This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.
Wall Street has apparently lost its patience with Nike.
After pushing recovery hopes out a bit further with its last batch of earnings, analysts at HSBC downgraded the stock to a hold from a buy with a price target of $48 from $90. “Nike’s turnaround thesis has gone from ‘not if, but when’ to a ‘show me’ story with no short-term catalysts,” analyst Akshay Gupta said, as quoted by CNBC.
In addition, some analysts say that the expected recovery may still be many months away. Of course, Nike says patience is needed, but Wall Street is running out of it.
And while the company is making moves to right the ship, “the turnaround is progressing at a slow pace, and there remains significant work to revitalize the entire product portfolio and right-size its international businesses,” Telsey Advisory Group analysts led by Cristina Fernández, as quoted by Retail Dive.
Live coverage has ended. The full story is below.
The rally was nice while it lasted.
Unfortunately, with the U.S. and Iran unable to agree, the war continues. Oil is gushing higher. And there’s a good deal of uncertainty, especially with the U.S. now threatening to block Iranian ports later today.
At the moment, the S&P 500 is down 0.61%, or by 42 points. The SPDR S&P 500 ETF (SPY) is down 0.67%, or by $4.53. The Dow is down 0.82%, or by 385 points. The Nasdaq is down 0.62%, or by 160 points. Gold is down by $40.51 at $4,708. Bitcoin is up by $160 at $70,901.
“Effective immediately, the United States Navy, the Finest in the World, will begin the process of BLOCKADING any and all Ships trying to enter, or leave, the Strait of Hormuz,” Trump said in a post on his social media platform, Truth Social, as highlighted by CNBC. “The Blockade will begin shortly. Other Countries will be involved with this Blockade. Iran will not be allowed to profit off this Illegal Act of EXTORTION.”
With no end to the war with Iran in sight, there’s a good chance oil could gush even higher. While that’s not good for consumers, it’s great news for oil investors in stocks like Exxon Mobil, Chevron, and Occidental Petroleum. Or, for investors looking for diversification at a lower price, consider exchange-traded funds (ETFs), such as:
Shares of Revolution Medicine (NASDAQ: RVMD | RVMD Price Prediction) are up about 37%, or by $36.10, in premarket after the company said its drug for pancreatic cancer succeeded in Phase 3 trials. According to reports, the drug nearly doubled the length of survival and cut the risk of death as compared to chemotherapy.
As noted by company CEO Mark Goldsmith, the results are “unprecedented,” saying no drug has shown an overall survival benefit greater than one year in a Phase 3 trial for pancreatic cancer, as reported by CNBC.
Contact [email protected] for any questions or corrections.
Ian Cooper is a veteran market analyst and investment strategist with more than 20 years of experience covering stocks, commodities, and macro trends. Since 1999, he has helped investors identify market opportunities using a blend of technical analysis, fundamental research, and market sentiment.
He is the creator of the ADD News Flow Strategy, which focuses on trading market reactions to major news events and investor psychology. Cooper was also among the analysts who warned about the 2008 financial crisis and major financial institution collapses ahead of the broader market.
Before joining 247 Wall St., Cooper wrote extensively for InvestorPlace and other financial publications, covering market trends, trading strategies, and investment opportunities.
Markets are mixed, as investors monitor war developments. At the moment, the S&P 500 is up about 0.04%, or by two points. The SPDR S&P 500 ETF (SPY) is down about 0.9%. The Dow…
Well off their worst levels, the major indices are still stuck in the red. But that’ll happen when oil briefly touches $120. At the moment, the S&P 500 is down 1.05%, or by 71…
Oil now trades at $63.75 and is still dropping. However, the pullback in oil prices may soon become a long opportunity. For one, oil producers across the country may start to cut new drilling…
With the U.S.-Iran war showing no signs of cooling, oil prices are gushing higher. Last checked, oil was up $2.33 a barrel at $77.0w, which is weighing heavily on markets. The S&P 500 is…
Oil is back to $93.62 amid escalating tensions in the Strait of Hormuz. Worse, there are now calls for $200 oil, worst case, which would wreak havoc on markets and your wallet. It’s why…
With ceasefire hopes fading, oil is up $3.45 at $115.85. And the major indices are deep in the red. The S&P 500 is down 0.47%, or by 31 points. The SPDR S&P 500 ETF…
With a shaky ceasefire and oil gushing back to $100, the major indices are down again. Israel hit Beirut. Tehran still has a chokehold on the Strait of Hormuz. And there’s uncertainty if talks…
A top Barclays biopharma analyst says the forces that froze biotech dealmaking are breaking apart, and the pharma giants shopping for acquisitions have very specific reasons they cannot afford to stop.
Here is a look at the 10 best-performing equity energy exchange-traded funds in 2022.
