What's Going On With Nike Stock Today
Portfolio Pulse from Anusuya Lahiri
Nike, Inc (NYSE:NKE) is expected to forecast full-year profit below Wall Street estimates due to inflation affecting demand for its products from wholesalers like Foot Locker Inc (NYSE:FL) and Hibbett Inc (NASDAQ:HIBB). Several analysts have trimmed their FY24 expectations for Nike's EPS and slashed their price targets on the company's stock. Despite this, analysts expect a robust rebound in China to offset the hit to sales from cooling consumer appetite in the North American region.
June 29, 2023 | 11:44 am
News sentiment analysis
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NEGATIVE IMPACT
Foot Locker's stock may be indirectly affected due to lower demand for Nike's products.
The news mentions Foot Locker as a wholesaler for Nike's products. Lower demand for Nike's products could indirectly affect Foot Locker's sales and stock price.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 60
NEGATIVE IMPACT
Hibbett's stock may be indirectly affected due to lower demand for Nike's products.
The news mentions Hibbett as a wholesaler for Nike's products. Lower demand for Nike's products could indirectly affect Hibbett's sales and stock price.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 60
NEGATIVE IMPACT
Nike's stock may face downward pressure due to lower than expected full-year profit forecast and trimmed EPS expectations.
The news directly mentions Nike and the expected lower full-year profit forecast and trimmed EPS expectations are likely to negatively impact the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100