Nike CEO Transition and Market Reaction - Nike's stock surged more than 8% following the announcement of CEO John Donahoe's departure, with shares rising over 5% on Friday alone [1][2] - Elliott Hill, a former Nike executive with over 30 years of experience, returned as the new CEO, aiming to boost employee morale and focus on consumer-centric strategies [1][3] - Under Donahoe's leadership, Nike lost nearly $40 billion in market capitalization, and its shares have declined by almost 20% since January 1 due to inflation and competition [2][5] Financial Performance and Challenges - Nike achieved over $50 billion in annual sales for the first time in fiscal 2023, but analysts project a decline to $48.87 billion for fiscal 2025 [4] - The company faces challenges from inflation-weary consumers reducing discretionary spending and slower-than-expected recovery in China [5] - Intensifying competition from brands like Hoka and On is pressuring Nike's market dominance in the athletic and leisure industry [5] Leadership Compensation and Investor Influence - John Donahoe earned nearly $104 million in pay and benefits during his tenure, with $35 million tied to equity awards, placing him in the top 0.1% of US CEOs [2][5] - Bill Ackman's Pershing Square Capital Management acquired 16.3 million Nike shares, signaling support for Hill as the new CEO [2] Strategic Focus and Employee Engagement - Hill plans an all-hands meeting on October 14 and encouraged employees to share their concerns and questions directly with him [3] - He emphasized the need for speed, urgency, and a consumer-first approach in his introductory video message to employees [3]

Three Mile Island — the infamous site of America’s worst nuclear disaster — is gearing up for a comeback, and Microsoft is first in line to tap into its energy.The tech giant signed a data center deal with Constellation Energy to help resurrect a unit of the nuclear plant in Pennsylvania in what would be the first-ever restart of its kind, the companies said on Friday. 4 Constellation Energy plans to restart the reactor by 2028, pending approval from the Nuclear Regulatory Commission, with Microsoft purch ...

General Motors is recalling more than 449,000 of its SUVs and pickup trucks because the electronic brake control module software may fail to display a warning light when a loss of brake fluid takes place.The National Highway Traffic Safety Administration said Friday that the recall includes certain 2023-2024 Cadillac Escalade and Escalade ESVs, 2023 Chevrolet Silverado 1500, 2023-2024 Chevrolet Tahoe and Suburban 1500, 2023 GMC Sierra 1500, 2023-2024 GMC Yukon and Yukon XL models.General Motors is recalling ...

Nike said Thursday that CEO John Donahoe will retire after more than five years at the helm as the sportswear giant shakes up its top rank amid efforts to revive sales and battle rising competition.The company named Elliott Hill president and chief executive officer, effective Oct. 14, 2024.Donahoe was tasked with bolstering Nike’s online presence and drive sales through direct-to-consumer channels.CEO John Donahoe will retire after more than five years at the helm. Getty ImagesThe push initially helped the ...

Market Overview - Wall Street experienced a rally with the Dow and S&P 500 reaching intraday record highs following the Federal Reserve's half-percentage point rate cut and forecast of more cuts ahead [1][3] - The Dow Jones Industrial Average increased by 394 points (1%) to 41,897, with an intraday peak of 42,105.01 [1] Sector Performance - Rate-sensitive growth stocks saw significant gains, with Microsoft up 2%, Tesla up 4.2%, and Apple up 2.6% [3] - Semiconductor stocks performed well, with Nvidia rising 4.7%, Advanced Micro Devices gaining 3.5%, and Broadcom increasing by 3.8%, contributing to a 3.6% rise in the Philadelphia SE Semiconductor Index [3] - The Russell 2000 index rose by 1.7%, benefiting from a lower interest environment that could reduce operating costs for credit-dependent companies [3] Economic Indicators - The Federal Reserve projected an additional 50 basis points rate cut by year-end, indicating a favorable economic scenario with steady growth, low inflation, and low unemployment [3][5] - Jobless claims for the week ending September 14 were reported at 219,000, lower than the expected 230,000, supporting the notion of a soft landing for the economy [3][5] Market Sentiment - Traders are anticipating a 63.1% chance of a 25 basis points rate cut at the November meeting, according to CME Group's FedWatch tool [5] - Bank of America Global Research has revised its forecast to a total of 75 basis points in rate cuts by the end of this year, up from an earlier estimate of 50 basis points [5] Historical Context - Historically, the S&P 500 has averaged a 14% gain in the six months following the first reduction of a rate-cutting cycle, based on data from Evercore ISI [7] - September has typically been a challenging month for US equities, with the S&P 500 averaging a loss of 1.2% since 1928 [7] Individual Company Movements - Bank of America and Wells Fargo each advanced over 1% after lowering their prime rates, while Citigroup rose by 1.9%, contributing to a 0.8% increase in the broader banks index [7] - Fertility benefits management firm Progyny saw a significant decline of 33% after a major client opted to terminate its services agreement [8]

EU antitrust regulators on Thursday warned Apple to throw open its fiercely-guarded proprietary software to rivals — or risk the prospect of major fines from.The European Commission launched so-called specification proceedings that will spell out what Apple has to do to abide by the Digital Markets Act (DMA), the strict new law aimed at tech giants from abusing their market share.While the move isn’t a formal probe, the stepped-up enforcement could upend Apple’s lucrative business model by targeting its iOS ...

Boeing BA.N said on Wednesday the planemaker will temporarily furlough tens of thousands of employees after about 30,000 machinists went on strike on Friday, halting production of its 737 MAX and other airplanes.“We are initiating temporary furloughs over the coming days that will impact a large number of US-based executives, managers and employees,” CEO Kelly Ortberg said in an email to employees. “We are planning for selected employees to take one week of furlough every four weeks on a rolling basis for t ...

Core Insights - Snap has launched an upgraded version of its Spectacles augmented-reality glasses, emphasizing the potential of wearable devices in enhancing real-world experiences [1][3] - The new Spectacles are developed in partnership with Qualcomm and OpenAI's ChatGPT, allowing users to overlay digital images and filters onto their surroundings [1] - Snap's stock dropped 2% following the announcement, despite a prior increase of 10.8% over the previous five days, and is down 41.8% year-to-date [1] Product Features - The fifth generation of Spectacles is powered by a new operating system called Snap OS, which enhances user interaction through hand and voice recognition [3] - The glasses feature a bulky design to accommodate two Qualcomm chips and tiny projectors, with controls including a video capture button and a power button [3] - Transition lenses allow the glasses to function well in both indoor and outdoor settings, although reviews indicate a lack of sufficient applications for users [6] Market Context - Snap's business model primarily relies on digital advertising, and previous iterations of Spectacles have not significantly boosted revenue [1] - Competitors like Meta are also advancing in the AR space, with plans to unveil their own AR glasses soon [1]

JPMorgan Chase is talking with Apple about taking over the tech giant’s credit-card program from Goldman Sachs, the Wall Street Journal reported Tuesday.Discussions started earlier this year and have advanced in recent weeks, but a deal could still be months away, the report said, citing people familiar with the matter.Key details, including price, are still to be negotiated, according to the report.Apple and Goldman reportedly pulled the plug on their credit card partnership last year. AppleGoldman Sachs d ...

Mark Zuckerberg’s Instagram unveiled a major overhaul of safety features for kids on Tuesday – a move that online watchdogs quickly blasted as a bid to avoid a looming congressional crackdown on the social media giant.Instagram said it will automatically place users under age 18 into “teen accounts” and block people who do not follow them from viewing their content or interacting with them. It will also mute Instagram app notifications for teen users between 10 p.m. and 7 a.m. and send “time limit reminders ...