Under Armour founder and CEO Kevin Plank, along with Goldman Sachs, is stepping away from further development of Baltimore Peninsula, formerly known as Port Covington, a 235-acre mixed-use waterfront redevelopment project in South Baltimore. Originally pitched as a 14-million-square-foot mini-city anchored by a new UA headquarters, a new report says less than 10% of the planned project has been built.Representatives for Plank's real estate development company, Sagamore Ventures, and its equity partner, Gold ...

Core Insights - Nike is experiencing a decline in its cultural relevance in the Chinese sneaker market, leading to a 9% drop in stock after disappointing Q2 fiscal results [1][2] - Sales in Greater China fell by 17% to $1.42 billion, contrasting with a 9% increase in North America sales to $5.63 billion [1] Company Strategy - Nike's CEO acknowledged the need to "reset" the company's approach to the China marketplace, emphasizing the urgency of addressing lagging areas, particularly in China [2][5] - The company has made some progress in reducing promotions and improving inventory management, but deeper cultural challenges remain [6] Cultural Relevance - Analysts highlight a "systemic cultural lag," indicating that Nike must move beyond traditional sports marketing to connect with the cultural values and lifestyle aspirations of China's younger generation [7] - The rise of the "Guochao" movement, which celebrates Chinese heritage, has led younger consumers to favor local brands like Anta and Li-Ning, which create culturally relevant campaigns [7][8] Competitive Landscape - Local competitors are successfully engaging younger consumers through culturally relevant marketing and digital experiences, while Nike's messaging feels outdated [8][9] - Geopolitical tensions are also influencing consumer preferences, pushing them towards domestic brands [9] Digital Engagement - Nike is lagging in digital engagement, relying on traditional marketing channels, which limits its visibility among Gen Z shoppers who prefer discovering brands through apps and marketplaces [10][11] - Rivals like Lululemon and Adidas are leveraging local collaborations and community engagement to connect with consumers more effectively [10]

Nike Inc. shares fell after the company warned that sales will decline this quarter amid persistent weakness in China and at its Converse brand. The world’s largest sportswear company expects revenue to be down in the low-single digits in the three months that started Dec. 1, a surprising turn after two straight periods of growth. Most Read from Bloomberg While Nike is making progress, especially in North America and the running category, investors are eager for the company to make headway in other are ...

Stocks look set toclose out a choppy week on a steady note, building on Thursday’s gains, spurred by cooler inflation that backs the case for lower borrowing costs. As of 8:00am, S&P 500 futures were 0.1% higher while Nasdaq 100 contracts were up 0.2% after the WSJ reported that OpenAI is set to raise $100BN in fresh capital (from sov wealth funds) removing near-term funding pressures across the AI sector. In premarket trading Oracle is up 6%, off session highs, with the rest of the Mag 7 complex mostly hig ...

Group 1: Market Overview - Wall Street is expected to experience significant volatility due to "quadruple witching" day, with options on various securities expiring, marking a record $7.1 trillion in notional options exposure [1][5] - The S&P 500 and Dow Jones Industrial Average recently ended a four-day losing streak, but are down approximately 0.8% and 1% respectively for the week [5] Group 2: Nike's Performance - Nike anticipates a low single-digit percentage decline in fiscal third-quarter revenue, with modest growth in North America, and expects gross margins to shrink by 1.75 to 2.25 percentage points, impacted by tariffs [2][3] - Despite challenges in China, strong sales in North America helped Nike's results exceed Wall Street expectations, with CEO Elliott Hill describing it as the "middle inning of our comeback" [4] Group 3: Cannabis Policy Changes - President Trump signed an executive order to reclassify marijuana from Schedule I to Schedule III, which could lead to increased competition in the cannabis market, causing shares of cannabis companies to decline [6] Group 4: College Sports Valuation - The University of Texas at Austin has become the most valuable college sports program, valued at $1.48 billion, a 16% increase from the previous year, generating $332 million in revenue for fiscal 2024, which is 23% higher than the previous year [9][10] - Ohio State University, previously the most valuable program, is now valued at $1.35 billion, a 2% increase from last year [10]

Getty Images Listen below or on the go via Apple Podcasts and Spotify TikTok (BDNCE) agrees to new joint U.S. venture. (00:24) Instacart (CART) settles FTC claim over deceptive practices. (01:25) Nike (NKE) targets double-digit EBIT margins through sport offense and operational efficiency. (02:28) This is an abridged transcript. TikTok CEO Shou Chew has announced that parent company ByteDance (BNDCE) has signed binding agreements to create a U.S. joint venture that will be majority-owned by American ...

Core Insights - Nike reported Q2 fiscal 2026 revenues of $12.42 billion, a 1% increase on a reported basis, but flat on a currency-neutral basis [1] - Net income fell 32% to $792 million, with diluted earnings per share (EPS) at $0.53 [1] - Gross margin narrowed by 300 basis points to 40.6%, primarily due to increased tariffs in North America [1] Revenue Breakdown - Wholesale revenues increased 8% to $7.5 billion, driven mainly by growth in North America [2] - Nike Direct revenues declined to $4.6 billion, down 8% on a reported basis and 9% on a currency-neutral basis, reflecting a 14% drop in Nike Brand Digital sales [2] - Nike Brand revenues reached $12.1 billion, up 1% on both a reported and currency-neutral basis [2] Regional Performance - Gains in North America were partially offset by weaker performance in Greater China and the APLA region [3] - Converse revenues sharply declined to $300 million, down 30% on a reported basis and 31% on a currency-neutral basis [3] Cost and Inventory Management - Selling and administrative costs edged up 1% to $4.03 billion, with demand creation expenses increasing 13% to $1.3 billion [3] - Operating overheads fell 4% to $2.8 billion, mainly due to reduced wage-related and administrative costs [4] - Inventories as of November 30, 2025, were $7.7 billion, down 3% [4] Cash Flow and Financial Position - Cash, cash equivalents, and short-term investments stood at $8.3 billion, about $1.4 billion lower than the prior-year period [5] Management Commentary - Nike's CEO stated that the company is in the "middle innings of our comeback," focusing on realigning teams, strengthening partner relationships, and rebalancing the portfolio [6]

Hong Kong stocks rose for a third day on Friday, sending the benchmark gauge to its longest winning streak in three weeks, after softer US inflation data bolstered the case for monetary easing and allayed concerns about frothy valuations of global equities. The Hang Seng Index advanced 0.8 per cent to 25,690.53 at the close, paring the weekly loss to 1.1 per cent. The Hang Seng Tech Index gained 1.1 per cent. On the mainland, the CSI 300 Index climbed 0.3 per cent and the Shanghai Composite Index added 0. ...

Nike posted a surprise jump in sales in the latest quarter, reassuring Wall Street that the world’s largest sportswear company is moving past a lengthy slump. https://t.co/Lsq261UGui ...

Market Performance - Hong Kong stocks rebounded from a three-week low, with the Hang Seng Index rising 0.9% to 25,468.78, while the Hang Seng Tech Index gained 1% [1] - The CSI 300 Index on the mainland climbed 1.8%, and the Shanghai Composite Index added 1.2% [1] Company Movements - China Life Insurance increased by 4.3% to HK$28.56, and Li Ning also rose by 4.3% to HK$19.07 [3] - Pop Mart International Group saw a gain of 3.4% to HK$195.70 [3] - ENN Energy declined by 2.4% to HK$69.90, and Techtronic Industries retreated by 2% to HK$89.80 [3] Economic Indicators - The US added 64,000 jobs in November, improving from a loss of 105,000 jobs in the previous month, but the unemployment rate rose to 4.56% from 4.44% in September [5] - Analysts suggest that the US jobs market is cooling but on track for a soft landing, indicating limited urgency for the Federal Reserve to cut interest rates in January [5] - Investors are looking forward to the November US inflation data, with core consumer prices expected to rise by 2.9% year-on-year, down from a 3.02% increase in September [6]