Nike shares are trading lower after Oppenheimer downgraded the stock from Outperform to Perform. It was also reported the company will cut over 1,600 jobs to reduce costs.
Portfolio Pulse from Benzinga Newsdesk
Nike's stock is trading lower following a downgrade by Oppenheimer from Outperform to Perform, alongside news of the company planning to cut over 1,600 jobs to reduce costs.
February 16, 2024 | 3:52 pm
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NEGATIVE IMPACT
Nike's downgrade by Oppenheimer and the announcement of job cuts to reduce costs are likely to negatively impact investor sentiment in the short term.
The downgrade by a prominent financial services firm like Oppenheimer can lead to a negative perception among investors, potentially reducing stock demand. Additionally, while job cuts may be seen as a cost-saving measure, they can also be interpreted as a sign of underlying financial or operational issues, further impacting investor sentiment negatively.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100