Raphael Stevens

Home Depot’s SRS Distribution unit is buying GMS, a building-products distributor, for about $4.3 billion.
Home Depot is trying to attract more sales from contractors and other home professionals.
The deal is expected to close in early 2026.

A Home Depot store in San Carlos, California, US, on Monday, Nov. 11, 2024.
David Paul Morris | Bloomberg | Getty Images

Home Depot said Monday that it is buying GMS, a building products distributor, for about $4.3 billion as the retailer moves to draw more sales from contractors and other home professionals.
Shares of Home Depot fell nearly 1% on Monday. GMS shares rose about 12% and touched a 52-week high.

As part of the deal, the Home Depot-owned subsidiary SRS Distribution will purchase all outstanding shares of GMS for $110 per share, which adds up to about $4.3 billion and amounts to total enterprise value including net debt of about $5.5 billion, the company said.
Home Depot said it expects the acquisition to be completed by early 2026.
Home Depot’s announcement also concludes a potential bidding war between the big-box retailer and billionaire Brad Jacobs. Jacobs’ building-products distributor QXO had offered about $5 billion in cash to acquire GMS and said it would press forward with a hostile takeover if the company’s management rejected the proposal.
As Home Depot chases growth, it’s gone after a steadier and more lucrative piece of the home improvement business: electricians, roofers, home renovators and other professionals who tackle large projects year-round and need a lot of supplies. Home Depot said it’s speeding along that strategy with the GMS deal.
Home Depot bought SRS Distribution — the subsidiary that’s acquiring GMS — last year for $18.25 billion, in the largest acquisition in its history. Texas-based SRS sells supplies to professionals in the landscaping, roofing and pool businesses and it has bought up many other smaller suppliers as it’s grown.

Home Depot’s focus on selling to professionals is well timed. Sales from do-it-yourself customers have slowed as higher mortgage rates have decreased housing turnover and dampened homeowners’ demand for larger projects because of higher borrowing costs.
The company said it expects total sales to grow by 2.8% for the full fiscal year and comparable sales, which take out the impact of one-time factors like store openings and calendar differences, to rise about 1%.

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NASA’s live programming will start streaming on Netflix this summer.
The content will remain on the NASA app.
Rocket launches are happening more often than ever.

Workers repaint the NASA logo on the Vehicle Assembly Building at the Kennedy Space Center on May 28, 2020 in Cape Canaveral, Florida.
Joe Raedle | Getty Images

NASA’s live programming, including rocket launches, spacewalks and views of Earth from space, will begin streaming on Netflix this summer.
NASA said the move is part of its effort to reach a global audience, according to a press release. The agency noted that the content will remain free and ad-free on the NASA app and website, where it already has live programming.

NASA+ launched in 2023 as a way to give the public easier access to space content.
“The National Aeronautics and Space Act of 1958 calls on us to share our story of space exploration with the broadest possible audience,” Rebecca Sirmons, general manager of NASA+, said in the release.
NASA did not disclose financial details of the deal.
The partnership comes as there has been a surge in commercial rocket launches, led by Elon Musk’s SpaceX. SpaceX has had 81 launches in the first half of 2025, according to Space Explored. It also continues to be the only U.S. company with a spacecraft that’s certified to bring astronauts to the International Space Station.
Meanwhile, NASA has been supporting missions in low-Earth orbit.
Shares of Netflix, which has more than 700 million users, have been trading at all-time highs. The streaming service is up almost 51% since the beginning of the year. More

The WNBA announced on Monday it has awarded three new expansion teams to Cleveland, Detroit and Philadelphia.
The new franchises will grow the league to 18 teams over the next five years.
WNBA Commissioner Cathy Engelbert called it a “truly monumental day” for the league.

Napheesa Collier, #24 of the Minnesota Lynx, scores the game-winning basket during the game against the New York Liberty in Game 1 of the 2024 WNBA Finals at Barclays Center in Brooklyn, New York, on Oct. 10, 2024.
Nathaniel S. Butler | National Basketball Association | Getty Images

The WNBA announced on Monday it has awarded three new expansion teams to Cleveland, Detroit and Philadelphia, growing the league to 18 teams over the next five years.
WNBA Commissioner Cathy Engelbert called it a “truly monumental day” for the league.

“These are proud cities with powerful sports legacies, each one rich in basketball tradition,” she said. “This is a bold step forward as we grow our footprint.”
The league currently has 13 teams, with franchises in Toronto and Portland set to join in 2026.
The Cleveland team will begin play in 2028, followed by Detroit in 2029 and Philadelphia in 2030. Each team will pay $250 million in franchise fees to join the league, according to a person familiar with the terms who spoke on the condition of anonymity to discuss nonpublic details. Those fees would represent a historic high for the WNBA.
The league has been looking at the expansion process for more than two years. More than a dozen cities submitted bids, including Kansas City, St. Louis, Austin, Houston, Miami, Denver and Charlotte, North Carolina.
The league said Monday each location was selected after analyzing market viability, infrastructure and local support. Engelbert said Houston, specifically, is one the league will continue to have its eye on for future expansions.

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“Today marks a transformative day in Cleveland’s sports history,” said Nic Barlage, CEO of the Rock Entertainment Group, which owns the NBA’s Cleveland Cavaliers and other professional sports teams in the city.
This would not be Cleveland’s first foray into professional women’s basketball. The city hosted one of the WNBA’S original franchises, the Cleveland Rockers from 1997 to 2003. That team folded after seven seasons as the team’s owner, Gordon Gund, cited low attendance and said he could not find a way to make the team profitable.
The Detroit WNBA ownership group is led by Tom and Holly Gores, owners of the Detroit Pistons.
“This is a huge win for our city,” said Arn Tellem, the vice chairman of the Detroit Pistons basketball franchise. “It’s much bigger than basketball.”
The Detroit team will return women’s basketball to the city after a roughly two-decade hiatus. The Detroit Shock played from 1998 to 2009, winning three championships and setting records for attendance before moving to Tulsa, Oklahoma.
The Philadelphia team will be owned by Harris Blitzer Sports & Entertainment, owner of the Philadelphia 76ers, which includes Josh Harris, David Blitzer and David Adelman. Comcast holds a minority stake in the team.
Harris, co-founder and managing partner of HBSE, said bringing the WNBA to the city “wasn’t just a nice-to-have, it was an obligation.”
Disclosure: Comcast owns NBCUniversal, parent company of CNBC. More

Moderna said its experimental mRNA-based flu vaccine produced a stronger immune response than a currently available shot for the virus in a late-stage trial.
The positive data pave the way for Moderna to apply for approval of its standalone flu vaccine, called mRNA-1010, later this year.
The results also clear a path forward for Moderna’s combination jab targeting Covid-19 and influenza after the company voluntarily withdrew its application for U.S. approval of that shot.

The Moderna Inc. headquarters in Cambridge, Massachusetts, on March 26, 2024.
Adam Glanzman | Bloomberg | Getty Images

Moderna on Monday said its experimental mRNA-based flu vaccine produced a stronger immune response than a currently available shot in a late-stage trial, clearing a path forward for the product and the company’s separate combination flu and Covid jab.
Moderna in May voluntarily withdrew an application seeking approval of its combination shot targeting Covid-19 and influenza, saying it had plans to resubmit it with efficacy data from the phase three trial on its stand-alone flu vaccine. That decision came after discussions with the Food and Drug Administration, which is grappling with a massive overhaul under Health and Human Services Secretary Robert F. Kennedy Jr., a prominent vaccine skeptic.

With the new data, the company plans to resubmit the application for the combination vaccine and file for approval of its stand-alone flu shot later this year, Stephen Hoge, the company’s head of research and development, said in an interview.
If regulators approve the flu vaccine, the company can then advance the combination shot, Hoge said. He added that Moderna expects approvals for both shots next year pending reviews.
Moderna shares climbed nearly 3% in premarket trading Monday.
Hoge said the combination jab simplifies vaccination, which will “help the health-care system” by reducing the workloads of doctors and nurses, slashing costs, and improving uptake among patients.
The company so far appears to be the front-runner in the race against Pfizer and Novavax to bring a combination shot to the market. While Moderna does not have specific revenue projections for its individual products, Hoge said Covid, flu and respiratory syncytial virus are each multibillion-dollar markets.

“We’re obviously hoping that our products allow us to earn our fair share of them,” he said.

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The phase three trial followed more than 40,000 adults ages 50 and above, who were randomly assigned to receive a single dose of Moderna’s shot, called mRNA-1010, or a standard competitor vaccine. Moderna’s shot was 26.6% more effective than the other vaccine in the overall study population. 
The mRNA-1010 jab also demonstrated strong efficacy for each of the major influenza strains in the shot, including A/H1N1, A/H3N2 and the B/Victoria lineages. Moderna said the vaccine’s benefit was consistent across different age groups, people with various risk factors and previous vaccination status against the flu. 
In adults ages 65 and older, the shot was 27.4% more effective than the standard flu vaccine. 
The efficacy results are “a significant milestone in our effort to reduce the burden of influenza in older adults,” Moderna CEO Stephane Bancel said in a release. “The severity of this past flu season underscores the need for more effective vaccines.”
Moderna cited data from the Centers for Disease Control and Prevention showing that seasonal flu-related hospitalizations and outpatient visits reached a 15-year high during the 2024 to 2025 season of the virus. More than 600,000 Americans were hospitalized due to flu-related illness last year, according to the CDC. 
The mRNA-1010 vaccine’s safety data was consistent with previous results from another phase three study on the shot. 
Shares of Moderna were down more than 30% for the year entering Monday, fueled in large part by a string of moves by the Trump administration to change vaccine policy and undermine immunizations. The administration in May canceled a contract awarded to Moderna for the late-stage development of its bird flu vaccine for humans. 
When asked about the uncertain regulatory environment in the U.S., Hoge said Moderna is engaging closely with the FDA to understand what its requirements are and how to satisfy them.
“I believe, as relates to flu, I think we’ve got a pretty clear path,” he said.

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Nike confirmed that the largest financial impact from its turnaround plan is now in the past, boosting investor confidence that the company’s results will soon stabilize.
A number of Wall Street banks, including HSBC, issued bullish commentary on the stock the morning after it released fiscal fourth-quarter results, with some saying key strategies are showing signs of progress.
While Nike’s turnaround is showing signs of life, the company couldn’t say when it will return to growth.

Nike’s “Just Do It” ad slogan on Feb. 5, 2025, in London, England.
Richard Baker | In Pictures | Getty Images

Nike stock soared 17% on Friday after the company said the worst of its struggles are behind it, following a better-than-feared fiscal fourth-quarter earnings report. 
Nike on Thursday reiterated it would take the biggest financial hit from its turnaround plan during the quarter, soothing investors who worried President Donald Trump’s tariff hikes on key Nike manufacturing hubs like China and Vietnam would derail the company’s comeback.

Nike posted a poor fourth quarter, as sales dropped 12%, net income plunged 86% and profit margins dwindled. But CEO Elliott Hill stressed the company has emerged from the worst of its slump, and the slide in sales and profits would begin to moderate in the quarters ahead. 
“The results we’re reporting today in Q4 and in FY25 are not up to the Nike standard, but as we said 90 days ago, the work we’re doing to reposition the business through our ‘Win Now’ actions is having an impact,” said Hill on an earnings call, referencing the name of the company’s turnaround plan. “From here, we expect our business results to improve. It’s time to turn the page.” 
With few details about the progress of Nike’s turnaround strategies in the company’s earnings release, the company’s shares initially fell when it posted results after the closing bell Thursday. By the end of an hourlong call with Nike executives and Wall Street analysts, the stock had surged more than 10% in extended trading.
Beyond assuring investors that the turnaround plan is working, Hill shared promising updates on new product launches and Nike’s efforts to win back wholesale partners, which have been key areas of focus since he took over in October. 
Hill shared details behind Nike’s decision to begin selling on Amazon for the first time since 2019 and its push to win over female shoppers, another priority for the company. 

During the quarter, the company launched products in more than 200 women’s led shops, including Aritzia, and released its collection with WNBA star A’ja Wilson, which Hill said sold out in three minutes. 
By Friday morning, the stock climbed even higher after numerous banks issued bullish commentary on the company. HSBC upgraded Nike to buy from hold, its first buy rating on the stock in 3½ years. 
HSBC also raised its price target to $80, implying 28% upside from Thursday’s close. 
“Long in the making but we think the inflection is finally here,” analyst Erwan Rambourg wrote in a research note. “We think there is more than tangible evidence that Nike has a path to see its sales rebound in the not-too-distant future, and its margins to be repaired, and this despite an unfavorable tariff headwind.” 
Nike’s results show the company is rebounding on a timeline Wall Street likes. But don’t call it a comeback just yet. 
The sneaker giant is trying to grow again at a shaky time for the economy, as weaker consumer sentiment, rising debt, tariffs and mass deportations raise questions about spending and GDP.
Nike still expects sales to decline in its current quarter by a mid-single-digit percentage, in line with Wall Street expectations of a 7% drop, according to LSEG.
It also has more work to do to clear out stale lifestyle inventory from its classic Dunks and Jordan lines. Those efforts to liquidate old inventory have hit profit margins and sales because Nike has had to rely on deep discounts, clearance channels and the off-price sector to clear out that glut. 
In fiscal 2025, which ended last month, sales for classics like the Air Force 1, Air Jordan 1 and Dunks declined more than 20% compared with the year-ago period. In the fourth quarter, that accelerated to 30%, which impacted sales by nearly $1 billion, finance chief Matt Friend said. 
Air Force 1 inventory levels have started to stabilize but Nike is still working to clear out supply of its Dunk franchise, which will affect the company’s profits through the first half of its current fiscal year, said Friend.
Both Hill and Friend said Nike’s profits will be under pressure through the first half of fiscal 2026 as it works through its inventory and contends with higher costs from tariffs. They said they expect profits to improve in the second half of the year. 
However, when it comes to actual sales growth, it’s still too early to tell when the company will stop shrinking. 
When asked if there are any scenarios where the company could get back to revenue growth this year, Hill declined to share a timeline. 
“Just because of everything that’s going on, we’re going to take it 90 days at a time,” said Hill. “We believe full recovery will take time.”
Correction: This article has been updated to correct the spelling of Aritzia.

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