top of page
Post: Blog2 Post
Search

Daily's Pre-Market: PGA Tour, Adidas, Starbucks, Big Tech, and Elon Musk

  • Writer: Mathieu Desfosses
    Mathieu Desfosses
  • Feb 1, 2024
  • 2 min read

ree

PGA Tour secures up to $3 billion from U.S. investors as LIV Golf merger hangs in the balance

  • A U.S. consortium, Strategic Sports Group, will invest up to $3 billion into the PGA Tour.

  • Talks about investment from the Saudi Public Investment Fund continue.

  • Under the new agreement, players will have the opportunity to gain equity in the tour.


Adidas won’t write off remaining Yeezy inventory, plans to sell ‘at least’ at cost

  • Adidas said it won’t write off the majority of its unsold Yeezy inventory and instead plans to sell the remaining shoes “at least” at the cost it paid for them as it looks to recoup its losses. 

  • The German sportswear giant had previously considered writing off about 300 million euros in unsold Yeezy inventory after it cut ties with rapper Ye over a series of antisemitic remarks he made. 

  • “Our consumer, retail and trade research has shown that we can sell this remaining inventory in 2024 for at least the cost price. This is why we have only written off inventory that was either damaged or very broken in sizes,” CEO Bjørn Gulden said in a statement.


Starbucks’ earnings report was weak — but Wall Street expected worse

  • Starbucks stock ticked higher Wednesday, despite the company reporting weak quarterly results and lowering its fiscal 2024 sales outlook.

  • Some investors had likely prepared themselves for worse news, according to Wall Street analysts.

  • Starbucks executives said the challenges faced by the company are “transitory.”


Wall Street punishes Alphabet and Microsoft despite earnings beats after stocks hit record

  • Microsoft and Alphabet reported results that beat analysts’ expectations on Tuesday.

  • But shares of both companies fell following the reports.

  • “In my general conversations with public market investors and sell-side analysts, few have a correct view of the advertising market,” said Brian Wieser, an analyst at Madison and Wall.


Elon Musk’s $56 billion Tesla compensation voided by judge, shares slide

  • A Delaware judge voided the $56 billion compensation package of Tesla CEO Elon Musk.

  • The pay package that Tesla granted Musk in 2018 was the largest compensation plan in public corporate history, the judge noted.

  • Tesla’s share price slid about 3% in after-hours trading following news of the decision.

  • “The plaintiff is entitled to rescission,” Delaware Chancery Court Judge Kathaleen McCormick wrote in her ruling agreeing that Musk’s pay package was inappropriately set by Tesla’s board.




 
 
 

Comments

bottom of page