Nike shares tumble 6% on dismal revenue forecast, layoff plans as sneaker giant loses shine

Nike shares tumbled 6.7% Friday after the sportswear giant shared a dismal revenue forecast and warned of upcoming layoffs, as athletes flock to rival sneaker brands. It was the second straight day of declines for Nike, putting the sneaker brand’s stock down more than 48% so far this year.  On Thursday, Nike reported that its first-quarter revenues slumped 4% to $11.2 billion, citing declines in Greater China – partially offset by gains in North America – and challenges in its Sportswear and Jordan brands. Net income was $712 million, down 2% from $727 million the previous year. It expects revenue…

Disney’s No. 2 exec gives telling clue about Jimmy Kimmel’s future at ABC

A top Disney executive refused to say whether ABC will renew Jimmy Kimmel’s contract, throwing in some ominous remarks about the late-night funnyman’s future. “I’m not going to make that announcement here with you today,” Disney President and Chief Creative Officer Dana Walden said Thursday at a Bloomberg conference when…

Beloved 80-year-old women’s fashion retailer to close 120 stores

It’s lights out for another popular retailer as over 100 stores are set to close. Cato Fashions — a North Carolina-based women’s retail chain — has just announced it will shut down roughly 120 stores by the end of 2026. The 80-year-old value retailer revealed in a press release that…

Paramount and Warner Bros. Discovery post-merger name revealed

Paramount Skydance CEO David Ellison announced on Friday that his company will be known simply as Skydance after its merger with Warner Bros. Discovery is complete. “Paramount and Warner Bros. shaped over a century of culture,” Ellison wrote on social media on Friday. “By combining them, we aren’t rewriting history…

Hunt for ultra-rare,  million Shohei Ohtani card to begin this week

Collectors of Shohei Ohtani memorabilia will have a new Holy Grail to hunt for beginning this week. Officials at Topps announced on Tuesday that an Ohtani baseball card worth millions of dollars will be placed into a random pack and will hit store shelves starting on Wednesday. The card is…

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