Nike stock sank about 7% on Wednesday after the company reported fiscal first quarter revenue that missed estimates and withdrew its outlook for the year amid a CEO transition. The shoe giant reported first quarter earnings per share of $0.70, higher than Wall Street's estimate of $0.52 and a 26% decline from the year-earlier period. Meanwhile, Nike's revenue of $11.59 billion fell short of analyst estimates of $11.65 billion and marked a 10% decline from the year-earlier period. Nike saw sales slump in both its direct-to-consumer business and its wholesale division. Nike Direct revenues were $4.7 billion, a 13% decline from the same quarter a year ago. Wholesale revenues were $6.4 billion, down 8% from the same period a year ago. "A comeback at this scale takes time, and while there are some early wins, we have yet to turn the corner," Nike CFO Matthew Friend said on the company's earnings call Tuesday night. Morningstar equity analyst David Swartz told Yahoo Finance that Nike's report was "pretty much what people expected." More: https://lnkd.in/eEBK37Bt #yahoofinance #finance #earnings #nike #sportswear #investing #stocks #markets #wallstreet #money
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Updates
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Tesla announced third quarter deliveries on Wednesday that slightly missed expectations, sending the stock down about 5% in early trading. The EV maker delivered 462,890 vehicles in the three months to Sept. 30, up 6.4% quarter over quarter and ahead of the 435,059 EVs the company delivered in the year-ago period. Wall Street had expected Tesla to deliver closer to 463,897, according to Bloomberg. The Model 3 and Model Y represented the bulk of Tesla’s overall total, with those two vehicles combining for 439,975 deliveries. Prior to the delivery numbers' release, Tesla stock had been up around 20% in the past month, fueled by optimism about its upcoming robotaxi event on Oct. 10 and good news coming out of China indicating rising sales there. But investors have also debated a “notably lower” annual vehicle growth rate, which Tesla warned about after the first quarter. More: https://lnkd.in/eMwmPpeD #yahoofinance #finance #tesla #ev #earnings #wallstreet #stocks #markets #investing #money
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Hungry upstarts don’t always get the attention of major players, but in the case of You.com, founder Richard Socher got a front-row seat with NVIDIA’s Jensen Huang. “I was extremely impressed with Jensen,” Socher told Yahoo Finance Executive Editor Brian Sozzi on the Opening Bid podcast. Here's the advice Huang shared with Socher. More: https://lnkd.in/gEQSQS5u #yahoofinance #finance #tech #ai #business #markets #wallstreet
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US job openings unexpectedly increased in August after two straight monthly decreases, but hiring was soft and consistent with a slowing labor market. https://yhoo.it/4eKRJcX
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BlackRock CEO Larry Fink said the market is pricing too many interest-rate cuts from the Federal Reserve given the US economy continues to grow. https://yhoo.it/4gOoKHe
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The reductions, part of the company's previously announced plan, would primarily impact corporate roles and not frontline jobs in stores, pharmacies and distribution centers, it said. Reuters exclusively reported on Monday that CVS is exploring options that could include a break-up of the company to separate its retail and insurance units, as it looks to turn around its fortunes amid pressure from investors. https://yhoo.it/3ZHy1uw
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The new facility will expand J&J's production of biologic medicines to treat cancer, immunity-related and neurological diseases, the company said. https://yhoo.it/3ZJxhF5
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With the dockworkers officially on strike, how might it impact your grocery shopping? The banana supply, especially may be "hit hard." Here's why. More: https://lnkd.in/eEh2SbQU #yahoofinance #finance #ports #strike #labor #commerce #groceries #bananas
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Federal Reserve Chair Jerome Powell on Monday reiterated a point he made immediately following the Sept. 18 meeting, saying the Fed’s decision to slash rates by 50 basis points instead of 25 reflected growing confidence that officials can maintain strength in the job market and the economy while inflation continues to drop. https://yhoo.it/3Bvk7Sk
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A strike by dockworkers began on the East and Gulf coasts, threatening to halt the flow of half the US's ocean shipping. Disruption from the large-scale stoppage could cost the economy billions of dollars a day, stoke inflation, put jobs at risk, and reverberate through US politics. https://yhoo.it/4env8DN