Diamonds and Dogs
Nike (NKE) sprints higher. Nike is up 13% to new highs following strong earnings as sales rose 94.8% to $12.3 billion. Nike direct sales rose 73% to $4.5 billion, during the fourth quarter. Wholesale shipments were higher as well. Year-over-year digital sales growth was 147% as demand for athleticwear and wellness products remains strong even as people return to the office.
Profit-taking in FedEx (FDX). FedEx is down 4% even as earnings remain strong as sales rose 30% to $22.57 billion. FedEx is experiencing higher cost pressures tied to surging package deliveries emerged as a threat to profits. Labor constraints have boosted costs and crimped on-time deliveries. "The inability to hire team members, particularly package handlers, has driven wage rates higher and creates inefficiency in our networks," Chief Operating Officer Raj Subramaniam.
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.