Welcome to See King Alpha's Wall Street breakfast, where we cover the top news for investors every morning.

Good morning. Today is Wednesday, October 2nd. I'm Julie Morgan.

Investors are not too happy about Nike's results.

A report says Samsung will cut thousands of positions,

and the conflict in the Middle East pushes oil higher.

Nike announced better than expected fiscal Q1 profits, but a miss on total sales and the company postponed its investor day.

After initially launching higher on the knee jerk reaction to an EPS beat,

shares are down nearly 6% in pre-market action.

For the fiscal first quarter ended August 31st, Nike earned a profit of 70 cents per share,

down from 94 cents a year ago, but 18 cents better than expected, on a 10.4% decline in revenue.

The Sportsware Giants profit margin improved by 120 bases points to 45.4%,

beating 44.4 percent estimates.

By region North American footwear sales were down 14 percent, apparel sales were down

10 percent, while equipment sales increased 34%.

In China, footwear sales remained softer

but were down less than what was expected,

while apparel sales were down more than with the street estimated.

Samsung plans to lay off thousands of employees at company locations in Southeast Asia,

Australia, and New Zealand, according to a report Tuesday by Bloomberg.

The layoffs could affect up to 10% of employees in those regions.

The South Korean-based tech giant has about 268,000 employees of which 147,000 work

overseas. No layoffs are planned in South Korea. The cuts are

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