Dick’s Sporting Goods ‘ acquisition of Foot Locker is a “strategic mistake” for the retailer, according to TD Cowen. The bank downgraded shares of Dick’s to hold from buy. Analyst John Kernan also lowered his price target to $216 from $245, implying just 3% from Wednesday’s close. Dick’s announced it would buy Foot Locker for $2.4 billion , in a deal expected to close in the second half of this year. Shares of Foot Locker rallied more than 80% on the news, while Dick’s fell 8%. DKS YTD mountain DKS YTD chart But Kernan said this deal is “likely to…
Author: usaeverydaylife
A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox. Microsoft co-founder Bill Gates announced one week ago that he would give away “virtually all” of his wealth over the next 20 years through his namesake philanthropy. At the end of 2045, the Gates Foundation will close its doors after disbursing all its assets. Gates estimated that the sum would exceed $200 billion, including his wealth and the foundation’s endowment of $77.2 billion as of the…
Pavlo Gonchar | Lightrocket | Getty ImagesCybersecurity firm Proofpoint announced Thursday it will acquire Germany-based competitor Hornetsecurity for $1 billion to strengthen its European presence as it explores a return to public markets.The deal marks the largest single acquisition in Proofpoint’s history.The Sunnyvale, California-based company, which is currently owned by private equity giant Thoma Bravo, said the deal to buy Hornetsecurity would help deepen its expertise in the managed service provider (MSP) ecosystem.Headquartered in Hannover, Germany, Hornetsecurity specializes in managed cloud-based email security services to help protect firms from cyberattacks, data loss, and compliance risks associated with Microsoft 365 and…
The TikTok logo is seen outside the Chinese video app company’s Los Angeles offices on April 4, 2025 in Culver City, California.Robyn Beck | AFP via Getty ImagesSocial media app TikTok was charged by EU tech regulators on Thursday with breaching EU online content rules, putting its owner ByteDance at risk of a fine of as much as 6% of its global turnover.The European Commission said it had sent its preliminary findings to TikTok following an investigation launched in February last year.The EU executive said TikTok has failed to comply with the Digital Services Act’s obligation to publish an advertisement…
A student is playing chess with an intelligent robot in Xuzhou City, Jiangsu Province, China on May 13, 2025. Cfoto | Future Publishing | Getty ImagesBEIJING — China’s latest education policies for the year restrict the extent to which children can use generative artificial intelligence in the classroom, according to a local government report on Thursday.The guidelines cited in the report, which weren’t publicly available, covered AI education and generative AI use in primary and secondary schools during 2025.China’s Ministry of Education did not immediately respond to a request for comment.Primary school students are prohibited from using unrestricted generative AI…
Emerging artificial intelligence opportunities could push Cisco higher, according to Wells Fargo. Analyst Aaron Rakers upgraded the technology stock to overweight from equal weight. He also lifted his his price target to $75 from $72, signaling 22% upside. Rakers pointed to accelerating AI momentum and diversification for the company as one driver for his rating change. Exiting its fiscal third quarter, Cisco already managed to surpass its $1 billion cumulative order target for the fiscal year. With this, the company could continue to diversify into other AI opportunities, such as large-scale sovereign AI opportunities and long-term traditional enterprise adoption. “We…
A Foot Locker store in New York, US, on Monday, May 27, 2024. Foot Locker Inc. is scheduled to release earnings figures on May 30.Bloomberg | Bloomberg | Getty ImagesDick’s Sporting Goods has agreed to buy smaller rival Foot Locker for $2.4 billion, the companies said on Thursday.Shares of Foot Locker surged 75% to $22.50 premarket after the announcement, while Dick’s Sporting fell 9%.The sporting goods retailer has offered $24 per share of Foot Locker, representing an 86% premium to the stock’s last close. Foot Locker has lost about 40% of its value so far this year.The deal follows a…
Johann Wadephul (CDU), Federal Foreign Minister, makes a statement during an informal meeting of NATO foreign ministers.Sebastian Gollnow/picture alliance via Getty ImagesGermany is backing U.S. President Donald Trump’s call to increase the defense spending target of NATO members to 5% of their individual gross domestic product, German Foreign Minister Johann Wadephul said Thursday.When asked about NATO chief Mark Rutte’s reported proposal that members of the alliance should increase defense spending to 3.5% of GDP while committing an additional 1.5% to wider security-related matters, Wadephul said he believed this suggestion had been coordinated — including with the U.S. — and that…
Artwork for Ubisoft’s upcoming “Assassin’s Creed Shadows” game.John Keeble | Getty ImagesShares of Ubisoft sank 18% on Thursday after the French video game firm reported full-year earnings that disappointed investors.Ubisoft reported a 20.5% drop in net bookings for the fiscal year ending March 31, 2025, as a strong performance of the company’s latest “Assassin’s Creed” game did little to boost its full-year sales. “Assassin’s Creed: Shadows” was released in March following two consecutive delays.Ubisoft cited “lower than expected partnerships” for the decline in net bookings, which totalled 1.85 billion euros ($2.1 billion). The company also reported an operating loss of…
The Alibaba office building in Nanjing, Jiangsu province, China, on Aug. 28, 2024.CFOTO | Future Publishing | Getty ImagesAlibaba shares fell on Thursday after the Chinese e-commerce giant missed earnings expectations for its fiscal fourth quarter on both the top and bottom line.Shares were down 5% in premarket trade in the U.S. at 6:02 a.m. ET.Here’s how Alibaba did in its fiscal fourth quarter ended March versus LSEG estimates:Revenue: 236.5 billion Chinese yuan ($32.6 Billion), versus 237.2 billion yuan expectedNet income: 12.4 billion yuan, compared 24.7 billion expected.While falling short of analyst expectations, revenue was nevertheless up 7% year-on-year.Alibaba’s net…
