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Nike Falls on Earnings, Entertainment Stocks Drop
Description
Today's biggest winners and losers in the stock market, a look at the notable movers:
On this episode of Stock Movers:
- Nike (NKE) drops after a pessimistic sales outlook after reporting worse-than expected results due to weakness in China, sportswear and at the Jordan brand. The company now sees revenue declining in the high-single digits in the current fiscal year.
- Walt Disney (DIS) shares fell plans to cut hundreds of jobs as part of a restructuring of its television operations, extending a wave of job cuts, the Wall Street Journal reported. The overhaul will consolidate divisions at the company, according to the Journal.
-Paramount Skydance (PSKY) shares ended the day lower as the entertainment company issued $52 billion of debt to fund the biggest Hollywood buyout ever, investors were nursing more than $100 million of losses, triggering a flurry of angry calls from money managers to Wall Street banks that underwrote the debt.
- Netflix (NFLX) shares fell after co-CEO Ted Sarandos reported that the company is facing slower growth as expected and is working on making that move faster which includes expanding live programming on the platform.
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