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Nike's Sales Bounce Back From Coronavirus Slide
Topic of the day
Nike Inc.'s sales rebounded in the summer quarter after slumping earlier during the coronavirus pandemic, as rising digital sales offset declining revenue at traditional stores. The sportswear company said revenue was $10.6 billion in the quarter ended Aug. 31, down 1% from the prior year. Digital sales increased 82%. "These are times when the strong can get stronger," Chief Executive John Donahoe said on a conference call with analysts. During the pandemic, he said the company gained market share across the Nike and Jordan brands and returned to growth in international markets, including China and Europe. The latest results showed a turnaround from the spring quarter, when the sneaker giant's revenue plunged 38% amid store closures. Nike's shares rose 9% in late trading as the results were better than Wall Street had expected. The stock was trading near all-time highs. Nike said nearly all its owned stores were open during the quarter, but the company continued to experience declines in traffic due to the pandemic and safety-related measures.
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After starting the week on a sharp decline, the SMI stabilised Tuesday, rising 0.3 percent to 10,356 points, though unable to maintain all early gains amid a reserved opening on Wall Street. Dominating the market were fears the coronavirus pandemic will continue to hobble the economy and that stocks have not yet bottomed out. Heavyweight Nestle buoyed the SMI, rising 0.7 percent. Fellow heavyweights Novartis climbed 0.1 percent and Roche 0.7 percent. Alcon led the SMI, surging 1.9 percent. Initial stabilisation among bank stocks fizzled out as the sector still reeled from Monday’s media reports of banks’ serious failures to fight money laundering. CS Group fell 0.6 percent and UBS 0.2 percent. Cyclicals ABB gained 0.7 percent and Lafargeholcim 0.8 percent. Defensive stock Swisscom also rose 0.8 percent. Second-tier AMS surged 4.4 percent and Logitech 1.8 percent, buoyed by the recovery in US tech stocks. Schindler rose 1.1 percent after competitor Kone issued a more optimistic outlook.
European stocks trade mixed and the Dow drops 0.1% as investors stay cautious amid the imposition of new coronavirus restrictions and the looming US presidential election. The Stoxx Europe 600 rises 0.2%, the FTSE 100 is up 0.4% and the DAX climbs 0.4%, though the CAC-40 drops 0.4% and bourses in Belgium and Spain also fall. Kingfisher , the owner of home-improvement chains, rose after reporting its first-half ending July 31 pretax profit rose to GBP398 million from GBP245 million, and that third-quarter like-for-like sales jumped 17%. Shares rose 9.9%. Volkswagen is in talks about a potential sale of its Bugatti luxury sport car brand, a move that could signal a broader realignment of the German car maker's vast stable of automotive brands. VW, whose brands range from Audi to Porsche and Skoda to Lamborghini, is discussing the possible divestment with Croatia's Rimac Automobili, a person familiar with the talks said, stressing that there was no guarantee these would lead to a deal. Shares rose 0,9%.
U.S. stocks closed higher, snapping a four-day losing streak for two of the three major indexes, as investors attempted to look past rising coronavirus case counts around the world and intensifying political tensions in Washington. The Dow Jones Industrial Average added 140 points or 0.5% to close near 27,287, according to preliminary closing figures, while the S&P 500 finished near 3,316, up 34 points or 1.1%. The Nasdaq Composite index jumped 185 points, 1.7%, and finished trading near 10,964. Federal Reserve policymakers on Tuesday repeated calls for Congress to enact additional aid to help the economy, and Treasury Secretary Steven Mnuchin said the White House was interested in reaching a deal with lawmakers. Shares of Amazon bounced more than 5% higher after an analyst price-target increase. Amazon leads the consumer-discretionary sector higher with a 5.7% gain. Comcast rises 3.4% as activist Trian takes a $900M stake. Tesla falls 5.6% as CEO Musk says the company won't reach high-volume production of its own battery cells until 2022.
No uniform trend emerged on Wednesday on the stock exchanges in Asia. On the Japanese market, the trend is downwards, as investors there are following the weak phase since the beginning of the week after two holidays. At the other end of the stock market league, Australia is ranked with a solid plus of 1.9 percent.
U.S. Treasury yields fell slightly Tuesday as traders watched the path of Coved-19 in Europe and parsed testimony from Jerome Powell. The 10-year Treasury note yield fell 0.7 basis point to 0.663%, its lowest since Sept. 3. The 2-year note rate was virtually unchanged at 0.133%, while the 30-year bond yield slid 1.3 basis points to 1.413%.
Mainfirst downgrades 1&1 Drillisch to Hold (Buy) / Target 16 (24) EUR
IR starts Pernod Ricard with Hold - Target 145 EUR
IR downgrades Unibail target to 30 (43) EUR - Hold
Warburg downgrades Ringmetall target to 3,40 (3,60) EUR - Buy
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