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Good Morning!
Happy Wednesday! Let’s have a good one:
👉NFL allows private equity
👉Abercrombie & Fitch earnings are in
👉 The finance world waits on Nvidia
NFL: Private Equity
The NFL has opened its doors to private equity firms, allowing them to purchase up to a 10% stake in a team. At a special meeting in Minnesota, 31 of 32 team owners voted in favor of this change, with only the Cincinnati Bengals' owner dissenting.
Source: NBC
Approved firms include Ares Management, Sixth Street Partners, and a consortium led by Dynasty Equity. These groups collectively manage $2 trillion in assets and plan to invest $12 billion across up to six teams each. This move marks the NFL's cautious entry into private equity, trailing other major sports leagues that allow up to 30% ownership.
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EARNINGS: Abercrombie & Fitch
Abercrombie & Fitch saw a 21% revenue increase in its fiscal second quarter, continuing its impressive growth streak. The company raised its sales guidance for the year, now expecting a 12% to 13% rise, but noted that having one fewer week this fiscal year could impact overall results.
Source: Abercrombie
CEO Fran Horowitz mentioned economic uncertainty in the latest earnings report, signaling possible challenges ahead. Despite this, Abercrombie remains a standout in retail, and investors are closely watching whether the momentum can be maintained.
NVIDIA: Finance World Waits
Nvidia investors have experienced a wild ride over the past two years. The company’s market cap surged ninefold since late 2022, driven by the AI boom, but after hitting a record high in June, Nvidia's value dropped nearly 30% in just seven weeks, losing around $800 billion.
Source: CNBC
Now, Nvidia is rebounding, with its stock nearing its all-time high again. As the company prepares to report quarterly results today, Wall Street is focused on the stock's volatility. Any signs of slowing AI demand or spending cuts from major cloud customers could impact revenue. Analysts predict another quarter of triple-digit growth at 112%, but expect a slowdown in the coming quarters.
Chart of the Day
📊 Google Earnings By Segement
Source: Raising Investor IQ
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Source: @wallstreetoasis
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