European stocks were sharply lower on Friday afternoon as investors reacted to Spain's worst terror attack in more than 13 years. Global retreat from riskier assets Asia stocks joined a global retreat from riskier assets on Friday, as the dollar remained under pressure amid wavering confidence in President Donald Trump's ability to deliver his economic agenda. Investors appeared to become increasingly anxious over Trump's ability to push through his ambitious economic goals, such as tax cuts and infrastructure spending, following the exodus of business executives from two prominent councils this week. Several business leaders had defected from their advisory council roles after Trump's highly
Foot Locker (NYSE:FL) is looking to rebound with its second-quarter earnings report on Friday amid months of pressure on company shares due to subpar sales and key partner Nike’s (NYSE:NKE) deal to sell sneakers on Amazon (NASDAQ:AMZN). Investor concerns about the Amazon deal’s impact on Foot Locker’s bottom line also weighed on Foot Locker shares. In an Aug. 8 note to investors, Morgan Stanley analyst Jay Sole argued that Foot Locker and Amazon are pursuing “different segments of the market, noting that than 5% of Foot Locker’s top-200 best-selling sneakers are currently available for purchase on Amazon.
The showdown between Pershing Square Capital’s Bill Ackman and ADP’s (NASDAQ:ADP) Carlos Rodriguez could intensify on Thursday, as Ackman is expected to detail his plan of progress for the company – the source of an ongoing rift between the pair. Ackman has said he has ideas for “transformative change” at ADP, which will be detailed to investors Thursday. The rift between the hedge fund manager and ADP was born out of an email sent by Rodriguez, on accident, to Ackman.