Nike to End Topsports' Online Sales Authorization in 2027; Topsports Says It Is Seeking Inventory Buyback and Promotional Subsidies

FitLab and affiliates filed for Chapter 11 on Oct. 26, listing $10M-$50M in assets and over $100M in debts. The filing follows the end of a partnership with Nike, which led to financial strain. FitLab plans to sell assets and exit leases during the bankruptcy process. Nike is also restructuring to cut costs.

Nvidia, Nike, and 10 other companies objected to OKX-ICE's tokenized stock venue, bringing total objections to 50. The venue, a joint venture between ICE and OKX, plans to offer tokenized U.S. stocks. Companies have 30 days to object under SEC rules. Nasdaq reportedly encouraged some firms to opt out, citing concerns about price transparency and trade reporting.

Adidas reported record Q3 revenue of 7.252 billion euros, up 9%, and operating profit of 1.008 billion euros, up 37%, driven by strong China sales. Nike's Q1 revenue fell 4% to $11.213 billion, with net profit down 2%, citing China as a key issue. Adidas's localization strategy in China is credited for its success, while Nike struggles with product differentiation.

Dow Jones closed at 52,163.07, down 0.59%, driven by Caterpillar's 9.5% drop due to unchanged sales forecast and tech sell-off led by Alphabet's 13.2% decline. Health care and financials provided support. GDP growth and jobless claims data were positive. Fed's inflation stance and Treasury yields influenced trading.

Alphabet's shares fell 13.2% after its quarterly report missed revenue forecasts and showed increased AI spending, dragging the Nasdaq down 1.7%. The S&P 500 and Dow Jones also declined. Investors are differentiating between companies funding AI internally and those relying on debt or cash burn. Other notable movers include Caterpillar (-9.5%), Fortinet (-20%), and Eli Lilly (+6.3%).

Nike's China revenue fell 26% YoY to $1.18B in Q1 2027, its steepest drop in nine quarters, amid competition from local brands like ANTA and Li Ning, weaker consumer spending, and discounting. Global revenue declined 4% to $11.21B. Nike plans to restructure sales channels and localize products to rebound.