Nike (NKE) rallies after picking Kim Kardashian as its first-ever partner for a new brand. (00:23) Google (GOOG) (GOOGL) to pay €326M to settle tax case in Italy - report. (01:17) La-Z-Boy (LZB) sets cautious outlook based on soft housing market. (01:46)Episode transcripts seekingalpha.com/wsb.Show links: Biggest stock movers Wednesday: BMBL, GB, and moreRFK Jr. tells HHS staffers childhood vaccines, psychiatric drugs on his radarElon Musk, DOGE score victory against state AGs seeking to block accessTrump says 25% tariffs targeting cars, chips & pharma imports coming as soon as April 2Moomoo is an advanced investing trading platform that integrates real-time and comprehensive data with no commission on options trading, stocks or ETFs. New users from Seeking Alpha can exclusively enjoy an 8.1% APY* account opening bonus, up to 15 free stocks, and up to $300 in cash rewards. Terms & Conditions apply, visit moomoo.com for more details.
Full Episode
Welcome to Seeking Alpha's Wall Street Breakfast, where we cover the top news for investors every morning. Good morning. Today is Wednesday, February 19th. I'm Julie Morgan. Nike picks its first ever partner for a new brand. Google has to pay up in Italy. And Lazy Boy expects impacts based on the housing market.
Nike was the biggest gainer in the Dow Jones Industrial Average on Tuesday after announcing that a new brand called Nike Skims will launch this spring in the U.S. The collaboration with Kim Kardashian Skims will include training apparel, footwear, and accessories that Nike says combine the company's sports science with Skims' obsession for the female form.
Notably, the development marks the first time Nike has partnered with an outside company to launch a new brand. Analysts have weighed in favorably on the upside for Nike, especially for the long term, on the view that it can add market share in a growing category.
One Jeffries analyst said the firm views the Nike-Skims partnership favorably because it is a promising step forward in the fitness and activewear market. Shares of Nike gained 6.2% on Tuesday. Milan's prosecutors said they requested to drop a case against the European unit of Alphabet's Google after the company agreed to pay $340 million to settle a tax claim.
Reuters reported that the settlement spans the period between 2015 and 2019 and covers sanctions, penalties, and interest, the report added, citing a statement from prosecutors. Google did not immediately respond to a request for comment from Seeking Alpha. Lazy Boy reported better-than-expected results for the fiscal third quarter.
However, the company says it's expecting continued challenging macro conditions, so they set conservative guidance that was below Wall Street's expectations. Buoyed by a 4% improvement in sales and widening operating margin, Lazy Boy realized a 1% increase in profits on a per-share basis and a penny above Wall Street's expectations.
Total revenue of $522 million was also better than anticipated, driving a 7% increase in same-store sales. Citing both the lingering challenges in the housing market and broader macro conditions, Lazy Boy expects Q4 sales to be in the range of $545 to $565 million, compared to $553.5 million in the same quarter last year and below the consensus estimate of $566.2 million.
Operating margin is targeted for 8.5% to 9.5% versus 9.1% last year. These estimates do not assume any negative impact from impending U.S. trade policy. Finally, the company said it will pay an unchanged quarterly dividend of 22 cents per share on March 14th to shareholders of record as of March 4th.
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