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Forbes Daily: ‘No Quick Rebound’ For Nike Amid Athletic Wear Decline

July 2, 2024
in Business
Forbes Daily: ‘No Quick Rebound’ For Nike Amid Athletic Wear Decline
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This is a published version of the Forbes Daily newsletter, you can sign-up to get Forbes Daily in your inbox here.

Good morning,

Barbecue sauce is sure to be a staple at Fourth of July celebrations this week, and there’s a new player gaining traction in the approximately $1 billion market for the condiment.

Bachan’s Japanese barbecue sauce is the fastest-growing condiment brand in the country. Founder and CEO Justin Gill based the recipe on a sweet sauce his grandmother has whipped up for decades. Now, Bachan’s estimated annual revenue tops $70 million, and some are already calling his sauce “Sriracha 2.0.”

Bachan’s is profitable, too. Forbes estimates operating margins are as much as 20% annually. “I bootstrapped for so long and took so much personal financial risk,” Gill says. “A key part of our success has been our strategy of being very disciplined.”

FIRST UP

A Boeing 737 Max is displayed during the Farnborough Airshow, in Farnborough, on July 18, 2022.

JUSTIN TALLIS/AFP via Getty Images

The Justice Department plans to charge Boeing with fraud after the beleaguered firm failed to enact an anti-fraud program following two fatal plane crashes that killed 346 people in 2018 and 2019. Boeing reportedly has until the end of the week to plead guilty or face a trial.

MORE: Boeing has agreed to acquire key supplier Spirit AeroSystems in a deal valued at $4.7 billion, the plane maker said early on Monday. Spirit manufactures the fuselage of Boeing’s troubled 737 Max planes.

In a win for conservative groups, the Supreme Court overturned a landmark ruling Friday that gave widespread power to federal agencies, a decision that has the power to upend how the federal government operates. The 1984 ruling in Chevron v. Natural Resources Defense Council gave federal agencies broad power to enact regulations by arguing courts should usually defer to agency staff. In her dissent, Justice Elena Kagan wrote the decision “is likely to produce large-scale disruption.”

BUSINESS + FINANCE

The personal consumption expenditures (PCE) index rose 2.6% year-over-year in May, while the core PCE index, a key inflation measure that excludes more volatile food and energy expenses, fell to its lowest level in over three years. Despite the decline, core PCE inflation remains higher than it ever was from 2007 to 2020, and the Federal Reserve does not expect it to reach their 2% target until 2026, suggesting prolonged higher interest rates.

Nike’s stock plummeted nearly 20% on Friday, marking its steepest single-day drop since 2001 and the second-worst day in its 44-year history as a publicly traded company. The company faces significant challenges, including a projected 10% year-over-year revenue decline largely stemming from its struggling China business and rising competition in the athletic apparel and footwear market.

Crypto miners are harnessing their advanced equipment and low-cost energy to profit from the soaring demand for computational power driven by AI applications such as ChatGPT. For instance, network computing provider CoreWeave recently inked a $3.5 billion deal with Austin-based bitcoin miner’s Core Scientific for its data centers to host AI-related computing hardware.

WEALTH + ENTREPRENEURSHIP

Warren Buffett announced on Friday that he plans to donate $5.3 billion worth of Berkshire Hathaway shares to five charities, including over $4 billion for the Gates Foundation. Buffett’s estimated lifetime giving exceeds $56 billion, making him one of the largest philanthropists ever, according to Forbes list of America’s biggest givers, which Buffett topped in February.

Last week’s Supreme Court decision to overturn Purdue Pharma’s settlement deal could prolong opioid-related litigation for the Sackler family, potentially requiring them to increase their settlement offer beyond $6 billion. Bankruptcy attorney Daniel Gielchinsky noted, “The floor is now $6 billion. It seems to me that the number will go up.” The ruling also sets a precedent against non-debtor releases in future bankruptcy cases.

TECH + INNOVATION ​​

Venture capital firm Benchmark is raising $425 million for its eleventh fund amid the AI boom, according to an investor letter obtained by Forbes. The firm is aiming to make approximately 30 early-stage investments, particularly in the generative AI sector. The new fund will be styled as “Benchmark 1,” with the firm’s partners expected to focus on AI within their usual areas of concentration like computer tech, cloud computing and crypto.

AI chatbots ChatGPT and Copilot spread a debunked and false claim that presidential debate broadcaster CNN would air the event with a “1-2 minute delay,” highlighting the potential election risks the popular tools pose. CNN promptly rejected the claim, but there are growing fears that increasingly capable AI tools could be used to interfere with or influence election outcomes.

MONEY + POLITICS

President Joe Biden acknowledged age has affected his political performance, but said he would continue his campaign after his rocky debate performance Thursday prompted widespread concern among Democrats—and led some to raise the idea of him dropping out of the race. Polling shows an increasing number of Americans believe the 81-year-old president is too old, though at least two polls found Biden still maintains a narrow edge over former President Donald Trump.

The Supreme Court narrowed when a January 6 rioter can be charged with felony obstruction on Friday, in a ruling that could affect hundreds of participants in the Capitol attack. The case has been closely watched for its potential impact on former President Donald Trump, who was charged with two counts of obstructing and conspiring to obstruct an official proceeding in the federal criminal case against him for trying to overturn the 2020 election.

New Jersey decided not to renew liquor licenses at two of Trump’s golf clubs in the state, following his conviction on 34 felony charges in May. Instead, the state issued interim permits that will allow the clubs in Bedminster and Colts Neck to serve alcohol until a hearing is held, which is scheduled for July 19, eight days after Trump’s sentencing in the New York felony case.

TRENDS + EXPLAINERS

Fraudsters bought $1.4 million in stamps from a major auction house in the U.S., most of which was paid for by “criminal proceeds defrauded from identified victims,” according to the FBI. Scammers often seek to buy items with stolen funds to turn the dirty money into a “clean” asset—especially valuable collectibles whose worth has the potential to appreciate.

DAILY COVER STORY

Market Lessons: Price To Book, With 14 Cheap Stocks

PETER M. FISHER/GETTY IMAGES

TOPLINE Divide a company’s market capitalization by its shareholders’ equity and you get the price to book ratio. Equivalently, divide the share price by the book value per share.

Is the ratio less than 1? Then you are getting a bargain, in some sense. You are buying a company for less than what would be left over if all its assets were sold off at their accounting value and all the debts were repaid.

There was a time when book value was an important indicator of a corporation’s value and a significant number of stocks traded below book. Neither is true today.

And yet, price/book still gets at least a glance from analysts. Money managers who assemble “value” portfolios use it alongside other fundamentals, such as price/earnings and price/sales, to screen for cheap stocks. Also, book value is an important matter for banks, since they are required to maintain it at a certain level.

Ninety years ago, when the value guru Benjamin Graham published his seminal tome Security Analysis, book value was visible in the factories, warehouses and inventory of American business. A few years before that book came out, Graham published a commentary in Forbes lamenting how many stocks were trading on the New York Stock Exchange not only below book value, but below the liquidating value of their quick assets. When you bought one of these stocks you were effectively getting the property and equipment for free. This was in 1932. Stocks were indeed cheap.

Today, the average stock in the S&P 500 trades at 4.1 times book. But book value doesn’t capture the economy’s most valuable assets: software, drug patents, business networks and brands, the main exception occurring when one company buys another and records some of the purchase price as an intangible asset called goodwill. In the current market, dominated by tech and pharma titans like Apple, Microsoft and Eli Lilly, the P/B ratio becomes a less reliable metric.

WHY IT MATTERS “You can’t judge a stock without looking at the numbers—the fundamental ratios that compare the price to the underlying value,” says Forbes senior contributor William Baldwin. “Book value is one of those measures of value. But don’t use it without knowing its limitations in a post-industrial economy.”

MORE Market Lessons: Understanding The Price/Earnings Ratio—With 12 Cheap Stocks

FACTS + COMMENTS

Viewership of the presidential debate between President Joe Biden and former President Donald Trump fell significantly from 2020, according to early Nielsen figures reported by host network CNN. But that could be due to a shift from traditional television to streaming, as many likely watched it online:

About 51.3 million: The number of total viewers that watched the debate, a decline of about 30% from the candidates’ first debate in 2020

9.5 million: The number of viewers CNN said it drew

84 million: The peak live viewership for debates involving Trump back in 2016

STRATEGY + SUCCESS

Imagine inheriting not just a fortune, but a treasure trove of family memories and adventures. The so-called “Great Wealth Transfer” is not just about passing down money and assets, but also creating lasting bonds through shared travel and heartfelt moments. Baby boomers are increasingly organizing and financing multi-generational trips, seeing these experiences as priceless opportunities to reconnect and create memories that will be cherished for a lifetime.

VIDEO

QUIZ

An original painting used as cover art for a popular franchise was recently auctioned off at Sotheby’s for an astounding $1.9 million, after it had been expected to sell for up to $600,000. Which beloved franchise was the piece from?

A. Harry Potter

B. The Lord of the Rings

C. Game of Thrones

D. The Chronicles of Narnia

Check your answer.

ACROSS THE NEWSROOM

Want to keep up with the latest on all things tax? Forbes senior writer Kelly Phillips Erb is covering it all in our newest newsletter, Tax Breaks. You can sign up here.

Thanks for reading! This edition of Forbes Daily was edited by Sarah Whitmire and Chris Dobstaff, with writing contributions by Tavon Thomasson.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Forbes – https://www.forbes.com/sites/daniellechemtob/2024/07/01/forbes-daily-no-quick-rebound-for-nike-amid-athletic-wear-decline

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