Keep an eye on Nike (NKE).
In recent days, NKE fell from about $127.50 to $110.18 on poor earnings. Not helping, Williams Trading analysts just downgraded the stock to a sell rating on growing margin pressure. As noted by Investing.com, “the analysts argued that the company ‘appeared unprepared’ to adjust to the return of in-person shopping after the removal of COVID-19 restrictions and had lost key senior figures that had a ‘now necessary historical knowledge of the business. ‘As such, Nike’s game today, is not as good as it was 5 years ago.’”
Give it time, though. With a good deal of negativity being priced into the stock, it may soon be time to buy the blood in the streets. Or, as Warren Buffett would tell you to buy when others are fearful. Once NKE bottoms out, which we expect to see soon, it could come back strong.