Morning Business Report: Nike shares plunge as Peacock raises streaming prices
Wall Street closed lower Tuesday, with all major indexes falling.
(LILAMAX)- Wall Street closed lower Tuesday, with all major indexes falling. The Nasdaq posted the biggest decline, dropping 355 points.
Nike has been one of the notable losers on Wall Street. Shares are down 78% from their 2021 high, with the company facing increased competition, weaker consumer demand and tariff headwinds.
Some critics have also blamed controversies surrounding the company’s marketing and branding decisions. Nike faced backlash after pulling a shoe featuring the Betsy Ross flag following concerns raised by former NFL quarterback Colin Kaepernick. The company later faced criticism after transgender influencer Dylan Mulvaney promoted Nike women’s athletic apparel, including a sports bra and leggings.
Nike has lost about $200 billion in market value from its peak.
Streaming customers are also facing higher costs. NBCUniversal is raising subscription prices for Peacock, marking the service’s fourth price increase in four years.
The ad-supported plan increases to $12.99 per month, while Premium Plus rises to $19.99 per month. The new prices take effect Wednesday.
Meanwhile, a new survey suggests Americans are paying closer attention to what’s inside their snacks.
A Talker Research survey for Jack Link’s found Americans believe 60% of snack foods contain too many ingredients. About 66% said they are more likely to trust a snack if it contains fewer ingredients.
Taste ranked as the most important consideration when choosing a snack, followed by how filling it is.
Protein also continues to influence consumers’ choices, with 53% of respondents saying protein-focused snacks have made it easier to decide what to buy.
