Nike earnings: Adidas supply-chain shortage will benefit Nike
Nike has momentum domestically and abroad, and competitive hiccups give the athletic giant an added boost.
Nike Inc. is scheduled to announce its fiscal third-quarter earnings on Thursday after the closing bell, and Canaccord Genuity analysts expect the athletic giant to benefit from Adidas AG’s pain.
“In essence it means that we have an excess demand that we can’t cover due to insufficient capacity in our manufacturing plants,” said Kasper Rorsted, Adidas’s chief executive, on the earnings call, according to a FactSet transcript.
Nike (NKE) Hits 52-Week High, Can the Run Continue?
Have you been paying attention to shares of NIKE (NKE)? Shares have been on the move with the stock up 3.7% over the past month.
The stock hit a new 52-week high of $88.59 in the previous session. NIKE has gained 18.3% since the start of the year compared to the 13.1% move for the Zacks Consumer Discretionary sector and the 18.6% return for the Zacks Shoes and Retail Apparel industry.
Trump finally got his wish from the Fed, but not for the reasons he wanted
The Federal Reserve likely just stalled interest rate increases for the year.
The move announced Wednesday should please President Donald Trump, who has repeatedly urged the central bank to hit the brakes on rate hikes. But he may not like the Fed’s caution when he sees the factors driving it.