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Foot Locker Partners with Madison Square Garden Sports
Foot Locker announced a new multi-year partnership with Madison Square Garden Sports, becoming the Official Athletic Footwear Retailer of the New York Knicks ahead of the 2026-27 NBA season. Foot Locker will be showcased at all Knicks home games at Madison Square Garden throughout the season.
Major Averages Little Changed as Micron Reports Strong Q4 Earnings
The major averages were little changed to start the month as rising Treasury yields continue to weigh on markets even as Micron reported upbeat Q4 earnings and revenue. Also weighing on stocks was a jump in oil prices as traders await President Trump's next move in the war with Iran.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Micronreported better-than-expected Q4 results and provided an upbeat earnings and revenue outlook for Q1Accenturereported upbeat Q4 results but provided conservative FY27 earnings guidanceMSG Sports'board of directors approved a spinoff of its Rangers business from its Knicks businessMattelhas drawn takeover interest from Authentic Brands, WSJ reportsGeneral Motorsreported a 6% drop in Q3 U.S. sales, while Toyotareported an 8.4% increase in September U.S. sales on a volume basis, and Stellantisreported "steady" U.S. sales for last quarter2. WALL STREET CALLS:Wells Fargo upgraded BP, downgraded Exxonon relative valuation callOccidentalupgraded to Buy at Goldman SachsBarclays reinstated Williamswith an Overweight, sees growth from behind-the-meter powerEthosdowngraded to Neutral from Overweight at JPMorganArgus upgraded Regeneron, sees attractive entry point after selloff3. AROUND THE WEB:BAE Systemsis weighing a bid for Robin Radar in a potential $2.3B deal, Reuters reportsMetaCEO Mark Zuckerberg helped initiate and draft the principles behind the White House's voluntary AI industry accord, working with Nvidia'sJensen Huang and other executives to address regulatory and safety concerns, Semafor reportsTencenthas signed an estimated $7B, five-year lease with Oracleacross Southeast Asian data centers, giving it access to roughly 100,000 advanced AI chips unavailable in China, FT saysBroadcomis emerging as a uniquely strategic Anthropic partner, spanning compute supply, equipment leasing, and up to $42B of infrastructure financing, Reuters reportsGoogleis paying roughly 100 digital publishers for how much their content contributes to AI Overviews, AI Mode, and Gemini in a pilot, The Information reports4. MOVERS:Synopsysgained after providing guidance for FY27 and announcing its intention to repurchase $1B sharesWave Life Sciencesincreased after announcing FDA feedback supported its pathway for WVE-006Infosyswas higher in New York after partnering with Columbia University to develop its AI R&D activitiesCortevafell after completing the spin-off of its seed and genetics businessNektarwas lower after announcing long-term data on rezpegaldesleukin5. EARNINGS/GUIDANCE:Lyftbacked its outlook for Q3McCormickreported Q3 results and reaffirmed its outlook for FY26Acuityreported Q4 results, with EPS beating consensusCardinal Healthreaffirmed its outlook for FY27Progress Softwarereported Q3 results and provided guidance for both Q4 and FY26INDEXES:The Dow rose 20.51, or 0.04%, to 50,926.56, the Nasdaq gained 10.53, or 0.04%, to 26,871.60, and the S&P 500 advanced 14.91, or 0.19%, to 7,666.45.
Major Averages Decline as Treasury Yields Rise
The major averages were lower near noon to start the month as rising Treasury yields continue to weigh on markets even as Micron reported upbeat Q4 earnings and revenue. Also weighing on the averages is a jump in oil prices, with the commodity above $90 a barrel. Traders await President Trump's next move in the war with Iran and ponder if he will wait until after midterm elections before ordering further military actions.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Micronreported better-than-expected Q4 results and provided an upbeat earnings and revenue outlook for Q1Accenturereported upbeat Q4 results but provided conservative FY27 earnings guidanceMSG Sports'board of directors approved a spinoff of its Rangers business from its Knicks businessGoogleis rolling out its new frontier model Gemini 4 ArgonConstellationand Amazonannounced a long-term power purchase agreement that will support the continued investment in and expansion of the Calvert Cliffs Clean Energy Center2. WALL STREET CALLS:Wells Fargo upgraded BP, downgraded Exxonon relative valuation callOccidentalupgraded to Buy at Goldman SachsBarclays reinstated Williamswith an Overweight, sees growth from behind-the-meter powerEthosdowngraded to Neutral from Overweight at JPMorganArgus upgraded Regeneron, sees attractive entry point after selloff3. AROUND THE WEB:MetaCEO Mark Zuckerberg helped initiate and draft the principles behind the White House's voluntary AI industry accord, working with Nvidia'sJensen Huang and other executives to address regulatory and safety concerns, Semafor reportsTencenthas signed an estimated $7B, five-year lease with Oracleacross Southeast Asian data centers, giving it access to roughly 100,000 advanced AI chips unavailable in China, FT saysAI holds the promise to accelerate drug development, optimize clinical trials, and bring lifesaving therapies to market faster, and Veeva Systemsis making that transformation happen, Barron's saysBroadcomis emerging as a uniquely strategic Anthropic partner, spanning compute supply, equipment leasing, and up to $42B of infrastructure financing, Reuters reportsGoogleis paying roughly 100 digital publishers for how much their content contributes to AI Overviews, AI Mode, and Gemini in a pilot, The Information reports4. MOVERS:Synopsysgains after providing guidance for FY27 and announcing its intention to repurchase $1B sharesWave Life Sciencesincreases after announcing FDA feedback supported its pathway for WVE-006Infosyshigher in New York after partnering with Columbia University to develop its AI R&D activitiesCortevafalls after completing the spin-off of its seed and genetics businessNektarlower after announcing long-term data on rezpegaldesleukin5. EARNINGS/GUIDANCE:Lyftbacked its outlook for Q3McCormickreported Q3 results and reaffirmed its outlook for FY26Acuityreported Q4 results, with EPS beating consensusCardinal Healthreaffirmed its outlook for FY27Progress Softwarereported Q3 results and provided guidance for both Q4 and FY26INDEXES:Near midday, the Dow was down 276.37, or 0.54%, to 50,629.68, the Nasdaq was down 118.98, or 0.44%, to 26,742.09, and the S&P 500 was down 28.82, or 0.38%, to 7,622.72.
MSG Sports Approves Spin-Off of New York Rangers
MSG Sports' board of directors has approved the spin-off of its New York Rangers business from its New York Knicks business, with the transaction expected to be completed on October 26. Upon completion, MSG Sports will be renamed MSG Knickerbockers and will be comprised of the New York Knicks and the Westchester Knicks. The newly created Rangers company, MSG Rangers, will include the New York Rangers, as well as the Hartford Wolf Pack and the MSG Training Center. James Dolan will serve as Executive Chairman and CEO of MSG Rangers and remain Executive Chairman and CEO of MSG Knicks. The distribution will take place on October 26 to MSG Sports stockholders of record as of the close of business on October 20. Each of the company's common stockholders will receive one share of MSG Rangers Class A or Class B common stock for every two shares of MSG Sports' Class A or Class B common stock, representing all the outstanding shares of MSG Rangers. No action or payment is required by MSG Sports stockholders to receive shares of MSG Rangers. Beginning on October 21 and continuing until the distribution, MSG Sports expects that its common stock will trade in two markets on the NYSE: in the "regular way" market under the current symbol "MSGS" and name "Madison Square Garden Sports Corp.", and in the "ex-distribution" market under the symbol "MSGK WI" and name "MSG Knickerbockers Corp." The new MSG Rangers Class A common stock is expected to begin trading on a "when-issued" basis on the NYSE under the symbol "MSGR WI" and under the name, "MSG Rangers Corp.", beginning on October 21, and continuing until the distribution occurs. The CUSIP number for MSG Rangers Class A stock will be 64277J102. The new Rangers company's Class B common stock will not be listed on a securities exchange. "Regular way" trading will begin on October 27 with MSG Knicks Class A common stock trading under the symbol "MSGK" and the Class A common stock of MSG Rangers trading under the symbol "MSGR". The spin-off is intended to qualify as a tax-free distribution to MSG Sports' stockholders and the Company for U.S. federal income tax purposes.
Madison Square Garden Partners with Glaze Teriyaki
Madison Square Garden Entertainment and Madison Square Garden Sports announced a new partnership with Glaze Teriyaki, naming the Asian fast-casual restaurant concept a Partner of Madison Square Garden, the New York Knicks, and the New York Rangers. As a part of the partnership, Glaze Teriyaki will have a brand-new dedicated concession stand on the sixth floor concourse inside Madison Square Garden, offering dishes such as rice bowls with chicken, grass-fed steak, or veggies; as well as pork, chicken, and vegetable dumplings. Additionally, Glaze Teriyaki will have products available in select premium hospitality areas throughout the Arena.
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