|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||157.18 - 158.19|
|52 Week Range||114.15 - 176.36|
|Beta (5Y Monthly)||0.63|
|PE Ratio (TTM)||35.52|
|Forward Dividend & Yield||1.88 (1.21%)|
|Ex-Dividend Date||May 09, 2019|
|1y Target Est||223.38|
(Bloomberg) -- Fears that the coronavirus could be a disaster for the global economy and a drumbeat of speculation over central-bank stimulus are driving another rally in precious metals.Gold surpassed $1,600 an ounce this week and is closing in on a seven-year high. Palladium climbed for a sixth day in the spot market, extending its record-breaking rally.“Gold is continuing to resist the firm U.S. dollar and appears to remain in good demand as a safe haven because of the Covid-19 virus,” Daniel Briesemann, an analyst at Commerzbank AG analyst, said in a note. “The madness on the palladium market continues.”The most surprising metal remains palladium, which rose as much as 8.4%. The metal used to curb emissions from vehicles rallied as the Chinese government pledged to stabilize car demand in the Asian country. Efforts to contain the coronavirus earlier prompted manufacturing shutdowns.Companies from Apple Inc. to Adidas AG are starting to account for the economic damage of the coronavirus, which has already killed more than 2,000 people. At the same time, traders are paying more attention to the possibility of central bank easing in the coming months.The Fed has said the effects of the virus have presented a “new risk” to the outlook and traders will study minutes from the latest meeting, due later Wednesday, for any hint of a dovish tone. Lower borrowing costs boost the investment appeal of precious metals that don’t offer yields.Palladium generated the biggest return among the raw materials tracked by a DCI BNP Paribas gauge in the past two years as supply continues to trail consumption.“There is nothing on the horizon to change the direction of these shortages,” Neal Froneman, the chief executive officer of Sibanye-Stillwater Ltd., said at a presentation in Johannesburg, referring to palladium and rhodium.Stricter vehicle emissions standards are spurring more demand for the metals, which are used to clean car fumes, he said.In China, the world’s largest auto market, areas with purchase limits should be encouraged to soften curbs by increasing car plate quotas, according to an article by President Xi Jinping published in Communist Party-run magazine Qiu Shi on Sunday.Why Palladium Is Suddenly a More Precious Metal: QuickTakePalladium rose 2.6% to $2,696.82 an ounce at 11:15 a.m. in New York after reaching a record $2,849.61 earlier. For a second straight day, the metal’s 14-day relative index stayed above 70, a level seen by traders who study charts as a sign that the commodity is overbought and poised to decline.Tighter supply and China’s support for the auto sector “do not justify the renewed upswing in price in our opinion,“ Commerzbank’s Briesemann said.Gold advanced 0.3% to $1.607.05 an ounce.\--With assistance from Eddie van der Walt, Felix Njini, Justina Vasquez and Yvonne Yue Li.To contact the reporters on this story: Lynn Thomasson in London at firstname.lastname@example.org;Ranjeetha Pakiam in Singapore at email@example.comTo contact the editors responsible for this story: Luzi Ann Javier at firstname.lastname@example.org, ;Lynn Thomasson at email@example.com, Joe RichterFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- The International Monetary Fund reiterated that it sees a rebound in global growth this year, despite risks of a further spread of the coronavirus that has now killed 2,010 and infected 75,286 people around the world.China said it’s considering further measures to shield its economy from the outbreak, including cash infusions and bailouts for the struggling airline industry. The government is planning to take over HNA Group Co. and sell off its airline assets after the virus hampered the debt-loaded conglomerate’s ability to meet financial obligations.As more people are encouraged to stay at home, a growing number of Chinese private companies have stopped paying staff completely.Key DevelopmentsChina death toll hits 2,004; 74,185 confirmed casesHong Kong has second fatality after 70-year-old diesAdidas, Puma say business in China being hurt by outbreakClick VRUS on the terminal for news and data on the novel coronavirus and here for maps and charts. For analysis of the impact from Bloomberg Economics, click here.China Said to Near Takeover of HNA Group (9:45 a.m. NY)China is planning to take over HNA Group Co. and sell off its airline assets after the coronavirus outbreak hit the indebted conglomerate’s ability to meet financial obligations, according to people familiar with the plans.The government of Hainan, the southern island province where HNA is based, is in talks to take control of the conglomerate, which has been shedding assets after a global buying spree left it with one of the highest levels of corporate debt in China, the people said. The airline assets could be taken over later by other local companies, they said.China’s Central Bank Expects ‘Limited’ Virus Impact (8:41 a.m. NY)The People’s Bank of China acknowledged the downward pressure facing the economy and said the impact of the outbreak would be “short-lived” and “limited in terms of time and scope.”It called for a “rational view” on the economic impact of the virus and said it’ll work to promote consumption and investment to boost domestic demand, according to a quarterly monetary policy report.IMF Sees Global Economic Rebound Despite Virus Threat (8:30 a.m. NY)Worldwide economic growth is expected to “moderately strengthen” this year, according to the IMF, despite the Washington-based lender warning that the coronavirus is one of the main risks that could derail that outlook.Russia Exports to China Slump, Indonesia Spending Hit (6:24 a.m. NY)Russia’s exports to China dropped by almost a third in the first six weeks of the year as the spread of coronavirus sapped demand in the world’s second-biggest economy. Separately, Indonesia’s revenue and spending fell in the first month of the year and the country’s finance minister warned of more risks to economic growth.Macau Says 29 of 41 Casinos to Reopen Feb. 20 (5:32 p.m. HK)Twelve casinos remain suspended. Reopening involves 1,800 gaming tables, which is less than 30% of the original number.Adidas, Puma Say Coronavirus Pummeled Demand in China (5:02 p.m. HK)Adidas AG and rival Puma SE said business in China was pummeled by the coronavirus, which forced the German sporting-gear companies to shut stores.China Says Virus Spread Possible Via Aerosol in Confined Space (4:48 p.m. HK)It is possible to catch the novel coronavirus if exposed to highly dense aerosols in a confined environment for a long time, China’s National Health Commission said.Chinese Oil Refineries Deepen Run Cuts (4:09 p.m. HK)Chinese refineries are throttling back production even further to cope with weak demand and a lack of workers due to the coronavirus, and are now processing 25% less oil than they were last year.No Wages for Chinese Workers (2:50 p.m. HK)A growing number of China’s private companies have cut wages, delayed paychecks or stopped paying staff completely, saying that the economic toll of the coronavirus has left them unable to cover their labor costs. To slow the spread of the virus, Chinese authorities and big employers have encouraged people to stay home. Shopping malls and restaurants are empty; amusement parks and theaters are closed; non-essential travel is all but forbidden.Glovemaker Increases Debt Sale (12:54 p.m. HK)The world’s biggest glovemaker got a vote of confidence from investors in the credit market, as the spreading coronavirus fuels demand for the Malaysian company’s rubber products. Top Glove Corp. sold 1.3 billion ringgit ($313 million) of Islamic notes, more than its planned offering of 1 billion ringgit.All Negative for Westerdam Passengers (12:19 p.m. HK)All remaining 781 passengers of the Westerdam cruise ship moored in Cambodia have tested negative for coronavirus. Holland America Line, which owns the vessel, made the announcement, citing the Cambodian Ministry of Health.Japanese Efforts Criticized (12:15 p.m. HK)As Japan began releasing passengers from a stricken cruise ship anchored off Yokohama, the U.S. Centers for Disease Control and Prevention criticized the Japanese government’s quarantine efforts, saying they may not have been sufficient to prevent transmission of the coronavirus aboard the vessel.The CDC said in a statement Tuesday there may be additional virus cases among the remaining passengers, as the rate of new infections presents an “ongoing risk.” It said passengers and crew are prevented from returning to the U.S. for at least 14 days after leaving the ship.APEC to Discuss Impact of Coronavirus (11:30 a.m. HK)Senior officials of Asia-Pacific Economic Cooperation Secretariat will discuss the impact of the coronavirus in the next few days, said Michael Chapnick, direct of communications and public affairs. The Secretariat sees the outbreak as “a challenge for the region” as they prepare to host meetings in Malaysia this year.Hong Kong Reports Second Death (11:05 a.m. HK)A 70-year-old male who had been diagnosed with coronavirus died this morning at Princess Margaret Hospital, a spokesperson for the hospital said by phone. He had underlying illnesses and had a day trip to mainland China on Jan. 22. Local news site HK01 reported the death earlier this morning.China Mulling Airline bailout (11:01 a.m. HK)China is considering measures such as direct cash infusions and mergers to bail out an airline industry crippled by the virus outbreak, according to people familiar with the matter. One proposal involves allowing some of the nation’s biggest carriers -- which are controlled by the state -- to absorb smaller ones suffering the most from the collapse of travel, the people said, asking not to be identified because the information hasn’t been discussed publicly. To read full story, click here.Cruise Passengers Begin to Disembark (10:10 a.m. HK)Passengers finally began leaving a cruise ship that has been quarantined off Yokohama, Japan, the NHK reported.Many of those who leave the ship will be subject to another 14 days of quarantine once they return home. All passengers are set to leave the Diamond Princess cruise between Wednesday and Friday. About one in seven people aboard became infected, with 542 people confirmed to have contracted the virus as of Tuesday.To read full story, click here.Taiwan Extends Hong Kong Tour Suspension (10:05 a.m. HK)Taiwan’s Tourism Bureau said suspension on group tours to Hong Kong and Macau will be extended to April 30 from original schedule of March 31. Taiwan had earlier barred entry for all residents of mainland China, Hong Kong and Macau. Taiwan had also halted all passenger flitghts to China except for those to and from the Chinese cities of Beijing, Shanghai, Xiamen and Chengdu.Gauging the Damage From the Virus (10 a.m. HK)U.S. corporations are rushing to assess the impact on their business from the coronavirus infection spreading across China. Bloomberg economists reviewed all mentions of the coronavirus for S&P 500-listed firms - a total of more than 150 companies with a combined market cap of $9 trillion - and found that 56% of them said it was too early to gauge how the virus might play out. Another 36% said it would have an effect, but likely limited. Only 5% anticipate a severe blow. But the harsh reality on the ground in China points to a different conclusion - so companies and investors may be in for a nasty shock.To read the full report, click here.South Korea Confirms 15 More Cases (9:30 a.m. HK)The Korea Center for Disease Control & Prevention confirmed 15 more cases of people with coronavirus, 13 of them in Daegu city, southeast of Seoul. Eleven of the newly confirmed cases were linked to a patient that tested positive yesterday, the CDC said. The Kyungpook National University Hospital in Daegu has been asked to close down its emergency room after at least one patient in the facility was found to have been infected.\--With assistance from Emi Nobuhiro, K. Oanh Ha, Adrian Kennedy, Adela Lin, Yudith Ho and Michelle Fay Cortez.To contact Bloomberg News staff for this story: Jeff Sutherland in Tokyo at firstname.lastname@example.orgTo contact the editors responsible for this story: Stuart Wallace at email@example.com, ;Drew Armstrong at firstname.lastname@example.org, Chris Kay, Mark SchoifetFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
has severely disrupted their businesses in China, forcing store closures and a sharp drop in sales in one of their most important markets. Adidas said on Wednesday that sales in the country had plummeted 85 per cent since January 25 compared with the same period a year ago. “We have experienced a material negative impact from the coronavirus outbreak on our operations in China,” it said in a statement.
German sportswear makers Adidas and Puma have both warned that the coronavirus outbreak was hurting their business in China due to store closures and fewer Chinese tourists travelling and shopping in other markets. Adidas and Puma make almost a third of their sales in Asia, which has been a major growth market for the sporting goods industry in recent years. The region is also the main sourcing hub, with China a major producer for both companies.
The German pair that founded sports brands Adidas and Puma are long gone. Adidas pre-empted Puma’s results on Wednesday by warning that its own operations in China had suffered an 85 per cent slowdown, denting shares in both. Puma hit back with better than expected numbers, sending its stock up 8 per cent.
Shares of Under Armour (NYSE:UAA) plunged in early February after the struggling athletic apparel maker reported mixed fourth quarter numbers that included a dismal 2020 guide. Of note, while Under Armour's profits in the fourth quarter matched analyst expectations, management guided for just 13 cents in earnings per share in 2020 (at best), versus a consensus sell-side estimate of 46 cents.Source: Sundry Photography / Shutterstock.com That means Under Armour projects to earn less than 30% of what Wall Street thought the company would earn this year. Investors naturally freaked out in response, and UAA stock fell by 20% to its lowest levels in over a year.At this point in time, I think it's smart to play the contrarian and buy the dip in Under Armour stock.InvestorPlace - Stock Market News, Stock Advice & Trading TipsMy rationale is simple. First, Under Armour's fundamentals are bad but not awful, and the company should keep growing. Considering that reality, shares seem undervalued here. * 7 Exciting Stocks to Buy for Aggressive Investors Second, the stock has formed formidable technical support at the $16 to $17 range over the past few years, and shares are presently closing in on those levels. And third, a big portion of the sell-off has to do with coronavirus anxiety, which ought to subside in the coming months.All in all, I like Under Armour stock on the dip. Over the next few months, I expect shares to find support around $16 to $17 and rebound back above $20. All is not LostUnder Armour's fourth quarter earnings report was bad and 2020 guidance was even worse. But all is not lost, and there are still plenty of things to like about this company.Sure, revenues rose just 4% in the fourth quarter, and are expected to drop by roughly 2% next year. That's not good. But Under Armour is still one of the four major players in the athletic apparel market, alongside Nike (NYSE:NKE), Adidas (OTCMKTS:ADDYY) and Skechers (NYSE:SKX). That market remains supported by secular adoption tailwinds. Granted, those tailwinds are stronger on the lifestyle side of the market, and less strong on the performance side (where Under Armour operates).Nonetheless, revenue erosion is unlikely to last beyond 2020, and market tailwinds coupled with easier laps will bring positive revenue growth back next year.Below the top-line, things actually aren't so bad. Gross margins rose by 230 basis points in the quarter amid supply chain enhancements and lower discounting. They are expected to rise another 40 basis points next year for the same reasons. Concurrently, while opex rates are rising, that's mostly because of sluggish revenue growth. Expenses rose just 2% in 2019. Continued moderate expense growth plus gross margin expansion lay the groundwork for profits to roar higher once revenue growth turns positive again.All in all, then, Under Armour is just getting stung by some near-term demand headwinds. These demand headwinds won't last. Once they pass, Under Armour will return to being a low single digit revenue growth and double-digit earnings growth company. Under Armour Stock is CheapAt current levels, there are two big things to like about Under Armour stock.First, the stock is cheap relative to the company's realistic earnings growth prospects. After this year, Under Armour should return to and sustain low single digit revenue growth, thanks to broader athletic apparel market tailwinds. Gross margins will keep moving higher as the company starts selling more into full-price channels and eases on discounting. Operating expense rates will compress as management maintains a ~2% expense growth rate.Putting all that together, from this year's projected 13 cents earnings per share base, Under Armour's profits will likely rise towards $1.25 by 2025. Based on an apparel retail sector-average 23-times forward earnings multiple and a 10% annual discount rate, that implies a 2020 price target for the stock of nearly $20.Second, the stock will find powerful technical support in the $16 to $17 range. Since early 2018, Under Armour stock has bottomed out at these levels several times, namely in April 2018, October 2018, December 2018, August 2019 and November 2019.It is fairly likely that shares once again find support at these levels. If they do, that means the worst of this sell-off is over, and the stock is due for a relief rally over the coming months. Bottom Line on UAA StockUnder Armour is struggling. These struggles will continue, but the valuation on Under Armour stock is cheap, and shares are running into multi-year technical support levels. As such, it makes sense to start buying the dip in Under Armour stock here. Over the coming months, it's quite likely that shares stabilize around $17 before popping back to $20.As of this writing, Luke Lango did not hold a position in any of the aforementioned securities. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 7 Exciting Stocks to Buy for Aggressive Investors * 20 Stocks to Buy From the Law of Accelerating Returns * 7 U.S. Stocks to Buy on Coronavirus Weakness The post Play the Contrarian And Buy the Dip in Under Armour Stock appeared first on InvestorPlace.
Under Armour’s struggles in North America showed up in its Q4 earnings results. “I’m not satisfied with where we are today,” said new Under Armour CEO Patrik Frisk, who took over for the company’s first CEO and founder Kevin Plank in January.
(Bloomberg Opinion) -- Any new chief executive likes to make their own mark. For Patrik Frisk, who took the helm of Under Armour Inc. last month, there’s even more reason than most. While founder Kevin Plank has ceded the role of CEO, he’s staying around as chairman and brand chief at the maker of athletic apparel.At first glance, the surprise sales and profit warning that Frisk, who spent two-and-a-half years as chief operating officer, announced on Tuesday, looks like the last thing he would have wanted to unleash on investors during his first update. And that’s not all: Under Armour is also considering another restructuring,To be fair, some of the cut to revenue guidance is down to the coronavirus – a risk shared with rivals Nike Inc. and Adidas AG. But it is also due to a decline in sales in North America, where efforts to rein in discounting and concentrate on the style, fit and performance of apparel have taken longer to bear fruit. Profit estimates were also lowered: The mid-point of the $105 million to $125 million range would imply a halving of operating earnings from 2019, according analysts at Bernstein.The big downgrade is clearly unwelcome to investors, who may be forgiven for thinking they have been here before. The group has been restructuring, including cutting jobs, for the past three years. However, such a dramatic lowering of guidance does provides more leeway to try to fix the U.S. business, where more work is clearly needed, and potentially scope to outperform later on. There were some bright spots. Under Armour’s gross margin, which expanded by 1.8 percentage points in 2019, is forecast to widen by another 0.3 to 0.5 percentage point this year. Inventories are also falling, and the wholesale market is showing signs of stabilizing.Under Armour’s reduced outlook also paves the way for more cost-cutting. Taking an ax to expenditure could lead to savings of $30 million to $50 million in 2020, even though this could cost as much as $425 million in pre-tax charges. Of this, $225 million to $250 million relates to the possibility of foregoing opening a flagship store in New York. Pausing this project looks wise given the outlook. So Frisk may be erring on the side of caution as he takes the reins.But there’s still considerable uncertainty as to whether Under Armour’s strategy — focused foremost on performance rather than fashion — will pay off. Meanwhile, competition from Nike and Adidas isn’t getting any easier, with the latter pushing ahead with its collaboration with Beyonce. Add in a federal investigation into Under Armour’s accounting practices, and whether Plank will be able to relinquish some control and the outlook remains highly uncertain.After under-promising, Frisk has little choice but to over-deliver.To contact the author of this story: Andrea Felsted at email@example.comTo contact the editor responsible for this story: Beth Williams at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Andrea Felsted is a Bloomberg Opinion columnist covering the consumer and retail industries. She previously worked at the Financial Times.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Federal Reserve Chairman Jay Powell heads to Capitol Hill for two days of testimony, plus Under Armour and Lyft deliver fourth quarter results Tuesday.
At least four textile factories in Cambodia may suspend operations because of delays to the supply of raw materials from China caused by the coronavirus outbreak, the labour ministry said on Monday. Ministry spokesman Heng Sour said there had been delays in deliveries of garments, yarn, buttons and shoe soles. The garment industry is Cambodia's largest employer, generating $7 billion for the economy each year.
(Bloomberg) -- China’s consumer prices rose the fastest in more than eight years last month, with the outbreak of the coronavirus and subsequent shutdowns of transport links across the country making further gains in the coming months likely.Consumer prices rose 5.4%, with food prices jumping the most since 2008 in January. Even before the coronavirus, prices were likely to have risen sharply due to the normal spike in demand around the Lunar New Year and the effects of the African Swine Fever outbreak which has killed millions of pigs and damaged pork supplies. Pork prices gained the most on record.The dramatically worsening coronavirus situation in the last 10 days of the month exacerbated those factors and could prolong the high prices. That will not only hurt consumption domestically, but could push up prices globally, with extended shutdowns in China hurting supplies of various industrial goods and exported foods.“The virus outbreak has rewritten the supply and demand story in China, with supply staying at a relatively low level except for the medical sector and demand also falling,” said Tommy Xie, an economist at Oversea-Chinese Banking Corp in Singapore. “Prices will likely continue to rise due to weak supply.”The fallout will also impact foreign companies with production or sales in China, and may well lead to rising prices for consumer goods in the U.S. and elsewhere if factories can’t restart soon.Apple Inc.’s main iPhone production partner has told employees at its Shenzhen facility not to return to work Monday when the extended Lunar New Year break ends, and its production resumption hinges on the government’s guidance.‘Nightmare’ for Global Tech: Coronavirus Fallout Just BeginningOther multinationals with footprints in China are already seeing disruptions. Nike Inc. closed about half of its company-owned stores in China and rival brand Adidas AG also said it has closed a significant number of stores in China, as a result of the outbreak, Bloomberg reported last week.The rise in CPI was mainly due to the Lunar New Year and the coronavirus epidemic, and also due to a lower base last year as the holiday was in February 2019, the National Bureau of Statistics said in a statement.What Bloomberg’s Economists Say...“Looking ahead, CPI inflation is likely to be volatile. The impact of the virus could cause prices of food, such as vegetables, to rise further. On the other hand, it could reduce household demand, sapping inflationary pressures.”\-- David Qu, Bloomberg EconomicsClick here for the full noteChinese farmers are feeling the pain as authorities have ordered shutdowns and road blockages in various cities and areas in an attempt to contain the spread of the illness. Roads to transport animal feed and farm products were blocked, leaving farmers to watch their poultry starve and farm products go bad.Sun Dawu, founder of Hebei Dawu Agriculture and Livestock Group, wrote on Weibo on Jan. 30 that his company had to “dispose” of about 5,000 kilograms of fresh eggs and 40,0000 baby chickens on a daily basis, because “we aren’t able sell these, and even if we managed to sell to merchants, they dare not trade livestock.”“The animal feed and animal farming industries are about to get burnt,” he said in another post on Weibo, China’s equivalent of Twitter, on Feb 4.Right now the main problem his company is facing is road blockages, according to a company manager called Yang, who only gave his last name. “It has got better, but there are still some extremes cases where our trucks aren’t allowed to exit highways or enter villages,” he said Monday via phone.Blockages ForbiddenThe issue was so bad the Ministry of Agriculture was forced to intervene, last week ordering people not to intercept vehicles transporting animal feed and live animals, not to close slaughterhouses, and not to block village roads.Taobao, one of China’s biggest e-commerce platforms owned by Alibaba Group, has launched a campaign called “Foodies Help Farmers” to promote the sale of products from kiwi fruits to asparagus which have been disrupted. “Don’t let fruit and vegetables rot on the farms,” is the slogan.The faster inflation is benefiting some agricultural companies, at least in the short-term. The stock prices of Beijing Dabeinong Technology Group Co. and Heilongjiang Agriculture Co. both hit the 10% daily upside limit as of 11:14 a.m. local time, while Muyuan Foodstuff Co. jumped 8.2% and Wens Foodstuffs Group Co. climbed 5.5%.“After the virus is contained and lockdown measures are lifted, demand will likely recover more quickly than supply, which may be more or less delayed by a potential disruption of supply chains, resulting in rising CPI inflation,” Lu Ting, Nomura Holdings chief China economist, wrote in a report to clients last week.(Updates with impact on companies from fifth paragraph. The comment of an economist was corrected in an earlier version of this story.)\--With assistance from Tomoko Sato, Yinan Zhao, Miao Han and Ken Wang.To contact Bloomberg News staff for this story: Lin Zhu in Beijing at email@example.comTo contact the editors responsible for this story: Jeffrey Black at firstname.lastname@example.org, James MaygerFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
German sportswear company Adidas on Wednesday said it was temporarily shutting a "considerable" number of its stores in China due to the coronavirus outbreak. Adidas has about 12,000 outlets in China, including franchise stores. Adidas saw sales growth slow to 11% in China in the July-September period from 14% in the second quarter.
GENEVA/BEIJING, Feb 5 (Reuters) - Thousands of passengers and crew on two cruise ships in Asian waters were placed in quarantine for China's coronavirus on Wednesday as airlines, carmakers and other global companies counted the cost of the fast-spreading outbreak. A multinational WHO-led team would go to China "very soon", it added. China said another 65 people had died in the previous 24 hours, in the highest daily total yet, taking the overall toll on the mainland to 490, most in and around the locked-down central city of Wuhan, where the new virus emerged late last year.
Columbia Sportswear's (COLM) fourth-quarter 2019 results are likely to reflect gains from the DTC business and Project CONNECT. However, increased investments might have hurt earnings.
Prestige Consumer's (PBH) third-quarter fiscal 2020 results are likely to reflect gains from the International unit. However, weakness in the North America unit and currency woes are concerning.
Snap-on's (SNA) Q4 results are likely to reflect strength of its business model & focus on value-creation processes. The Soft Tools Group unit & currency woes are likely to have hurt its performance.
World Athletics announced significant changes to its rules on Friday that will outlaw some variants of Nike's Vaporfly running shoes and introduce strict limits to the technology developed for any future shoes used in elite competition. The sport's governing body said that with immediate effect, road shoes must have soles no thicker than 40mm and not contain more than one rigid, embedded plate. The Vaporfly shoes used by Eliud Kipchoge to run the first sub-2 hour marathon and by fellow Kenyan Brigid Kosgei to smash the women's marathon world record both contained triple carbon plates.
A lawyer for Michael Avenatti told a jury that Nike Inc was being probed by the U.S. Securities and Exchange Commission (SEC) over claims that it made illicit payments to elite youth basketball players, Bloomberg reported on Wednesday. The SEC investigation on Nike was confirmed by Scott Wilson, a former lawyer who represented Nike, on the witness stand, Bloomberg said https://www.bloomberg.com/news/articles/2020-01-29/nike-being-probed-by-sec-on-illicit-payment-claim-jury-told.
Since the tragic news of Kobe Bryant’s death, many have flocked to buy a pair of the world champion's sneakers, which has caused Nike.com to sell out of Kobe-related products.