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☆ Wall St slips on debt ceiling uncertainty
▼ + stars: | 2023-05-20 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +4 min

Stocks had rallied over the past two sessions on growing confidence a deal to raise the $31.4 trillion debt limit could be reached in coming days, with the benchmark S&P 500 (.SPX) climbing more than 2%. For the week, the Dow gained 0.38%, the S&P 500 climbed 1.65% and the Nasdaq advanced 3.04%. The S&P 500 and Nasdaq notched their biggest weekly percentage gains since the final week of March. [1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., April 14, 2023. The S&P 500 posted 28 new 52-week highs and three new lows; the Nasdaq Composite recorded 79 new highs and 87 new lows.

☆ Foot Locker slumps as weak demand, heavy discounts drive annual outlook cut
▼ + stars: | 2023-05-19 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

May 19 (Reuters) - Foot Locker Inc's (FL.N) shares closed down 27% on Friday as the footwear retailer cut its annual sales and profit forecasts amid a sharp drop in demand and a hit from heavy discounts aimed at clearing excess inventories. The company also missed analysts' estimates for first-quarter results and named former Kohl's Corp (KSS.N) executive Mike Baughn as its new finance chief, effective June 12. Foot Locker doubled down on discounts to drive demand, which coupled with an increase in theft-related inventory losses led to a 400-basis point hit to the company's quarterly gross margins. Foot Locker now expects full-year comparable sales to fall between 7.5% and 9.0%. The company also forecast annual adjusted per-share earnings between $2.00 and $2.25, compared with its previous outlook of $3.35 to $3.65.

☆ Wall St retreats on debt ceiling jitters
▼ + stars: | 2023-05-19 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +4 min

[1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., April 14, 2023. Stocks had rallied over the past two sessions on growing confidence a deal to raise the $31.4 trillion debt limit could be reached in coming days, with the benchmark S&P 500 (.SPX) climbing more than 2%. The S&P 500 and Nasdaq were poised for their biggest weekly percentage gains since the final week of March. The warning weighed on Dow component Nike Inc (NKE.N), which lost 4.11%, while Under Armour Inc (UAA.N) fell 4.53%. The S&P 500 posted 28 new 52-week highs and three new lows; the Nasdaq Composite recorded 72 new highs and 69 new lows.

☆ Here's why Jim Cramer is sticking with Foot Locker despite terrible quarter and big stock drop
▼ + stars: | 2023-05-19 | by ( Zev Fima | ) www.cnbc.com time to read: +5 min

Club holding Foot Locker (FL) reported disappointing fiscal 2023 first-quarter results and guidance before the opening bell Friday. Foot Locker, which announced the Eastbay closure in December, will concentrate on its namesake and Champs stores. Unfortunately, the rebound from these headwinds has also proven weaker than management previously expected. When starting a position in Foot Locker in March, we knew the company would not be fixed quickly. Shoppers and pedestrians pass in front of a Foot Locker store on the Third Street Promenade in Santa Monica, California.

☆ Discretionary retail is already in a recession and likely to get worse, says UBS' Lasser
▼ + stars: | 2023-05-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDiscretionary retail is already in a recession and likely to get worse, says UBS' LasserMichael Lasser, UBS Securities, joins 'Squawk on the Street' to discuss if Foot Locker's is a good lens into retail, the notion that certain companies will benefit from trade-downs and the shrinkage issue in retail.

☆ Foot Locker slumps as weak demand, heavy discounts drive annual forecast cut
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: +2 min

May 19 (Reuters) - Shares of Foot Locker Inc (FL.N) plunged 25% premarket on Friday, after the footwear retailer cut its annual sales and profit forecasts reeling under a sharp drop in demand and a hit from heavy discounts aimed at clearing excess inventories. This dented sales at a wide range of companies, including big-box retailer Target Corp (TGT.N) and home improvement chain Home Depot (HD.N). Foot Locker doubled down on promotions and markdowns to drive demand at its stores, which, coupled with a rise in theft-related inventory "shrink", dealt a 400-basis-point hit to its quarterly gross margin. It also expects adjusted earnings of between $2.00 to $2.25 per share, much lower than the $3.35-$3.65 range estimated previously. Excluding items, Foot Locker earned 70 cents per share, which was also below estimates of 81 cents per share.

☆ We're adding to this oil stock, plus an update on one of our retail names
▼ + stars: | 2023-05-19 | by ( Jim Cramer | ) www.cnbc.com time to read: +4 min

Following Friday's trade, Jim Cramer's Charitable Trust will own 275 shares of PXD, increasing its weight to 2.08% from 1.89%. Pioneer Natural Resources buy We're adding to our Pioneer position Friday morning because we think oil can make a stand here in the low $70s. PXD YTD mountain Pioneer Natural Resources (PXD) YTD performance Pioneer is our "oily" energy play with some of the lowest all-in costs and highest quality of assets in the Permian basin. Foot Locker update We also want to provide an update on Foot Locker (FL). FL YTD mountain Foot Locker (FL) YTD performance So what to do now?

☆ Cramer didn't expect Foot Locker's results to be this bad — but turnarounds take time
▼ + stars: | 2023-05-19 | by ( Paulina Likos | ) www.cnbc.com time to read: +3 min

Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. While we didn't expect the results to be this bad, we certainly didn't have high expectations for the quarter. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

☆ Here's what to expect when Club apparel retailers TJX and Foot Locker report this week
▼ + stars: | 2023-05-16 | by ( Paulina Likos | ) www.cnbc.com time to read: +7 min

Apparel retailers TJX Companies (TJX) and Foot Locker (FL) are set to deliver quarterly results this week, as consumers continue to be squeezed by a slowing economy and still-persistent inflation. Sneaker retailer Foot Locker reports Friday before the opening bell, with Refinitiv estimates showing revenue should have fallen by 8.3 % annually, to $1.90 billion, with EPS falling 49 % to, 81 cents. Foot Locker is going through a transitionary period as it reinvents itself, so our expectations are low for the first quarter. "Don't expect anything from Foot Locker," Jim Cramer said Monday. Foot Locker Inc. signage is displayed in the window of a store in New York, U.S. Michael Nagle | Bloomberg | Getty Images

We're buying 300 shares of Foot Locker (FL) at roughly $38.69 each. We're using the recent weakness in Foot Locker to add to our small position and improve our average cost basis. Sure, Foot Locker's stores are a great place to pick up the latest Steph Curry sneaker from Under Armour. A year later, she came back for the Foot Locker job, which we think speaks volumes about her commitment to overhauling the sneaker chain. As we wait for this turnaround to play out, Foot Locker offers a 4.11% annual dividend yield, which adequately compensates us for our patience.

We're buying 350 shares of Foot Locker (FL), at roughly $40.43 apiece. Following Monday's trade, Jim Cramer's Charitable Trust will own 700 shares of FL, increasing its weighting in the portfolio to 1.06% from 0.53%. There hasn't been a lot of news around Foot Locker dating back to our initial buy in March , with the exception of one key data point. In late March, CEO Mary Dillon disclosed she purchased roughly $500,000 worth of Foot Locker stock , at $39.74 a share — bolstering our confidence in the company's turnaround strategy. Dillon joined Foot Locker last year after a very successful run as CEO of Ulta Beauty (ULTA).

☆ Investing Club mailbag: When do we expect our stocks to hit their price targets?
▼ + stars: | 2023-03-30 | by ( Zev Fima | ) www.cnbc.com time to read: +7 min

How far out does a Club stock price target project: three months out, six months out, or one year out? Our price targets are based (usually but not always) on earnings estimates for the next full fiscal year. They also update their price targets based on these updated estimates. As a result, sometimes price targets are moving targets versus planting a flag in the ground about one certain price. (For a look at how to arrive at our price targets in the first place, we've written about that in a previous commentary .)

☆ Jim Cramer says these 7 currently undervalued 'franchise names' are stocks worth buying
▼ + stars: | 2023-03-30 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +6 min

"Franchise names, doing well, undervalued in the portfolio," Jim said during the Club's Morning Meeting on Thursday. TJX 1Y mountain TJX Companies' 12-month stock performance. CAT 1Y mountain Caterpillar's 12-month stock performance. SBUX 1Y mountain Starbucks' 12-month stock performance. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

UBS is bearish on Foot Locker , saying that the shoe retailer is unlikely to drive revenue growth in a recession. Sole said he does not believe "enough bad news is priced in" for Foot Locker and several other softline stocks. UBS said Foot Locker also faces more challenges to growth as Nike — which currently accounts for 70% of Foot Locker's sales — grows its direct-to-consumer businesses. UBS' downgrade comes after Foot Locker issued a mixed fourth-quarter report. Foot Locker shares were down 2.6% during premarket trading on Wednesday.

Foot Locker (FL) traded lower early Wednesday after analysts at UBS downgraded their rating on it to sell from neutral and lowered their price target to $30 from $36. One reason why UBS says Foot Locker is challenged is that it thinks Nike (NKE) as a percentage of Foot Locker sales will decline to 55% to 60% from 70% over the next 12 to 18 months. Her expertise is in developing brand partnerships across several different companies, and that's essential for a multi-brand retailer like Foot Locker. Between UBS who put a sell on Foot Locker vs. CEO Mary Dillon who just bought stock, we'll side with the seasoned executive who just kicked off a turnaround plan. Foot Locker exclusive Puma Transformers Trainers released on November 22nd on display on Day 3 of MCM London Comic Con 2018 at ExCel on October 28, 2018 in London, England.

☆ Here's our March rapid-fire update on all 36 stocks in Jim Cramer's Investing Club portfolio
▼ + stars: | 2023-03-28 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +13 min

Here's a rapid-fire update on every stock in the CNBC Investing Club portfolio. But importantly, the chipmaker has joined Apple in rarified air, becoming an "own it, don't trade it" stock for the Club. The company's business can withstand an economic slowdown and benefits from a weaker U.S. dollar because of its large international presence. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

☆ Club meeting recap: Cramer says 'speed of the crisis is over' after First Citizens' SVB deal
▼ + stars: | 2023-03-27 | by ( Paulina Likos | ) www.cnbc.com time to read: +3 min

Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. While the financial sector is not out completely out of the woods yet, "the speed of the crisis is over," Jim said Monday. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

☆ We're initiating a position in this retailer as a turnaround play
▼ + stars: | 2023-03-27 | by ( Jeff Marks | ) www.cnbc.com time to read: +5 min

Shortly after the opening bell on Monday, we will be initiating a position in Foot Locker (FL) , buying 350 shares at roughly $38.46. Foot Locker shared its fourth-quarter 2022 results and held an investor day event last Monday. Closing these doors will also allow Foot Locker to shift resources and products to higher performing off-mall and A/B locations. But one point to keep in mind about Foot Locker is that this is a turnaround play. Nike sneakers sit on display at a Foot Locker store inside the South Park Mall in Strongsville, Ohio, March 4, 2014.

☆ How age-old retailers like Foot Locker are boosting sales for new brands like Hoka and On
▼ + stars: | 2023-03-27 | by ( Danni Santana | ) www.businessinsider.com time to read: +4 min

Foot Locker and other sneaker retailers have learned their lesson about depending too much on Nike. Foot Locker has allocated more wall space to emerging performance running brands like On and Hoka. Foot Locker and other sneaker retailers have learned their lesson from Nike's shifting strategy. Although Nike still sells at some retailers like Foot Locker, Nike is committed to putting its own direct-to-consumer sales first. "Acquiring a 21-year-old in New Jersey is more expensive for us to do than Foot Locker because Foot Locker has kept that relationship with that consumer," On co-CEO Marc Maurer told Insider in an interview.

With estimates pushing higher, we think the rally in META still has more room to run, prompting us to raise our price target. Bullpen The newest addition to our bullpen is Foot Locker (FL). Foot Locker has also been a victim of the shift to shopping on ecommerce platforms, given its large presence in malls. But if she can do for Foot Locker what she achieved at Ulta Beauty, Footlocker's shares can go much higher. An employee arranges a sneaker display at a Foot Locker Inc. store inside the South Park Mall in Strongsville, Ohio.

☆ Nike CEO highlights direct-to-consumer strategy the day after the company's big Foot Locker announcement
▼ + stars: | 2023-03-21 | by ( Matthew Kish | ) www.businessinsider.com time to read: +2 min

The report came a day after Foot Locker announced a "revitalized" wholesale partnership with Nike. Despite Foot Locker's announcement, Nike CEO John Donahoe touted the success of Nike's DTC approach. On Tuesday, Nike CEO John Donahoe moved to turn the attention of investors back to Nike's direct-to-consumer approach. In 2020, Nike announced Consumer Direct Acceleration, a business plan focused on direct, digital sales. On Monday, Foot Locker CEO Mary Dillon noted the sneaker chain had renewed its relationship with Nike.

☆ Here's why the Street is impressed by Foot Locker's new 'Lace Up' strategy
▼ + stars: | 2023-03-21 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHere's why the Street is impressed by Foot Locker's new 'Lace Up' strategyMad Money host Jim Cramer talks to Foot Locker CEO Mary Dillon about the company's good quarter, but not great guidance, and her strategy for Foot Locker going forward.

☆ Foot Locker's new leadership can drive big gains for the retailer, Citi says
▼ + stars: | 2023-03-21 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Foot Locker is moving in the right direction under leadership, according to Citi. Lejuez's new price target implies the stock could rally 25.4% from where it closed Monday. Despite reporting a slide in holiday-quarter earnings , Foot Locker leadership shared details about a renewed relationship with Nike . Foot Locker shares gained 3.2% in premarket trading Tuesday coming off Monday's investor day . He also said there could be upside to the target price if management can execute its plan to grow sales.

☆ Foot Locker touts a renewed partnership with Nike — but it still won't get the hottest sneaker releases
▼ + stars: | 2023-03-20 | by ( Matthew Kish | Danni Santana | ) www.businessinsider.com time to read: +4 min

Even so, don't expect to see more of the hottest Nikes and Jordans at Foot Locker stores. The Foot Locker CEO, sporting gold Nike Air Max 97 sneakers, announced a renewed partnership with Nike at the company's investor day, addressing one of the core analyst questions facing the sneaker retailer. Mary Dillon started as Foot Locker CEO in September. Mary DillonSpeculation had been building about Foot Locker and Nike working more closely together again since December when Nike CEO John Donahoe mentioned spending time with Dillon on a Nike earnings call. As part of its new strategy, Foot Locker wants to double sales of non-Nike brands, such as Hoka On, and Crocs by 2026.

☆ Foot Locker to close 400 mall stores as it shifts focus to niche shops for sneakerheads, kids, and higher-income shoppers
▼ + stars: | 2023-03-20 | by ( Matthew Kish | ) www.businessinsider.com time to read: +3 min

As part of a new business plan, Foot Locker will close hundreds of underperforming stores in malls. Although it also plans to open stores, Foot Locker expects to have 10% fewer locations by 2026. Foot Locker also reported quarterly earnings on Monday above forecasts, but it offered sales guidance lower than expected. While closing hundreds of underperforming mall-based stores, Foot Locker plans to open more than 300 "new concept" stores by 2026, including outside of malls. During the investor day presentation, Foot Locker CEO Mary Dillon said the store's "attracting an older and higher-income shopper."

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