Stocks to Watch: Nike, Lamb Weston, LPL Financial Holdings

By Connor Hart

Nike withdrew its full-year guidance and postponed its first investor day in seven years after logging another drop in revenue in its latest quarter. The sportswear company, which had most recently guided for full-year revenue to be down mid-single digits, said both decisions would give its recently appointed CEO, Elliott Hill, time to evaluate the company's current strategies and business trends. In the recent quarter, revenue fell 10% to $11.59 billion, dragged down by continued pressure in its core North America market. Shares fall 5.5%, to $84.26, in after-hours trading.

Lamb Weston slashed its earnings outlook and announced a restructuring plan as it posted lower profit and revenue in its fiscal 1Q. The french-fry maker plans to reduce its global headcount by 4% and permanently close a processing facility, among other changes. It now expects per-share earnings between $2.70 and $3.15 for the year, down from a previous forecast of $4.35 to $4.85. Shares fall 4%, to $62.30, in postmarket trading.

LPL Financial Holdings' board terminated Dan Arnold as the company's top executive for violating the company's code of conduct. The retail investment advisory firm said an investigation by an outside law firm found that Arnold had made statements to employees that violated the company's commitment to a respectful workplace. Shares fall 4.7%, to $219, in after-hours trading.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

October 01, 2024 19:51 ET (23:51 GMT)

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