The Company announced today an additional restructuring plan for continued consolidation of its global footprint across Asia, EMEA and the Americas. The plan includes reducing the Company’s global headcount by approximately 6,500 employees, or 14% of its global headcount by the end of fiscal year 2017.
The Dallas shootings have ushered in a very new world for US citizens. For the very first time, drones have been used on US soil to kill Americans without trial or charges. Get past the horror of what Johnson was accused of doing and think about that precedent for a moment. Is it not chilling?
Nike stock tumbles after hours, after the company reported earnings that beat expectations, but revenues, margins and futures orders all missed, while inventory rose 12%. The stock was down about 6% on the news, and is now back to levels not seen since the August 2015 crash.
Desperate, or Distracted? Elon Musk's Tesla has offered to acquire Elon Musk's cousin's SolarCity for 0.122 to 0.133 Tesla shares. Tesla shares are tumbling on the news, as perhaps they read the five reasons why SolarCity pain is only just beginning? As Herb Greenberg asked, "is this even legal?"
The reason why the stock is getting monkeyhammered after hours is that the company slashed its guidance, and instead of seeing a 0-2% increase in comp sales, JWN now expects -1 to +1% for 2016. Worst of all is that instead of seeing EPS of $3.10-$3.35, Nordstrom slashed earnings guidance, and now expects only $2.50-$2.70 in EPS for the full year.
This was the latest confirmation that something is very badly broken with not only the US but also international consumer, who as the WaPo "determined" earlier is actively seeking to sabotage the Obama recovery by not spending on such products as Skaggen watches, but instead selfishly is saving away all available funds. Expect even more weakness in the coming quarters, especially among comparable consumer companies, if this unpatriotic saving behavior does not revert back to what made the US consumer class the most beloved across the entire world.
As we previewed yesterday, perhaps more so that the longs it was the company's near record shorts who were expecting today's earnings release to see if their bearish bets on the company will pan out. And while the stock slid all day, losing 4% in regular hours after Jim Chanos announced he was short the car maket, the stock now appears to be jumping in the after hours session having just reported its Q1 results which were as follows.