Today’s Top Stories: Nvidia Earnings, Dick’s Sporting Goods Crash, AMD and Alibaba

TLDR

• Dick’s Sporting Goods fell around 27% after cutting its full-year sales and earnings outlook
• Nvidia reports earnings Wednesday with a potential $280 billion market swing on the table
• AMD rose 3-4% after a Raymond James analyst upgrade as chip stocks rebounded
• Alibaba insiders including Jack Ma bought over HK$800 million in shares after a $10.2 billion capital raise
• The Nasdaq gained roughly 0.75% as tech stocks recovered from Monday’s selloff

Dick’s Sporting Goods Crashes After Earnings Warning

Dick’s Sporting Goods fell around 27% on Tuesday after the company slashed its full-year sales and earnings forecasts. That puts it on track for its worst single-day performance on record.

The company blamed weak sneaker demand and poor results from its recently acquired Foot Locker business. The Foot Locker deal was meant to expand Dick’s footprint in global athletic footwear, but early results have raised questions about how quickly management can turn things around.

Nike also traded lower on the news, as investors weighed whether the results point to wider weakness in the athletic footwear market.

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