Nike's stock sank 10% on Friday and dragged shares of other sportswear companies after weak consumer spending forced the Air Jordan 1 shoemaker to cut its annual revenue forecast and signal a profit-over-sales strategy shift. The company also laid out a $2 billion cost-saving plan on Thursday and said it was adopting a "more prudent approach" to planning for the rest of the year, blaming the forecast cut on weakness in its online business and increased promotions.That sent shares of rivals Adidas and Puma d ...

Drugmaker Bristol Myers Squibb reached a deal to buy neuroscience-drug developer Karuna Therapeutics for $14 billion. Under the terms, Bristol would pay $330 a share in cash for Karuna and its experimental schizophrenia drug now up for U.S. government approval. Bristol expects the deal, which includes $1.3 billion in cash that Karuna has on hand, would close in the first half of next year.The acquisition, announced on Friday, would raise Bristol’s bet on selling psychiatric and neurological drugs, a large a ...

General Motors and Ford Motor Company announced some of their vehicles will become ineligible for the electric vehicle tax credits in the U.S. beginning on Jan. 1. General Motors said Thursday that the Cadillac Lyriq and Chevrolet Blazer will temporarily be impacted. Ford said its E-Transit won't be eligible for the $3,750 tax credit beginning on Jan. 1, as well as the Mach-E and Lincoln Aviator Grand Touring plug-in hybrid. Ford's F-150 EV Lighting will still be eligible for the $7,500 tax credit, adding t ...