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Today in the Market (2/22/2024)

Good Morning! On Thursday, U.S. equities surged, driven by exceptional results from NVIDIA (NVDA).  The NASDAQ had a steady day of gains and ended up 2.96%, while the S&P 500 had a solid return of 2.11%. The Dow Jones couldn’t keep up but still ended the day up by 1.18%.

3-FOR-1 DEAL!

Walmart (WMT) plans to split its stock for the 12th time in 50 years in an attempt to lower the price of shares for its workers. The last time Walmart split its shares was on April 20, 1999, at a 2-for-1 split.  This will be the first 3-for-1 stock split for the corporation.

What will happen? Following the split, there will be around 8.1 billion shares of outstanding common stock for Walmart, up from 2.7 billion shares before the split. The stock will trade at a lower price, but this won’t impact the fundamental worth of the business.

Why now? Doug McMillon, CEO of Walmart, stated that the timing of the stock split was appropriate in light of the company’s development objectives, which were disclosed at its most recent annual meeting. Also, due to the decreased price of the stock after the split, a greater number of retail investors can now afford it, which is regarded by some as a positive.

FANS AND PLAYERS AREN'T HAPPY

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Major League Baseball introduced its new Nike Vapor Premier on-field uniforms for the upcoming 2024 season. However, despite Nike’s (NKE) promise of using softer and more breathable fabric, several players are disappointed with their new uniform, comparing it to a cheap imitation jersey from TJ Maxx.

That’s not all… Players are dissatisfied with the jerseys due to their smaller text and the absence of traditional stitching and embroidery, in addition to poor fit and quality. The new outfits lack customized trousers, which athletes depend on due to their unique size proportions as well

It’s not just the players. Fans are criticizing Fanatics, the sports merchandise giant, despite Nike being the designer of the jerseys. Fanatics has faced criticism for its increasing control of the sportswear sector, with many fans associating increased pricing, worse quality, and limited choices with its control

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