Diamonds and Dogs
Nike (NKE) up 3% on an upgrade. UBS upgraded the sportswear giant from Neutral to Buy and raised its price target to $136 from $103. UBS said that changes in the swoosh brand's business model will drive better-than-expected growth. Nike has a new "triple double strategy," which aims to double its speed to market, direct connections with consumers, and pacing of new platforms. Digital, digital, digital. Nike sold out of most of their Kobe products last week. The Observer news reported that by Tuesday last week there were 65,147 pieces of Bryant memorabilia listed on eBay up from 14,000 on Sunday including an autographed 1996 Topps Chrome Kobe Bryant rookie card for $1 million.
Energy a dog once again. Exxon Mobil (XOM) is down 2% to a 52-week low and a 10-year low on a downgrade from Goldman Sachs. The analyst downgraded the stock to a sell and a $59 price target citing concerns that the oil giant is on track to come up well short of its target for investment returns. It doesn't help that the price of oil is down 16% to start the year at a more than one year low. Good news for consumers.
Diamonds and Dogs market commentary is a journal of daily observations on anything that happens to be of interest to our author. Obviously, our primary focus is the stock market and world economic events, but for this page we have no defined topics. We want this page to be dedicated to the interests, concerns, and possibly to the financial gain of our clients and friends. All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.