Friday’s Headlines: Nike Sales Plummet 38%

Friday’s Headlines: Nike Sales Plummet 38%

Here were the biggest movers in the MyWallSt shortlist yesterday:

Moving Up ⬆️

FactSet (FDS) +15.1%

Spotify (SPOT) +10.1%

Cognex (CGNX) +6.0%

Ericsson (ERIC) +5.3%

Wix (WIX) +5.1%

Moving Down ⬇️

Calavo Growers (CVGW) -2.4%

Pinterest (PINS) -2.5%

Chuy's (CHUY) -2.8%

Ulta Beauty (ULTA) -2.9%

Nordstrom (JWN) -3.8%

1. Despite Wednesday’s cool-off and a volatile session on Thursday, The Dow (DIA) rose 1.2% yesterday while the S&P 500 (VOO)  and Nasdaq (QQQ) ended the day up 1.1% each. New banking regulations making it easier for banks to invest in venture capital funds as well as other cash-freeing policies provided optimism for Wall Street. Spiking coronavirus cases, rising public debt, and a further 1.48 million jobless claims are not enough to dissuade investors at this time. Read more here.

2. Late to the earnings party this quarter, Nike (NKE) reported a surprise Q1 net loss and a sales decline of 38% year-over-year. Losses per share came in at $0.51 on revenue of $6.31 billion, as losses rose to $790 million compared to a year-ago profit of $989 million. Considered among the world’s strongest brands, it just goes to show that even the toughest are not immune to the coronavirus’ affects, as Nike stock remains down 0.7% YTD and seems set to open in the red today. Get the full earnings report here.

3. A good month for Spotify just keeps getting better as the music streamer saw its stock soar 10.13% on Thursday after receiving a price target boost from analysts. Spotify has taken center stage on Wall Street of late thanks to a number of important podcast acquisitions which include Kim Kardashian West, DC Comics, and the world’s most downloaded program, The Joe Rogan Experience. Coupled with its rising subscriber base, Spotify has managed to rally 100% since its March lows and remains more than 76% up YTD. Get the full story here

JamieJamie

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