NEWSLETTER - FEB 12, 2023
Adidas shares tank after company issues warning over unsold Yeezy stock.
Adidas could lose around 1.2 billion euros ($1.3 billion) in revenue in 2023 if it is unable to sell its existing Yeezy stock.
Shares of Adidas were down 11% around 9 a.m. London time following the news.
“The numbers speak for themselves. We are currently not performing the way we should,” Adidas CEO Bjørn Gulden said in a press release.
Sourced from CNBC
Chinese IPOs are coming back to the U.S.
Hesai Group, which sells “lidar” tech for self-driving cars, listed on the Nasdaq Thursday.
That’s the third China-based company to issue American depositary receipts since the risk of a forced U.S. delisting eased in mid-December, according to Wind Information data.
The three companies, which all listed on the Nasdaq, specified in their prospectuses about the level of risk from U.S. and Chinese regulators.
Sourced from CNBC
Yahoo to lay off 20% of staff this year, starting this week.
Yahoo will lay off more than 20% of staff, or around 1,600 workers, with the company’s Yahoo for Business unit being slashed in half.
The company said about 1,000 of those cuts would occur by the end of the week.
Sourced from CNBC
