Nike (NKE - Get Report) declined in trading Friday after the athletic apparel giant posted weaker-than-expected fiscal third-quarter sales in North America and noted that a stronger dollar would clip profits over the near term.
Adjusted earnings in the quarter of 68 cents a share topped analysts' forecasts by 3 cents, while a currency-neutral gain of 11% in revenue to $9.6 billion met forecasts. However, $3.81 billion in sales in Nike's key North American market, thanks in part to issues with product launch timing, missed expectations.
Nike's fourth-quarter and fiscal 2020 outlooks were solid as the company continues to win back market share from German rival Adidas (ADS - Get Report) in its home U.S. market and capitalizes on its strength in basketball shoe sales, but a stronger U.S. dollar and planned increases in expenditures could erode earnings potential.
Uber's and Pinterest IPO's
Uber's Ready to IPO
Uber Technologies has selected the New York Stock Exchange for its upcoming initial public offering, Bloomberg reported, in what could be one of the five biggest listings of all time.
The ride-hailing company is expected to publicly file for its offering in April. The IPO could value the company at as much as $120 billion and is likely to be the biggest of the year, people familiar with the plans previously have said. At that valuation, Uber would only have to float about 16% of its shares to make the top five, according to data compiled by Bloomberg.
Pinterest's Speeding Up its Process
Pinterest has sped up the timing of its own IPO as it looks to take advantage of what is clearly a strong market for tech-focused stock offerings, The Wall Street Journal reported on Friday, citing people familiar with the matter.
The company, which filed its IPO paper confidentially with the Securities and Exchange Commission earlier this year, could make its filing public as early as Friday. It would list on the New York Stock Exchange as soon as in mid-April, the Journal reported.
Boeing's Cancelled Orders
Garuda Indonesia, the flag carrier for Indonesia, said it was seeking to cancel an order for 49 Boeing (BA - Get Report) 737 MAX jets, saying passengers have lost confidence in the aircraft following two deadly crashes in recent months, The Wall Street Journal reported.
The move makes Garuda the first airline to publicly confirm plans to cancel a 737 MAX order, according to the Journal.
Garuda CEO I Gusti Ngurah Askhara Danadiputra told the Journal that the airline sent a letter to Kevin McAllister, head of Boeing's commercial plane division, "to say that we want to cancel."
The letter was sent March 14, company spokesman Ikhsan Rosan said, adding that Boeing representatives were planning to meet with Garuda in Jakarta on March 28 "for further discussion."
Rosan told the Journal the decision to cancel was "in line with the desires of consumers who have lost confidence in the Boeing 737 MAX 8."
Jim Cramer Weighs in on Elon Musk's Tweets
Jim Cramer's been tweeting up a storm about Elon Musk:
@elonmusk Boss, we've both got a ton to do today. But you got a new lease on life from the judge. So bag your lawyers, say you apologize, get someone to handle your twitter account and then go back to being the great industrialist you are. Have a great one!— Jim Cramer (@jimcramer) March 22, 2019