Friday's Pre-Market: Morgan Stanley's new head of AI, Under Armour vs Wall Street, Dick's Sporting Goods, Adobe, and Mnuchin to buy TikTok

Morgan Stanley names a head of artificial intelligence as Wall Street leans into AI

Morgan Stanley promoted a tech executive in its wealth management division to become the bank’s first head of firm-wide Artificial Intelligence, CNBC has learned.
The bank is elevating Jeff McMillan, a veteran of the New York-based bank, to help guide its implementation of AI across the firm, according to a memo sent Thursday.
Morgan Stanley became the first major Wall Street firm to create a solution for employees based on OpenAI’s GPT-4, a project overseen by McMillan.

Shares of Under Armour plunged about 12% after the retailer announced that CEO Stephanie Linnartz would be stepping down after barely a year on the job.
Following the announcement, both Williams Trading and Evercore ISI downgraded Under Armour and lowered their price targets.
Some analysts say Under Armour’s problems are unique but the company is also contending with larger pressures the whole retail industry is facing.

Holiday sales and earnings at Dick’s Sporting Goods came in well ahead of Wall Street’s expectations.
The athletic goods retailer, known for its wide array of premium sports products, raised its quarterly dividend by 10%.
Dick’s said its fiscal fourth quarter was the largest sales quarter in its history.

Adobe’s results exceeded expectations on the top and bottom lines.
During the quarter, Adobe paid $1 billion to Figma as the two companies abandoned their acquisition plans.

Former Treasury Secretary Steven Mnuchin said he is putting together an investor group to try to buy TikTok.
“I think the legislation should pass and I think it should be sold,” Mnuchin told CNBC’s “Squawk Box” on Thursday.
Mnuchin’s statements come shortly after the House of Representatives on Wednesday passed a bill that would force ByteDance to divest TikTok or the social media site would face a ban in the U.S.