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

Good morning. Today is Friday, September 20th. I'm Julie Morgan.

Investors seem to be feeling Nike's new CEO,

but analysts are a little more cautious.

Berkshire Hathaway offloads more BAC

and Macy's is pulling back on hiring for the holiday season.

Nike turned some heads on Thursday by announcing that CEO John Donahoe will step down to be replaced by Elliot Hill.

Hill who was a long-term Nike veteran who retired in 2020

held senior leadership positions across Europe and North America during his tenure with the company.

According to Nike, he was responsible for helping grow the business to more than $39 billion.

Morgan Stanley's read on the management move was that it was not surprising in light of the recent

profit volatility, guidance shortcomings, and a lack of strategic long-term clarity.

The firm now thinks a full year guidance cut is likely when

Nike reports fiscal Q1 earnings on October 1st. Analysts Alex Stratton says

it's unclear if Nike will still hold its investor day event on November 19th,

with Hill not taking over the CEO position until October 13th.

Jeffries also welcomed the news of the return of Elliot Hill to Nike and noted

that investors are confident in his leadership. However, Jeffries says Hill faces

challenges after his four-year absence, including rising competition and

changes in distribution, brand-building, and product. Nike is up 7% in

pre-market action. Over the last 52 weeks Nike's share price return has trailed the

returns of Adidas and under armor by a wide margin, although Nike has outperformed

...