No sprint for Nike yet

0:00Welcome to Seeking Alphas Wall Street Breakfast, where we cover the top news for investors every morning. It's always good to be here with you today is Friday, October 2. I'm Julie Morgan. Nike continued to face headwinds from its Chinese and e-commerce businesses, driving overall sales down 4% from last year and resulting in a top-line miss. For the fiscal first quarter, Nike's North American business helped offset some of the losses internationally, but softness was noted in most of its business units including converse, Nike brand wholesale and Nike direct. Converse had a loss of 28%. By region China was again Nike's weakest market with sales down 22% year over year, with footwear, apparel and equipment all suffering double digit losses. For fiscal year 2027, Nike expects revenues to decline by high single digits with adjusted

1:01EPS with an array of $1.15 to $1.35. This fall short of estimates of $1.67 per share. As part of its transformation to a sell rate and scale the success of its restructuring model, the company announced the PACE Initiative, which builds on the cost-realignment plan announced last March. This includes efforts to modernize Nike's global supply chain, a new campus in India, re-aligning to three geographies and further streamlining of the organization. This initiative is expected to deliver approximately $2.5 billion in savings through fiscal year 31, including $1 billion in employee-related costs. Nasdaq on Thursday said that Moderna will become a component of the Nasdaq 100 index, replacing Warner Brothers' discovery before the market opens on Friday, October 9. The vaccine makers' shares have jumped more than 6-fold this year to a valuation of roughly

2:01$75 billion. Warner Brothers' discovery is also said to be removed from major indexes, including those tracked by S&P and MSCI. Its merger with Paramount Skydance is expected to close early next week. The Federal Housing Finance Agency is planning to instruct Fannie Mae and Freddie Mac to require lenders to use credit data from two major credit-reporting bureaus instead of three. Bloomberg News reported citing a person familiar with the plans that the new requirement would be unveiled by FHFA Director Bill Poulty as soon as October 12, when he's scheduled to speak at a mortgage industry conference. FHFA Trans Union and Experian are the dominant credit-reporting firms. Lone sold to Fannie and Freddie are currently required to include a tri-merge report, which combines data from all the recumpenies. Shares in Fair Isaac ticker symbol FICO, which creates the tri-merge reports drop 7% in

3:04Thursday after I was trading and are down 6.6% pre-market. Union is down 2.4% and Equifax is down 2.6% in pre-market trading. Last month Poulty said he was considering a buy merge requirement as part of the Trump administration's effort to lower closing costs in a bid to make homeownership more affordable. The person told Bloomberg that the new requirement is expected to take effect within one to three months of the announcement. This was also considered by the Biden administration. However, there were concerns at the time about accurately pricing mortgage risk. And now for our trending search topic on Seeking Alpha, the NASA SpaceX Crew 13 launch. SpaceX on Thursday launched four astronauts to the International Space Station, extending the company's role as NASA's primary provider of crew transportation. A Falcon 9 rocket carrying a Crew Dragon capsule lifted off from the Cape on Thursday, carrying

4:07two NASA astronauts, one Russian cosmonaut, and an astronaut with a Canadian Space Agency. According to NASA's website, the spacecraft docked with the ISS around 7 pm. For investors, successful NASA missions offered them a measure of the reliability of SpaceX's programs, while development of Starship represents a potentially larger but less proven source of future growth. I have one item for you on our catalyst watch for the day. It's a fun one. Metallica's life burns faster residency at the sphere in Las Vegas begins in a new twist for the venue. On Wall Street, stock index features are in the green. Crude Oil is down 3.8% at $89 a barrel. Brink Crude is down 2.7% at $99. The FTSE 100 is up 0.1% and the DAX is up 0.8%. China's Shanghai Composite remain closed today for a holiday.

5:09India's market was also closed today. Synaptics and on-semiconductor are on our biggest movers list. S.Y.N.A. is up 14% and on is up 6%. Shares climbed after on-agreed to acquire synaptics for $123 per share in cash, or approximately $5.7 billion, replacing the all stock deal announced in June that was valued at about $7 billion. And of course on today's economic calendar, you've been waiting for it all week at 8.30 AM the employment situation. That's it for today's Wall Street breakfast. Thanks for listening. For a full offering of news, analysis, ratings, and data on stocks and ETFs become a premium subscriber. Learn more at seekingyalfa.com slash subscriptions. I'm your host Julie Morgan. Go out and make it a great day!