Nike confirmed it has permanently ended its sponsorship of Hockey Canada after putting a pause on its marketing support to the national sports body last year. “Nike is no longer a sponsor of Hockey Canada,” reads a statement by the sportswear brand on July 17, though it did not mention the specific date when the…
Nike Permanently Ends Sponsorship of Hockey Canada, the Sportswear Brand Confirms
Nike Stock Slides as Inflation Hightens
Nike Inc. was affected by higher costs worldwide and had lower-than-expected profits in its fourth quarter results released last week, leading to a decline in its share price. Although the company’s sales were stable, its profits were hit by inflation, leading to a 3 percent decrease in its share price, Yahoo Finance reported. Gross margins…
Nike Sales to Gain From Adidas–Kanye Split, Jordan Retro Demand
Nike is expected to report a rise in third-quarter revenue and grow its market share through 2023, helped by major rival Adidas’ split with designer and rapper Kanye West that caused the German company to lose about $600 million in quarterly sales. Nike is also expected to get a boost from higher sales of its…
Former Employees Suing Nike Over COVID Vaccine Mandate
Amid reports that international travel will soon require a vaccine passport, former senior Nike employees accused the shoe company of unlawfully requiring them to submit to the COVID-19 vaccine without the proper authority. “Having an injection inside one’s body has no bearing on the task performed by the plaintiffs and since the COVID 19 vaccines…
Nike Q1 Earnings Highlights: Revenue and EPS Beat, Investors Pull Back on Inventory, China Concerns
Apparel and footwear company Nike Inc. reported first-quarter financial results after market close Thursday. Here are the key highlights for Nike investors. What Happened Nike reported first-quarter revenue of $12.7 billion, up 4 percent year-over-year. The total came in ahead of a Street estimate of $12.27 billion, according to data from Benzinga Pro. Earnings per…
US Companies Adapt to Heavy-Handed Network Data Supervision in China
Many U.S. companies have been adjusting their digital services in China due to a tightening of data surveillance by the authorities. This has been ongoing since 2021 when the ruling Chinese Communist Party (CCP) announced policy curbs tightening data security, privacy, and internet content. More recently China’s Market Supervision and Cyberspace Administration co-issued a notice…
Michael Avenatti Offers to Plead Guilty in Remaining Criminal Case
June 13, 2022
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Michael Avenatti, the twice-convicted lawyer who represented porn actress Stormy Daniels in her legal battles against former President Donald Trump, on Sunday offered to plead guilty to “multiple” criminal charges he still faces in California. Avenatti, 51, already faces five years in prison after being convicted in February of fraud and identity theft for diverting…
High Demand Pushes Puma’s Q1 Results Above Expectations
FRANKFURT—German sportswear maker Puma reported stronger-than-expected first-quarter results on Wednesday as high demand from both retailers and consumers more than offset the impact of the war in Ukraine and supply chain bottlenecks. “We see that sports participation has grown again during COVID and also after COVID,” Chief Executive Bjorn Gulden told a news conference, adding…
Why Nike Is Off to the Races After Breaking up From This Pattern and What to Watch for Next
Nike Inc was rallying almost 5 percent on Thursday with continued momentum from Wednesday’s price action, when the stock began to react to a bullish double bottom pattern. A double bottom pattern is a reversal indicator that shows a stock has dropped to a key support level, rebounded, back tested the level as support and…
Nike Beats Quarterly Revenue Estimates Boosted by North America Demand
Nike Inc. beat quarterly revenue and profit estimates on Monday on robust holiday demand for its sports shoes and apparel in North America, even as supply issues dented sales in China. Sports and casual apparel have become a more intrinsic part of everyday fashion since the onset of the pandemic, as people ditch office attire…
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