Diamonds and Dogs
A good week for Salesforce (CRM). The Dow-component, cloud software firm is up 2% today and up 10% on the week following strong earnings while boosting full-year sales forecast as the pandemic-led shift to remote work continues to fuel demand for its products. The Slack acquisition has enhanced Salesforce's ability to help companies operate a more remote workforce efficiently and cut back on corporate travel. One analyst upgraded the stock with a $328 price target.
Nike (NKE) has a supply chain problem. Nike is down 6% following a beat on earnings, but a miss on sales. Nike lowered guidance going forward due to a lack of supply. Nike sees full-year growth in the mid-single-digits rather than a low double-digit percentage. Vietnam factories have been closed for a month due to COVID-19 issues which will cost Nike the lost of 160 million pair shoes. Adidas and Puma also have a large production in Vietnam.
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