear maker's revenue rose 17% to $13.32 billion for the second quarter beating analysts' estimates of $12.57 billion, according to IBES data from Refinitiv.

Wall Street's main indexes continued their losing streak for a fourth straight session on Monday as investors shied away from riskier bets, worried that the Federal Reserve's interest rate hikes could push the U.S. economy into recession. The Fed has managed to slow the economy down so it's likely that earnings estimates (for Q4) are going to come down. Treasuries fell following the BOJ's shock move, with the benchmark 10-year Treasury yield rising to a three-week high of 3.66%. Earlier, data showed U.S. single-family homebuilding tumbled in November as higher mortgage rates continued to depress housing market activity. A slew of other economic data due this week including consumer confidence and core inflation will provide more clues to investors on future interest rate hikes.

☆ Futures subdued after BOJ's policy surprise
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Futures: Dow climbs 0.12%, S&P up 0.01%, Nasdaq off 0.13%Dec 20 (Reuters) - U.S. stock index futures came under pressure on Tuesday after the Bank of Japan surprised global investors with a policy shift that would allow long-term interest rates to rise more. The BOJ decided to allow the 10-year bond yield to move 50 basis points either side of its 0% target, bigger than the previous 25 basis point band, against expectations of no change at its policy meeting. Treasuries fell following BoJ's shock move, with benchmark 10-year Treasury yield rising more than 8 basis points to a three-week high of 3.6676%. A slew of other economic data due this week including consumer confidence, existing home sales and core inflation will provide more clues to investors on future interest rate hikes. ET, Dow e-minis were up 41 points, or 0.12%, S&P 500 e-minis were up 0.25 points, or 0.01%, and Nasdaq 100 e-minis were down 14.25 points, or 0.13%.

☆ Nike Raises Outlook After Making Progress With Inventory Woes
▼ + stars: | 2022-12-20 | by ( Inti Pacheco | ) www.wsj.com time to read: 1 min

Nike Inc. on Tuesday raised its revenue outlook and said that its inventory challenges are abating, signs that the sneaker giant’s efforts to use discounts to clear out excess merchandise are helping the business. The company said revenue in its second quarter rose 17% from a year ago and profits were roughly flat, a better-than-expected result than analysts estimated that helped send shares up more than 11% in after-hours trading.

☆ Nike stock jumps 10% after earnings and revenue top expectations
▼ + stars: | 2022-12-20 | by ( Gabrielle Fonrouge | ) www.cnbc.com time to read: +3 min

People walk past a store of the sporting goods retailer Nike Inc. at a shopping complex in Beijing, China March 25, 2021. Nike on Tuesday reported quarterly results that easily topped Wall Street's expectations, even as higher costs squeezed the company's margins. Nike reported revenue of $13.32 billion, up 17% from $11.36 billion a year earlier. Inventories were up 43% to $9.3 billion in the quarter, compared to last year. Nike Direct sales were up 16% for the quarter at $5.4 billion and digital sales were up 25%.

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