TLDR

MARKET RECAP → The Dow (DIA) closed slightly lower on Thursday after briefly topping 40,000 for the first time. The surge was driven by optimism that inflation would ease and interest rates would drop.

CPI RELEASE MISHAP→ 🕒 Due to a U.S. Bureau of Labor Statistics (BLS) error, CPI data slipped out 30 minutes early, triggering an internal investigation but barely nudging markets, which reacted more to the modest 0.3% monthly CPI increase.

UNDER ARMOUR FACES TOUGH QUARTER → 📉 Under Armour reported a sharp Q4 decline with net income plummeting to $6.6M from $170.6M, amid a 10% drop in North American sales and a costly restructuring initiative as it aims for a strategic pivot under founder Kevin Plank's renewed leadership.

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MARKETS

Today’s S&P 500 Heatmap

Notable Earnings This Week

TODAY’S TOP NEWS

CPI Release Mishap

🕒 Early Release Error: The Bureau of Labor Statistics (BLS) inadvertently published parts of the critical consumer price index (CPI) data approximately 30 minutes early. This slip-up was due to an operational error in uploading files to the BLS website ahead of the scheduled public release.

🔍 Investigation and Oversight: Following the premature release, the BLS has initiated a thorough investigation into its data security and control procedures to prevent future incidents. They have also informed the Office of Management and Budget and the department's Office of the Inspector General about the mishap.

📉 Market Impact and Data Details: Despite the early release, there was minimal unusual activity in the stock markets prior to the official announcement, indicating that the data leak did not significantly affect trading. The CPI data itself showed a monthly increase of 0.3%, slightly below expectations, contributing to a rise in stock prices once officially released.

TODAY’S TOP NEWS

Under Armour Faces Tough Quarter

📉 Significant Financial Decline: Under Armour reported a sharp decline in its Q4 earnings, with a drastic drop in net income to $6.6 million from $170.6 million a year earlier. Adjusted earnings were 11 cents per share, marginally beating the expected 8 cents, amid a backdrop of falling sales and restructuring plans.

🏢 North America Struggles and Restructuring: Sales in North America fell by 10% to $772 million, underperforming expectations. The company announced a restructuring plan expected to cost between $70 million and $90 million, aiming to stabilize its financial footing and focus on enhancing brand value through premium positioning.

🔄 Leadership and Long-term Strategy: Following the recent CEO turnover, founder Kevin Plank has reassumed leadership. Under Armour is adjusting its strategy to reduce promotions and focus on high-margin products, anticipating a revenue decline in the low-double-digit percentage for the current fiscal year but expecting slight improvements in gross margins.

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