Trade Alert – Nike (NKE)

by | Mar 25, 2020 | Daily Trade Alert

The other day, we highlighted Boeing (BA) as an opportunity.

At the time, it traded at $98.35. As of this morning, it’s up to $149 a share. That’s a gain of more than $50 a share in just two days.

This morning, we’re highlighting Nike (NKE) as an opportunity.

Nike was another top stock that was beaten up by the coronavirus. But it’s now wildly oversold and just starting to bounce back. Near-term, we’d like to see the stock back to $103 a share. Better, despite the setback, Nike continues to grow.

Global sales grew 7% after adjusting for currency exchange rates, which is great news considering China sales fell for the first time in years. The company also earned $847 million, or 53 cents a share, as compared to $1.1 billion, or 68 cents year over year. Revenue was up 5% to $10.1 billion thanks to 13% with Nike Direct, and with digital growth of 36%.

“In an extraordinarily dynamic time, Nike’s strong results are testament to our deep consumer connections, compelling product innovation and agile teams around the world,” Chief Executive John Donahoe said. “As we start to see recovery in China, no one is better equipped than Nike to navigate the current climate.”

At the moment, shares of Nike are up to $80 in pre-market.

At this pace, the stock could return to more than $100 a share.

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