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Thursday's Pre-Market: Foot Locker, Abercrombie & Fitch, Nordstrom, India's Tech Sector, and Meta's AI strategy

  • Writer: Mathieu Desfosses
    Mathieu Desfosses
  • Mar 7, 2024
  • 2 min read

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Foot Locker shares plunge nearly 30% as retailer posts holiday loss, delays key financial target


  • Foot Locker reported a holiday-quarter loss on Wednesday and its shares plunged nearly 30%.

  • The company also gave weak guidance for the current year and delayed a key profitability target.

  • The sneaker retailer has been in the midst of a turnaround under former Ulta boss Mary Dillon.


Abercrombie & Fitch beats holiday estimates as sales soar again, helped by higher prices


  • Abercrombie & Fitch beat holiday-quarter estimates on the top and bottom lines.

  • The retailer issued strong guidance for the year ahead, indicating it’s confident its growth story will continue.

  • In early January, Abercrombie raised its fourth quarter and full-year outlook after holiday sales came in better than expected.


Nordstrom shares fall 10% as retailer warns of potential sales declines in 2024


  • Nordstrom beat sales expectations for the holiday quarter.

  • Yet, the department store said its revenue may decline in the coming year, which has one less week of sales.

  • The Seattle-based company said it plans to open new Nordstrom Rack stores and drive higher online and in-store sales in the coming year.


India’s booming tech sector suffers a big blow as Byju’s and Paytm plunge into crisis


  • A series of financial and compliance issues have erupted at two of India’s most valued startups Byju’s and Paytm.

  • “Venture capital investors and founders have a greater responsibility to make sure that governance in the company is sound,” said Ashish Wadhwani, co-founder and managing partner of IvyCap Ventures.

  • Amid a broader global venture funding pullback, funding for Indian startups plunged 83% to $7 billion in 2023, from a record $41.6 billion in 2021, according to data from global startup data platform Tracxn.


Meta is building a giant AI model to power its ‘entire video ecosystem,’ exec says


  • Tom Alison, the head of Facebook, said on Wednesday that the company is working on an AI model to “power our entire video ecosystem.”

  • Speaking at Morgan Stanley’s tech conference in San Francisco, Alison said the model is part of Meta’s “technology roadmap that goes to 2026.”

  • Meta CEO Mark Zuckerberg said recently that the company is spending billions of dollars on Nvidia’s graphics processing units to build out its AI systems.


 
 
 

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