Sept 30 (Reuters) – Shares of Nike Inc (NKE.N) hit 2-1/2 year lows on Friday and rattled those of other athletic gear makers, after the company’s warning of a margin squeeze from widespread markdowns sparked worries of sector-wide contagion of ballooning inventory. The world’s largest sportswear maker on Thursday became the latest in a line... Read more
Footwear and apparel company Nike Inc. NKE beat Street estimates for revenue and earnings per share in the first quarter, but saw shares fall sharply Thursday after market close. The analyst called the first quarter earnings a “wash.” Concerns over China, inventory and gross margins were among the items Straton highlighted: “Lowered guidance means FY... Read more
Nike Inc NKE shares are trading lower Friday after the company reported fiscal first-quarter financial results showing an increase in quarter-ended inventories. Revenue in the Greater China region also fell on a year-over-year basis. Nike said fiscal first-quarter revenue increased 4% year-over-year to $12.7 billion, which beat average analyst estimates of $12.27 billion, according to Benzinga Pro. The company said... Read more
North American inventories surged 65 per cent in the fiscal first quarter ended August 31st, and resulting markdowns caused gross margin to miss Wall Street’s expectations. The retailer also cited higher freight costs and foreign-exchange effects in its earnings report, released late on Thursday, and downgraded its outlook for the full year. Nike is the... Read more
What Happened: Nike reported first-quarter revenue of $12.7 billion, up 4% year-over-year. The total came in ahead of a Street estimate of $12.27 billion, according to data from Benzinga Pro. The company reported NIKE Direct sales of $5.1 billion in the first quarter, up 16% year-over-year. NIKE Brand digital sales were up 16% year-over-year in... Read more
Nike (NKE) reports after the close on Thursday, and the results come at a difficult time. The S&P 500 recently made new 52-week lows and volatility continues to roil investors. The athletic-equipment giant has not been immune to the selloff. The shares made new 52-week lows this week as well — although down 47% from... Read more
After the market action comes to a close today, Nike (NKE) will take its turn to deliver its latest financial report. While undoubtedly one of the stock market’s giants, the swish machine has in no way been immune to the bearish market developments. The shares have underperformed the broader markets this year and currently sit... Read more
Why Is Carvana Stock Down 20% Today? ‘Near-Term Pressures Facing Our Industry’ – Carvana (NYSE:CVNA)
CarMax’s total retail used units sold decreased 6.4%. Used unit sales in comparable stores were down 8.3%. Comparable store sales saw a low single-digit decline in June and then fell sharply through the end of the quarter. CarMax said the sharp declines were due to vehicle affordability challenges that stem from widespread inflationary pressures, as well as climbing interest rates... Read more
Bed Bath & Beyond’s Q2: Bed Bath & Beyond said second-quarter revenue decreased 28% year-over-year to $1.44 billion, which missed average analyst estimates of $1.45 billion, according to Benzinga Pro. “While our sales and profit results do not yet reflect the strategic and financial actions we have initiated to change our performance, they do demonstrate sequential progress... Read more
Biogen Inc. (NASDAQ:BIIB – Get Rating) shares reached a new 52-week high during trading on Wednesday after Royal Bank of Canada raised their price target on the stock from $251.00 to $321.00. The company traded as high as $308.18 and last traded at $270.91, with a volume of 264887 shares traded. The stock had previously... Read more
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