Nike’s stock had its worst day in history, dropping 20%
Posted: Jul 01, 2024
- Nike's stock fell 20% on Friday, the worst day in the company's history - This drop came after Nike forecasted a 10% sales decline for the current quarter - Nike usually sees sales growth during Olympic quarters, so this drop is abnormal - Multiple issues are affecting Nike, including struggling classic footwear lines, soft demand in China, and competition from brands like On Running and Hoka - The S&P 500 had a 0.4% loss at the end of June, with tech giants like Amazon, Meta, Microsoft, Apple, and Nvidia all declining - Real estate, energy, and financials were the best-performing S&P sector ETFs, while consumer discretionary and communications services lagged - Stocks favorable to Republican policies outperformed Democratic counterparts after the US presidential debate - Small caps had standout performance as the S&P 500 crawled 0.1% higher - Micron and Walgreens experienced significant stock drops despite results and guidance - Amazon faced new scrutiny in the EU while facing increased spending on data centers - McDonald's discontinued Beyond Meat products, highlighting trends in fast food industry
🚨 Reddit sentiment: mixed/negative - While some comments see a buying opportunity, many highlight serious concerns with Nike's strategy and profitability, leading to a generally negative outlook. Summarized comments: - Some users sarcastically suggest that Nike is doomed and advise selling stocks - Some users believe it's a good time to buy calls on $NKE - Comments suggest the drop may present a buying opportunity - Discussion on Nike's problems with exclusivity and market saturation - Nike's profitability issues attributed to their handling of the exclusivity market - Mixed opinions on the long-term potential of $NKE, with some stating it’s toxic due to recent strategies - Some users note high inventory items on the clearance rack as a sign of current issues - Mention of re-releasing Jordan 1s to potentially solve financial problems Stock tickers discussed: $NKE
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