Nike downgraded by Oppenheimer analyst, amid the company's plan to cut 1,600 jobs to save costs. The analyst expects top-line trends at the enterprise to remain sluggish and below algo in the next several quarters.
Nike reportedly plans to cut 2% of its workforce to save costs and focus on key categories. The reduction won't impact employees in stores or innovation team.
Shopify Inc (NYSE: SHOP) posted its fourth quarter results on Tuesday. Although its performance during the last quarter of 2023 surpassed estimates, its outlook for the undergoing quarter was mixed.