nike has now reset expectations. i think the downside risk is --. it does not mean that nike is --.ething with a much better risk reward that it is getting credit for and i would -- if it were to go down from here slowly, but yes it is time. tyler in vermont. >> hello. i love the show progressed him a thank you. i have been chilling with --. if i am hanger he i will go after couple people. what is up? >> i have a question about peloton. they recently changed the business model and they're going to add in -- and increasing the price of a subscription while losing many customers. my question is, can they turn the company around after it has dropped 125 down to below 10? >> there is good news and bad news. good news is, they have a real heavyweight guy who is running the company. the bad news is, everyone is gunning for him. i think the mayor is fabulous. i think people want to go back to the classes like my wife does. you know what is back on the peloton? the bras. the bras and the shirt are hanging there. what can you do? if you looked at nike's stock price you would think that they

nike is still a leader there and we think there is opportunity for nike to succeed in china, but near-termt will take time. it will take time for the lockdowns to go away and for consumers to come back out and start spending. and start spending with american brands. that is where struggles have been. some brands have been boycotted or left behind to local brands. kriti: during the covid period, online business had skyrocketed, accelerating a trend. for nike, can you explain about their direct consumer business and how much e-commerce is aiding? >> e-commerce is growth for them. they expected to be top of their business. if you look at their business, 24 percent of nike business is through e-commerce. they say in their own channels, over 10 billion dollars in sales come from e-commerce, up from the roughly $20 billion they made in the -- kriti: let's talk inventory. we saw with walmart and home depot and target as well, the inventory buildup for nike is not much of an issue. >> it was up 23% at the end of the year. that is significant. we are expecting to see more markdowns. nike has enjoye

so that's hurting nike. but that nike is pulling out of russia is probably going to be not such a big blow for the company. ok. and speaking of being on a run, us indexes are up this week after difficult terrible losses recently. what's turned them around? yeah, daniel, as you mentioned, i mean last week was the worst week since march 2020. so now we have this rebound in this week. so it looks quite promising that we will have a positive week for it changed, but nobody really expect the smooth sailing from here on it will be definitely interesting to see what happens with earning season. that's going to kick off soon . ok, so it could still be a bumpy road ahead. dns quarter on the new york stock exchange. as always, thank you very much. and finally, the united kingdom is set to launch a satellite from its own soil for the 1st time later this summer. and now they've just announced what is launcher will be taking into space. get this the launching a mini factory into orbit. the prototype space factory will be

i don't think you will get killed owning nike. i just think there's a better entry point. >> karen, what is your take? >> i kind of agree with guy. there was one thing i was curious about, the income tax benefits. i don't know if that matters at all. one other thing that i think is important, of course china not just to nike and other companies like starbucks. but also, investors will they care about the miss or not? it seems like we are kind of dismissing it. maybe that's the right thing to do. i'm not really sure. that is been one of the things weighing on stocks, the idea the dollar is so strong. they repatriate earnings from foreign countries, but they will have lower earnings. we are seeing that a little bit, 3% i think is the change. but i think the street is ignoring it. maybe this is good enough, and the pe multiple has come down a lot. it is significantly over the market multiple. it should be. it's a premier company. i don't own it. how much over the market multiple should it be? i would rather be in lulu. >> yeah, i thi

nike nike did post better than expected sales and profit for the fourth quarter all thanks to higherand prices for sneakers and sportswear shares are down right now 2% on the down beat revenue forecast and pressure on profit margins let's talk about nike and where it has been and where it is going with aneesha sherman good to have you back on the program. yet another case on wall street where the numbers look good and the guidance disappointed and around that is higher costs. what is your take away from nike's quarter >> so, look, a lot of caution expressed in guidance was priced in you see the after market price drop is not significant. i don't expect the stock to be down more than a percent this morning. the caution was around china it was priced in elsewhere this is the first time nike reported on it the last quarter was pr pre-lockdown the last precaution was north america. we know there is more promotional activity coming across the sector. what was different is that nike in past has been so optimistic by north america what recession we don't see pull back in demand there was a

that's the real consumer, not what nike is talking about in fact, i wouldn't be surprised if nike succumbs to the weakening consumer picture evidence of why the market agrees with me, this is barely doing anything on the heels of a pretty good earnings quarter they have been construed as figuring it out. bigger picture, supply chain problems are still here, jim may be right, inflation may have peaked, for some categories we know definitively it has problem is going from 8.5% inflation to 7.5% inflation does not do anything for the reality on the ground amongst main street, amongst consumer so i think as shakespeare said, the dye is cast, this is the world we now live in we have to accept it university of michigan consumer sentiment gauge hit 50 in june that's the lowest reading since 1952 please understand that includes the aftermath of 9/11. that's what the consumer mind-set is today. we have to live in that reality. that's why the stock market rallies keep failing >> stephanie, i know you're waiting for earnings i think that josh talked about the positive out of nike, and there is, but t

you think i was on that nike call. the nike call three months from now is going to some very different. >> you think will be different in a good way? >> yes. thing people selling nike are going to regret it. it is very rearview. >> let's pop ahead to nike because $.90 beats by 8. revenues up 10 to 12. >> they get a number with china being bad and with inventories all over the place, in boats. he is so good. the cfos a little bit more negative but i look at this and i think, they have the world cup. and of people remember the world cup is so great for them. and if they have china coming back and going out again, and the minister of sport goes back to being the great pal, that is a, why did i start at 107? if china comes back, they are the right place. the one that is driving me crazy is the disney board meeting. >> it will be shut march 21. >> what has he been doing? >> ask a question. >> hiding in the back. >> right back there with pluto. >> speaking of china and jim is right about macau. >> we are going to continue to

the nasdaq is off about 2.7% nike, the biggest loser in the dow today. picture on what nike's disappointing revenue guidance says about the state of consumer spending. you can listen to "closing bell" on the go by following the "closing bell" podcast on your favorite podcast app we'll be right back. i had no idea it was that easy to diversify my portfolio! ♪♪ go to investor.gov today to learn about diversification and other valuable investment information. before you invest, investor.gov. ♪ ♪ well would you look at that? ♪ ♪ jerry, you've got to see this. seen it. trust me, after 15 walks it gets a little old. i really should be retired by now. wish i'd invested when i had the chance... to the moon! [golf ball bounces off rover] unbelievable. ugh. [ding] this thing, it's making me get an ice bath again. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq, a fund that gives me access to... nasdaq 100 innovations li

also coming in handy as nike.ow the stocks across the borders taking quite a beating but nike is interesting and it's taken an extra beating. a lot of this has to do with the china question. china exposure front and center in their earnings they reported today saying sales from china dropped in the last quarter. they are worried about the macro risk going forward. it's weighing on their forecast and you can see where that's been reflected in shares. what you're looking at his nike shares relative to the s&p 500. when the line goes up, nike is outperforming. when it's down it's underperforming. so far it's underperforming the index year-to-date. a lot of that is because the chinese exposure by the starbucks, mcdonald's have similar flows to china. tom: i'm -- particularly over the last three days, a note of gloomy couple days ago. there's no other way to put it. jonathan: a load of price target cuts across a range of retailers yesterday. i think it was walmart, target, restoration hardware. tom: on the reality. and

laura wright has the details on nike and china. good morning.ra: nike trading down almost 3% after hours, china sales down 20% year-over-year. that is significant because the country accounts for around a fifth of nagy sales -- nike sales. lockdowns in china lead to a buildup in inventory, up 23% year-over-year. in the retail sector, inventory was already elevated because of supply chain congestion. that put pressure on growth margins, missing the forecast, 40 5% and expected to remain flat in upcoming quarters. nike's ceo on the earnings report reveals he sees china as a long-term bullish region for the company. a note on north america, a disappointment with sales down 5% year-over-year, nike's largest market showing recession fears and inflation are starting to bite. for the time being, sales up 9%, a standup with asia-pacific and latin america. looking forward, it is about the direct consumer and online sales platforms. dani: thank you very much, laura. coming up, we will discuss the credit suisse story. mid single digits when it comes to wea

so that's hurting nike. but that ok, and speaking of being on a run, us indexes are up this week after difficult terrible losses recently. what's turned them around since march 2020. so now we have this rebound in this week. so it looks quite promising that we will have a positive for week 4. interesting to see what happens 1st earning season, that's going to kick off soon. okay, so it could still be a bumpy road ahead. dns quarter on the new york stock exchange. as always, thank you right to launch a satellite from its own soil for the 1st time later this summer. and now they've just announced what it's launcher will be taking into space. get this launching a mini realtor are impossible to make on us. the developer says microgravity allows the creation of lighter and stronger metal alloys and more efficient semiconductors . and a quick reminder of the top business story we're following for you. germany has declared the alarm stage of its emergency gas plan, that as the country sees a high risk of long term

in moments we'll get earnings from nike. that plus instant reaction >>> plus breaking news from the banks. they're expecting to announce their capital allocation plans after breezing through last week's stress tests. >>> but we start with our talk of the tape. a bear bounce or a bottom? stocks taking a breather today after last week'

you own nike and also recently trimmed it. >> we did.marily the lockdowns in china. we have the unique and brilliant insight that if you're not allowed to leave your house or apartment, you're probably going to go for fewer runs and buying new athletic gear is probably not going to be top of miend for you. we trimmed it thinking there might be some weakness in the quarter, potentially the full-year outlook, which they'll give us tonight for 2023 we indusstill have a relatively position we wanted to be sort of tax sensitive, but just recognizing that there's more risks out there that are hard to quantify. >> this obviously gives us a lot of insight on the strecngth of the consumer here in the u.s. and >>> look, nike has been a great performing stock lulu has continued to put up good numbers it's something i grapple with. so, as you gearound, you're starting to see the malls crowded. but living where we are in the northeast is a bubble. so, i don't have a good feel for what's going on. what amy's saying makes sense. if china is shut down,

emily: if that is the case, what went wrong with the relationship with nike? assume you have to read -- maintain a strong relationship of a lot of brands. >> if you look at the platform itself we are intermediaries between sellers and buyers. sellers are typically consumers, we have relationships with brands that police products and sell products, a vast majority of what transacts on the platform is not coming from a branch directly come as coming from consumers to give access to that product over time. we have partnered in so many different ways with the industry on counterfeits. in fact, even nike itself is come to us saying we are among the highest standards in the marketplace, partner with us, partner with homeland security, other councils participating in preventing counterfeits from getting to market. we work in partnership of the industry hold ourselves to that standard. >> spend a lot of time at the new york stock exchange, and curious what unique perspective that gives you on the market tomorrow u.s. -- turmoil you are seeing now. was that mean for st

it is known that nike refused to renew the franchise agreement. today's announcement was, in principle, expected now in anti-freetail groups. he says that they trade until the moment when the stock runs out rosstat reported that in russia prices for week from june 11 to 17, deflation amounted to 12 hundredths of a percent on the economy, they specify that this is due to the fact that the fruit and vegetable products continue to de but in fact, there is nothing good in deflation. she says that demand in the economy has fallen. this means that companies will produce less, and there it is not far before the fall in wages and before the dismissal of staff, stock trading on the moscow exchange is in positive territory due to the growth of shares in the financial sector. the uk today announced new sanctions and banned the supply of pound banknotes to russia sterling earlier, the united states and the european union banned the supply of dollars and euros to russia, respectively, the ruble. the dollar stopped strengthening, 8 minutes costs 53-26 euros, 55

holds up better in that environment >> nike is broader look, nike would also -- what we've seen withs nike has pushed price points higher they sell a much wider selection footwear, so they have theinto ability to allow consumers if they so choose to trade down that's not so much the case with lululemon. >> you've got a $440 price target on lulu, so we need to see a big jump brian, thank you we always get a pretty big move, mike santoli, on lulu earnings will that tell us anything about the consumer >> i think it will tell you something about whether this theme of the reporting season, that higher end customers have been holding up better, retailers that have been catering to them have tended to see less of a fall-off in demand, so we'll see if that holds true the stock interestingly trades almost in parity with nike lulu has a lot more runway in terms of growth and market share and store counti and all those things you want to see it is in an interesting spot but down 30 or so percent from its all-time high. it's actually 37%. it's actually held up somewhat better than a lot of the h

nike earnings on monday. when the traders are watching this i'll melissa lee on the deck tonight, tim, steve, guy and pete najarian. we start off with the big winning week for the marjt markets. the first positive week of june in a big way everyone up 5% or more the nasdaq posting the best week since march. the s&p seeing the best day since may 2020 the big drive higher coming as we gear up for the final week for the first half of the year but all of the moves got us thinking, the chart tells us the true story so we asked the trader what the most important chart of the week is tim? we start off with you. >> a paicture does tell a thousand words and if we could get the university of michigan chart, the two charts when you think about sentiment this week, we had a dynamic, we got the save aii bull bear survey and what this bar chart shows is that we had numbers that came out really, it the weekending june 22 which are the fourth worst print since 1999 sentiment is to bad we were due for a bounce and we're going

. >> and better than expected earnings for the fourth quarter for nike.shoes, despite inflation here in america. and all of the lockdowns in china. what is the take-away? what is the thinking of the latest, what is the latest thinking on inflation at the moment? >> for now, consumers seem to be buying sneakers and the earnings from nike were resilient, or better than wall street expectations. but still, we saw nike shares pull back in after-hours trading. why is that? well, yes on the positive side, the company said demand for sneakers and sportswear largely held up over the last three months. and the cfo of nike says we continue to monitor behavior and not seeing signs of pullback at this time in time so we continue to execute strategy but on the down side, nike is looking at challenges, high transportation costs and longer shipping times and persistent supply chain issues and to your point, they're facing the risk that if inflation continues and gas prices, food prices, other prices continue to rise, then consumers may look to pull back on spending on t

it is known that nike refused to renew the franchise agreement.pected then these the retail group also said that they trade until the moment when the stock of goods runs out. and today, the american network equipment manufacturer cisco announced that he is starting the process of winding down business in russia and belarus, she promises support to employees in these countries and says that they will contact customers and partners to settle financial issues. another march 3rd. cisco has announced that it will stop selling its products in russia and belarus and stop providing services earlier about leaving russia or suspension of sales has already been announced by asus dell apple ibm adobe nvidia and microsoft today announced that they would cut business in russia until there was nothing left of it. the metro has decided on weekends and holidays in 2023. most importantly, the new year holidays will last 9 days from december 31 to january 8 this year. they were one day longer than the day of the defender of the fatherland. we will celebrate 4 days f

nike is an example of that stock. nike bottomed may 25th it stabilized.t has not along with the s&p now made a new low in addition, when you look at nike, a lot of what's priced in is already the negative news and looking forward, is china not going to reopen? china will reopen at some point. are u.s. consumers going to retrench to steph's point where they're not going out to spend on athleisure? they are they're going to embrace that practice again i like from the perspective where it is from valuation and i also like what steph said. i believe the word she used was taking a small position. i think that's the right approach to nibbling on the market. >>> check where the markets stand. firmly in the green. 11 points off session highs for s&p 500, up 2.5% nasdaq holding a 3% gain much more on the rebound straight ahead on the halftime report ♪ ♪ wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah...

flip it over to nike. nike has been lagging at this hour, nike down two and one -third percent, tesla down just under 1%. now nike is coming out with earnings after the bell folks the athletic wear giant expected to report its first revenue decline in seven quarters as lockdowns and consumer backlash over nike comments on forced labor in china have hit sales, and then tesla, tesla is slightly lagging after mizuho cut the price target down from 1,300 to 1,150 saying that delivery numbers will be crimped due to covid-induced factory shutdowns in shanghai. so on this monday, we maybe three and a half days away from july and the start of the third quarter but we are one month to the day away from what could be the biggest market catalyst of the summer. the federal reserve's july rate setting meeting between now and july 27, what moves should investors make? let's get you a july market set ter to our floor show traders scott redler and kenny polcari. right now the markets, guys, pricing in a 92.7% probability o

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leÓn: nike afirmÓ que se retira por completo del mercado ruso despuÉs de 28 aÑos.o en los everglades de la florida. una hembra que pesÓ 215 libras, midiÓ 18 pies de largo, 5 metros. tenÍa 122 huevos en desarrollo. yo me muero y ahora vivo acÁ. estoy nervioso. patricia: mira bien a tu alrededor cuando salgas al jardÍn. crecen segÚn lo que comen . reportero: el balÓn de hora estÁ a la vuelta de la esquina de oye! con salsa deportivo le metemos lupa a los nominados. presentador: feliz aniversario al mago de magos,

number one what are you looking for from nike >> yeah.the big question is going to be how bad is china? we know china is going to be awful because vf corp and adidas, and they're down tw12%. i like when they're doing with dtc and the transition there it's very helpful for margins and they have pricing power and margins should stay firm and they have easy comparisons so i added this back into my portfolio a couple of weeks ago. it wasn't for the quarter per se and it's quality on sale and that's my definition of this company. >> that's the case with nike what about with general mills? >> general mills has been remarkably strong this year relative to the group up 5% and the group is down almost 3% and it gives you a 3% yield and then you dig into the numbers and the key will be organing growth or organic sales. 8% is expected and i know pets are right and aramco foods is up 19% so the type line will be good it will be margins and pricing versus inflation that will be interesting to watch the price mix is expected to be 12% and it's huge. so

buy four pairs of counterfeit nikes on the platform.% of the products that are sold on the platform are looked at by a person that's skilled, that we've trained, that uses a.i. and machine learning to authenticate every single product. and as i said, we have a history of over 30 million products being authenticated. and even a particular product that they're claiming that they received, if we actually knew the order, we could go and look into it, but that particular product we've authenticated over 55,000 pairs of that sneaker from sellers in over 50 countries around the world and in any case, if a consumer at the end of that process we haven't delivered against the expectation, that consumer will get their money back so it's not only the trust that a consumer has in the marketplace experience, but they also know that we have their back in the event that we don't deliver against our promise. >> what are the range of possibilities that could result from this lawsuit? >> you know, i think really the focus of the claim is really around the

we had fedex, which was decent and it's actually one of the biggest winners in the s&p we've got nike on monday and then we'll get the banks joanne, where are the best places for you right now, keeping in mind we are going into earnings season >> you know, i think if you look at the market as a pohole, the e for the s&p 500 is at 16 times which is its historic average. we should expect there to be different takes on earnings. some companies will face more headwinds from inflation as some segments of the consumer population have to cut back. but it's a tale of two consumers. the wealthier, midincome and higher aren't changing very much williams and sonoma probably does just fine you go into industrials, some are doing really well. if a recession comes along we expect companies to try for more efficiency earnings i think will be a really mixed bag depending how well companies can pass through price increases. we're not done with inflation and we should be prepared for some surprises, potentially negative surprises we think you need to be a little defensive, build in some protection agai

where he does see buying opportunities plus the ceo of footlocker explains his plan for growth as nike moves to a direct-to-consumer strategy. >>> stocks falling on the back of the strong jobs report this morning. those results are confirming expectations of more rate hikes from the fed which were reinforced earlier by cleveland fed president loretta mester. >> i'm not in the camp who thinks that we stop in september. i do think we need to bring the funds rate up and we probably will have to go above that long run fed funds rate in the s&p to be able to get inflation back down. >> now that closely echos what we heard yesterday from federal reserve vice chair lael brainard when asked about a september pause. >> if we are seeing a deceleration in the monthly prints, it might make sense to be proceeding at a slightly slower pace. right now it's very hard to see the case for a pause we've still got a lot of work to do to get inflation down to our 2% target. >> let's bring in charlie and joseph to talk about all of this and the markets. joe, i'd love to start with you. that's a pretty consi

consumer discretion, that's where nike falls. that's one of those sectors, but there are green shoots out there and there are some really bright sectors. if you look across the fed tightening cycle and what's supposed to do well according to the textbooks it's supposed to be things like healthcare and inside of healthcare, we're see ing things starting to settle down and biotech is starting to find a bit of a base and its been a brutal, just brutal two years of selling, and that's where we're starting to see some of those green shoots and as scott said if you want to be in stuff outperforming the market you have to find stuff outperforming the market. liz: yeah, true, scott fullman, we are watching ahead for two numbers. consumer price index which gives us an indication of inflation at the consumer level, and producer price index. same thing only for manufactures that comes before the june 27 fed meeting. what do you suspect happens here ahead of that? >> so the thing is again, we're probably going to see more signs of inflation.

nike bounced off of 101, now it's up.had again, if they had not dropped that bomb that there could be multiyear problems, the stock would not be down like it was yesterday. given what we heard, i'm more optimistic >> unfortunately there's only three real carriers. i sense they all kind of talk to each other >> yeah, don't tell the white house. >> no, no, no, or the department of justice or antitrust. i don't think we would be in love with that sprint tie-up the body of work his's done, saying he would quash any deal like that. >>> tonight sounds like a great show. >> i have paychex, and then ben silverman handing off to bill ready -- i love ben. i think he created a site that's wholesome and terrific >> we look forward to that, jim. >> thank you so much. >>> good work this morning. >> thank. >>> we're going to stay on top of the markets, swirls down a 'rstl t wee ilinhe low 3800s don't go anywhere. >>> good wednesday morning welcome to another hour of "squawk on the street. i'm karl with leslie picker and mike santoli a b

tomorrow, we will be getting nike and then jeffries as well.an for the whole retail picture tomorrow? consumer confidence has been very low. we also have u.s. primaries in colorado, illinois, new york, line-up and the g7 summit as well which we have been discussing. dani: yes, we have been paying attention to the summit. there is a nato meeting happening later on this week. that will be a subject of discussion coming up on "balance of power." kay bailey hutchinson will be joining "balance of power" on bloomberg television and radio. thank you so much for joining us. alex and guy are back tomorrow. this is bloomberg. ♪ -hi, i'm smokey bear and i made an assistant to help you out. because only you can prevent wildfires. -hey assistant smokey bear, call me papa bear because i'm "grrr-illing" up dinner. haha, do you get it? -yes. good job. -so, what should i do with all of these coals? -don't just toss them out. put them in a metal container because those embers can start a wildfire. -i understand, the stakes are high. assistant smokey vo: ha-ha, h

nike suspended online and franchised store sales in russia.nchised stores continue to operate. not anymore as it will now fully exit the country. other u.s. brands that announced plans to withdraw from russia in recent months include mcdonald's and starbucks. >>> and can you dip your fries in this once it melts? french's ketchup has created the french-cicle which it calls a refreshing limited edition ketchup popsicle. it's only available at popup locations today to our neighbors to the north in canada. the company says the treats are made from 100% canadian tomatoes. >>> that is your cbs "money watch" report for this friday morning. i'm matt pieper, cbs news, new york. >> i'm going to file that last one under things that no one was asking for. thanks anyways. >>> inflation is affecting prices on just about everything, and you can now add fireworks to that list ahead of the fourth of july. supply chain problems started during the pandemic when public fireworks displays were shut down. now shipping costs have skyrocketed, especially for phantom

nike, salesforce, home depot and boeing all down sharply as well. we've gaot a great lineup of experts to explain what they're watching as we head into the second half of the year, including mohammed el-erian, bob doll, katie stockton and barbara doran. let's get straight to the market as we wrap up this first half, 58 minutes and change left over. mike santoli is here to put this rough start to the year in context. >> the first half is dying the way it lived caught between these twin concerns of stubborn inflation that will keep the fed in a hostile mode towards financial assets and concerns about a stalling economy the result here is a pretty well defined downturn we peaked right at the start of the year especially since early april it's been that steep decline these bounces have been relatively fleeting, unconvincing the last one with the mid-june low, we were down just above 3600 for an intraday low you got about 9% above that quickly and it's given most of it if not all of it back right now. one thing i'm focused on is where we've gone back to,

charles: still to come, folks, nike earnings are out. say they weren't that great although, although, maybe there is a sliver of hope in there. i will tell you why. if you're looking for some badges, listen up. everyone is talking about the g7 meeting a lot of miscommunication there. they were clear about one thing, they think they want to take on china. we'll go live to austria with more on how to minimize the world's second largest economy with the world's biggest appetite. we'll be right back. ♪ i had been giving koli kibble. it never looked like real food. with the farmer's dog you can see the pieces of turkey. it smells like actual food. as he's aged, he's still quite energetic and youthful. i really attribute that to diet. get started at longlivedogs.com charles: china, the big topic at the g7 summit despite not being a member. allies announcing a massive 600 billion-dollar investment. they think it will counter the beijing infrastructure plans, the old belt and road thing and curb its global influence. edward lawrence is live in a

nike was a successful business and turning over $10 billion a year but what has happened since then isnd he is notjust helping them do that but as they have succeeded, they have been able to offer him even more deals along the way india marks 75 years of independence this year. in the course of its economic history, the country has gone from a protectionist economy to one closer to a free market economy. now india has been looking to chart a new economicjourney — a future towards self—reliance. that's the focus on this week's talking business asia, here's a preview. burning british products to promoting self—reliance to opening up in the 1990s and becoming third largest economy. a self—reliant india! becoming third largest economy. a self-reliant india!— a self-reliant india! looking to reduce — a self-reliant india! looking to reduce global _ a self-reliant india! looking . to reduce global independence, the government pledged $25 billion worth of incentives to boost domestic production. the pandemic and now the young russia ukraine wall triggering the need for self—reliance in india

that is for nike. yes, which is a barometer for everything going. from supply-chain issues to potential worries in china and europe. almost everything a brokerage firm has cut its profits from nike. you know what the good news is here? everyone knows about weakness. when you get weakness, it is already baked into the stock, and it goes higher, unless the numbers are truly catastrophic. john donahue at the home, he has been a lot of places. but he was -- i think investors will work through nike's attorneys weakness and buy through. here is something that has not flagged enough at all. that is my bad. we have gone mission critical. that is the case short index. we will actually move this over here, this is cooler. it is logic of the chief culprits of inflation, which has been with the exceptionally high price of housing. even if the housing prices are coming down, they are not going up as rapidly as they were, thanks to the fed's aggressive rate hikes. maybe more important, the feds nonstop negative downbeat view, which makes it feel, like, holy cow.

nike has forecast lower revenues for the first quarter, blaming pandemic—related disruptions in chinarofitable market. the company's shares fell 3% after the downbeat update. nike says it now expects first—quarter revenues to be flat, below the initial estimate of a 5% increase. as we were hearing from samira earlier, is a global recession on the horizon? some economists warn it is and central bankers are on a mission to prevent it. the european central bank is hosting its annual conference in sintra, portugal this week, with ecb president christine lagarde, fed chairjerome powell and bank of england governor andrew bailey all attending. and there is plenty to discuss with taming inflation the number one issue. the fed, the us central bank, and other central banks have aggressively tightened policy, while the ecb has been slower to respond. but are they now closer to agreeing on a joint way forward ? edward price is a political economist at new york university. adam lloyd, good morning to you or good evening, as i may say, for your situation in new york. i said to previous economies i

asked them about maybe earnings to nike. this to be potentially 18 leave the broader economy, as people look to a possible waning of consumer demand. at the same time, nike has done pretty well, also facing off with the headwinds of china, very much a litmus paper in terms of the paths ahead. jonathan:jonathan: the most european thing that i've seen in ages, the ecb is going to push back its decisions by 30 minutes and push back the news conference by 30 minutes as well. i can only presume that is about having a longer lunch over in europe. anyway, put that in the diary. inflation expectations advising recession expectations, i think they are two very, very different stories with very, very different implications. ultimately, that is what mike wilson and morgan stanley brag about this morning. >> you go through, and there's a lot of different areas, but i didn't see a lot of conviction. a blistering note last week, he said inflation expectations come down hard they rolled over hard. i didn't see a lot of conviction out there

powering possibilities. >>> welcome back let's talk about nike. nike stock down 2.5% right now the company did say demand held up in the recent quarter despite the lockdown in china and tough consumer environment in america. nike said higher transportation costs and longer shipping times, you know the story, continues to weigh on margins earnings per share beat es estimates. sales in north america down by 5% the stock is down 35% year to date let's stretch it out and talk about the macro markets and get stock picks from your next guest. as that animation says it is squawk picks heather joins us now great to have you back on cnbc i love your picks like caterpillar. i know you have google, too. all of these things we talked about for years and now dirty with the company that makes earth moving machinery what do you like about cat tracker? >> first, thanks for having me great to be back on the show i just think cat is a really interesting idea it takes advantage of the underlining picks and shovels of the company. >> literally picks and shovels of th

nike's earnings are coming out and they are going to give a sense of supply chain disruptions from china and what they are expecting in terms of profits and margins for the rest of the year. how much does nike serve as a bellwether for other corporations in particular the retailers in the united states. jonathan: thank you. it's going to be back. wasn't much of the welcome, was it. kristin bentley is happy i'm back. here's the quote that jumped off the page for me. unfortunately we do not believe inflation will fall faster for the fed to recognize the cumulative impact of its actions in time to moderate its policies. what's the bottom line for this equity market rally? >> the bottom line for this rally is unfortunately we are going to see continued volatility in this type of price action is quite normal. this is why we are advocates against market timing. they tend to be followed by the best days. over the past 50 years we did an analysis. if you are just of the market for the best days of each calendar year, you erase your per animal returns by over 9.6 percent. in these type of markets

sports where maker nike has announced that it is pulling out of russia completely. it's suspended operations there 3 months ago in response to moscow's invasion of ukraine. other big western brands, such as mcdonalds in google, have already left rescue efforts are underway in eastern afghanistan. one day after that powerful earthquake, at least a 1000 people were killed. many more injured. international aid has now started arriving in the country, but since the taliban took power last august, it has become harder for 8 agencies to operate in afghanistan. this quake. it comes as the country is already facing drought and food shortages o survivors digging for survivors to settle with them in collapsed mountain villages in a country where millions already faced the misery of hunger and poverty and health care system faltering since the taliban takeover. it's hard to imagine what could be worse than this one came up the other day about one of us with some of my children are dead, some are hurt, they get it, get in this house. 35 members of the family where my church amo

nike is the latest big company to pull out of russia as the war on ukraine continues. let's get bored now from pam cook a little look at dollars and cents. hey pam, joining a lot of other companies. good morning. yeah, according to yale school of management, more than 1000 companies have stopped operations in russia because of the war in ukraine. this morning , reuters reports. nike is the latest to end all operations in russia, joining mcdonald's google, levi and roco just to name a few executives with furnishing retailer ethan allen rang that opening bell this morning marking 90 years in business as that bell rang. stocks headed higher as the senate banking committee continues its q and a with the federal reserve chief jerome powell, taking a live look at the numbers. investors are cautious as the fed works on fighting inflation with higher interest rates while preserving the job market and preventing a recession. right now, numbers are up the dow jones gaining half of a percent 157 points the s and p 500 three quarters of a percent to 37 87, the nasdaq gaining one f

how sportswear giant nike has announced it will completely withdraw from russia over the coming months following other major brands such as mcdonalds and google. the u. s. company had previously suspended operations in all its russian based stores. following the invasion of ukraine will now gradually scale down locations will fully supporting its employees. night gets less than one percent of its revenue from ukraine and russia combined. the company has a track record of taking a stand on social and political issues. now something completely different because a large walrus has been causing a stir in a norwegian coastal town. hundreds of kilometers from her home in the arctic circle . the walrus, who is known as freya, has taken a fancy to sun bathing on boats, and most of the vessels are let say on the small, aside for the 700 kilogram mabel in an attempt to prevent further damage. local authorities planned to lou freya on to a floating doke and carry her to a new home further along the coast. before we go, here's a quick look at our top stories. at this hour. response teams are racin

the american sportswear maker nike has announced it is pulling out of russia completely. is suspended operations there 3 months ago in response to moscow's invasion of ukraine. other big western brands like mcdonalds and google have already best response teams are struggling to search for survivors of afghanistan's deadliest earthquake and decades. people in the remote regions say more help is urgently needed. the tremor killed at least a 1000 people and injured many more. when it hit wednesday, taliban authorities say the search for survivors is now over scenes of destruction like these all across spectacle province. in eastern afghanistan, people were still sifting through what's left of their destroyed homes. the hope of still finding some one alive slowly waning. most people have lost some one in the deadly quake. some families have been decimated, douglasville mother, i lost 12 members of my family and my house would that good. it is completely destroyed the miles of everything. we had one gone off the phone said on the lot of effort he gets a dog hook. oh, those who

nike down five point 6% on a disappointing outlook. coleman, mixed here on the alcohol sector.see boston beer down. molson coors has been upgraded. guy: great stuff. thank you very much indeed. tomorrow, huge programming node. francine lacqua, fed chair jay powell, andrew bailey, and augusta carstens joining us tomorrow. we are looking forward to that. "balance of power" is next. this is bloomberg. ♪ >> from the world of politics to the world of business, this is "balance of power" with david westin. david: from bloomberg world headquarters in new york come into our tv and radio audiences worldwide, welcome to "balance of power." i am joe mathieu's in for david westin. president joe biden is

we saw that the profit margin forecast will need to come down, that lines up what we heard out of nike yesterday, they are pretty strong in the ntc business, and have some really good analysts in china. they still talked about ocean trader costs, those costs will continue to persist higher, in the future, at least. >> a move with nike is kind of like a move with the market, they really gave up a lot, so, speaking to earnings and earnings divisions and really, if anything, if you are going to start to call a bottom on the market, which i'm not sure anyone is, there is probably a checklist of a lot of things you want to see. you are going to start to begin to see earnings revisions move higher. i don't even think they have moved to lower yet, which is probably part of the problem. we are talking about some of the dynamics that we've seen from last week, but what is disturbing is really you know, the levels on stocks, like the microsoft and nvidia, not just a little, but decidedly. if you look at the downwards trend, it's something like an opera from april first. you can draw a pretty str

18 months of his new four year sentence will be served concurrently meaning 2.5 for nike and 2.5 fory daniels and if my mathis correct that puts him, cpl back on cnn by mid 20 27. tucker? >> tucker: we'll be tuned in. trace gallagher, thank you. >> you bet it. >> tucker: find someone better than trace gallagher, we dare you. well, california has a lot of real problems. train robberies have come back, the energy grid is failing. but those are too complicated to solve so the state of california has established something instead called a reparations task force. that task force just released a 500 page report because that's what task force do. it's called for a child support forgiveness, free college given away on the basis of race and the planting of trees to create tree shade equity something you probably didn't know existed. in addition, the report demands and we're quoting, a long-term truth and reconciliation commission. like they have in south africa it worked so well. dr. ben carson is the chairman of the american cornerstone institute and author of the fantastic new york times be

ben: nike and bed, bath, and beyond gives us an early lead, micron should tell us a little bit about whether companies are still spending on tech. jack: let's talk about snacks with the jack hough. kellogg with a big restructuring, and a favorite of mine is cliff. jack: kellogg's splitting into three companies, snacks, cereals, and veggie burger type stuff trying to pool a monolith. craft said get rid of the cheese and other boring stuff, we will change our name and keep the oreo cookie and ritz crackers and that has worked well because there's endless demand for chips and cookies. pepsi at 25 times earnings because of frito-lay which has doritos and chinos and kellogg is over here saying 17 times earnings but we have pop tarts and cheese it. jack: levinsohn is chewing cinnamon toast crunch. it is a big deal. ben: the same thing applies. jack: it is going to make a new snack global company yet to be named. i like pringle tarts international but it is not gaining momentum. the stock hasn't moved. five years ago, there was project care where they consolidated and it is like a project r

>> we found documents in the garbage jump from nike, sweatshirts that sold for $22 and this was in thedominican republic. do you know what the workers got paid to make that sweatshirt? eight cents. there wages in the dominican republic were.3 of the retail price. this is what is going on. they are just crushing people and sucking the blood out of people. what would happen if they tripled it to 24 cents? that would be less than 1% of the retail price of the garment. in other words, there's plenty of room here but this is the science of exploitation and misery. we have to stand uand push back against these corporations. amy: charlie kernaghan died at the age of 74. and those are some of the headlines. this is democracy now!, democracynow.org, the war and peace report. i'm amy goodman in new york, joined by democracy now! co-host juan gonzÁlez in new brunswick, new jersey. hi, juan. juan: hi, amy. welcome to all of our listeners and viewers from around the country and around the world. amy: house select committee investigating the january 6 capitol insurrection holds its third hearing dem