Thursday’s Headlines: Why Did Nike Jump 9%?
1. Shares in Nike jumped more than 9% on Wednesday following the release of quarterly earnings that topped analysts’ expectations. Net income shrank to $847 million, or $0.53 per share, compared with $1.1 billion, or $0.68 per share, a year ago, while revenue climbed 5% to $10.1 billion from $9.6 billion a year ago. Thanks to a boost from its digital business and growth in North America, the company was able to offset much of the weakness in China after it was forced to close stores following the COVID-19 outbreak. Get the complete report here.
2. Square rallied Wednesday after the White House and Senate leaders agreed on terms for a bill that could allow nonbank lenders to participate in emergency lending to small businesses. The Jack Dorsey-led payment company closed up 13% following the announcement and will be glad of the respite, having fallen more than 30% in the past month alone amid coronavirus fears. Square has become a popular lending option for businesses such as coffee shops and restaurants, many of which are closed due to “shelter in place” measures in major cities. Get the full story here.
3. Apple stock dropped late on Wednesday after the Nikkei Asian Review reported that the company is considering delaying its annual iPhone launch by up to two months. Apple closed at $245.52, down 0.55% after it was positive for most of the day during a stock market rally, having hit a high of $257.89 during intraday trading. Apple stock has fallen roughly 15% in the past due to delays in production in China, and the closure of stores worldwide, and is under a lot of pressure for its next iPhone — its first 5G model — to be a success. Read the full story here.
These were the biggest movers in the MyWallSt shortlist yesterday:
Moving Up ⬆️
Moving Down ⬇️