Saturday's Pre-Market: Nike, KKR, Icahn and JetBlue, Coinbase, and Trade Desk

Nike to lay off 2% of employees, cutting more than 1,500 jobs during broad restructuring

• Nike is cutting 2% of its current workforce as it looks to reinvest in its growth areas and streamline its business.

• The sneaker giant is contending with a slowdown in consumer spending and looking to save $2 billion over the next three years as part of a restructuring plan.

• “This is how we will reignite our growth,” CEO John Donahoe said in a memo obtained by CNBC.

Family offices are going on the offensive, trading cash for alternative assets

• KKR’s family office survey of 75 chief investment officers around the world found that family offices will have 52% of their portfolios invested in alternative investments this year, up from 42% in 2022.

• Cash holdings fell from 11% to 9% from 2022 to 2023, and their holdings of publicly traded stocks fell from 32% to 29%.

• Their favorite alternatives include private credit, infrastructure, private equity and commodities.

Carl Icahn wins seats on JetBlue board after taking stake in airline

• Carl Icahn won two seats on the board of JetBlue Airways.

• The new board seats came less than a week after he disclosed a nearly 10% in JetBlue and that talks were underway for board representation.

• JetBlue has been losing money since 2020 and new CEO Joanna Geraghty has promised to cut costs and restore reliability.

Coinbase shares surge after posting first quarterly profit in two years

• Coinbase, the largest U.S. venue for buying and selling cryptocurrencies, said net income totaled $273 million in the fourth quarter.

• This was driven by approval of the first bitcoin spot ETFs and broad expectations for improving macroeconomic conditions in 2024.

Trade Desk shares soar on revenue beat and strong guidance

• Shares of The Trade Desk jumped in extended trading Thursday after the company issued strong first-quarter guidance and beat on revenue.

• The Connected TV market is expected to grow in 2024 alongside a broader recovery in the overall digital advertising market.