Diamonds and Dogs
Nike (NKE) soars. Nike is up 13% following lackluster earnings. The good news is Nike believes it has reached the peak of its inventory glut. The company's inventory decreased one percentage point from the prior quarter, but sales rose by a better-than-expected 17% year-over-year, driven by markdowns on that excess product. Nike is also hoping they are turning the corner in China, one of their largest markets.
Walgreens (WBA) drifts lower as they limit the purchases of children's over-the-counter medications as cases of respiratory viruses soar. An early start to the flu season — as well as the circulation of three different respiratory viruses that affect kids, such as flu, RSV and COVID-19 — has created what's known as a "tripledemic." The confluence of viral infections is pressuring pediatric health care facilities as well as suppliers of common cold and flu treatments, such as those that treat fever and pain.
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