Diamonds and Dogs
Nike (NKE) flying higher. Nike jumped 7% today following better than expected earnings. So far this year, Nike's stock is up 16 percent, on pace for its ninth positive year in a decade. Nike beat expectations by 6 cents as revenues rose 9.6% to $9.37 billion. The company boosted its forecast for its current fiscal year to call for revenue growth somewhere between the high-single digits and low-double digits. Nike is regaining market share it lost to rival Adidas. Jefferies analyst Randal Konik said in a note that Nike had "the perfect quarter amidst global trade disruption." Analysts upgraded the stock with price targets of $85 to $90 a share.
A sea of red once again. The S&P 500 fell 2.1% today and down 7.1% for the week. The S&P 500 is now down 18% from the highs only 2% from a bear market. Apple, the largest market cap company in the US, is a perfect example of this sell off, falling from a 52 week high and all time high at the start of October to a new 52 week low today now down 35% in a little more than two months due to speculation of slowing iphone sales. With a $100B share buyback plan in place, Apple can buy back their stock a lot cheaper today. That should bode well for shareholders over the long term.
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