| Thursday's Markets | |
|---|---|
| S&P 500 6,775 (+0.79%) |
|
| Nasdaq 23,006 (+1.38%) |
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| Dow 47,952 (+0.14%) |
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| Bitcoin $85,185 (-0.73%) |
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Nike (NYSE:NKE) posted a 32% fall in second-quarter earnings per share (EPS) year over year (YOY) after market close yesterday, as management expects further direct-to-consumer sales weakness in the coming quarters. We saw some signs of recovery in North American markets, with revenue up 9%, though with a gross margin down 330 basis points. Nike stock fell over 10% in pre-market trading.
TikTok's U.S. operations are to be taken over by a new joint venture, CEO Shou Zi Chew told employees in a memo yesterday, per Bloomberg. TikTok USDS Joint Venture LLC will be led by three managing investors -- Oracle (NYSE:ORCL), Silver Lake, and MGX, who will share 50% of the ownership. Chinese owner ByteDance will retain 20%, with 30% held by other affiliates.
Stock Advisor recommendation FedEx (NYSE:FDX) reported a 19% YOY EPS jump with yesterday's Q2 update -- as profitability improves despite a number of obstacles, including the grounding of the company's MD-11 aircraft following November's UPS (NYSE:UPS) crash. The stock remained stable overnight.
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