ONLINE FOREX BROKER
2020-06-24 • Updated
Whether you like to trade stocks or not, we recommend you not to skip this event. Nike, the famous American footwear producer, will publish its earnings report for the fourth quarter fiscal 2020 (March-May period) on Thursday, after the close of the market at 23:15 MT time. Analysts’ optimism about the upcoming data pushed Nike’s stock higher yesterday. Should we see it as “bullish”, too? Let’s find out.
The company has been surviving the pandemic pretty well. Although most of Nike’s stores across the world were closed during the reported period, the demand remained high due to online sales and trends for a healthy lifestyle. The reopening of stores in Greater China, South Korea, European countries, and the United States is a good factor, too. The company has been undertaking safety protocols, including social-distancing and sanitization.
According to the average estimate, EPS reached 0.09 in the fourth quarter, while revenue was at $7,295. Traditionally, higher-than-expected indicators will be bullish for stock’ price. It’s worth mentioning that Nike did not provide any official financial forecasts, so the actual figures may surprise.
Don’t know how to trade on earnings reports? Check this guide!
This week, several analytical companies renewed their forecasts and raised price targets for Nike’s stock.
According to JPMorgan, the stock is overweight. The price target lies at $104. Wells Fargo has a similar view on the stock, targeting it at $99.
UBS thinks that the stock is a “buy” with the price target at $122.
Both Raymond James and Cowen & Co. forecast the stock to outperform with price targets at $115 and $110, accordingly.
The most bullish expectation belongs to Susquehanna, which sees Nike’s stock at $130.
To sum up, we can see that the bullish outlook for this stock dominates among analytical companies. We need to take this fact into account, but don’t consider it as absolute truth.
On Tuesday, the stock gapped towards its all-time high at $103.9-104.7. In case of a bullish scenario, the price of a stock will break these levels and target new highs. Alternatively, we will see the fall towards $99.6. The breakout of this level and a trendline will pull Nike's stock even lower to $96.1.
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Oil prices rebounded slightly on Friday but are still expected to show losses for the week due to concerns about slowing growth in the US and China. US crude futures rose 2.7% to $70.41 per barrel, while the Brent contract increased by 2.5% to $74.33 per barrel.
The EU plans to intervene in markets directly to curb rising energy costs, threatening to push the Euro area's economy into a deep recession.
Yes, oil prices are burning right now, and inflation is getting hotter along with it worldwide. However, the oil's bullish momentum is under threat.
Let's dive into the world of gold. Currently, the price of gold, represented by XAUUSD, is stuck in indecision, hovering around the $1,975 mark. The market is anxiously awaiting two important factors: the release of the Federal Reserve's meeting minutes and the extension of the US debt ceiling.
Hey guys, this is the last full trading week in May, and many forward-looking individuals like myself are already preparing themselves to seize whatever opportunities June may have in store. On this note, I will review a few commodities that have satisfied my quest for swing-trading opportunities in the coming month. Follow me!
The Bank of England (BoE) has dramatically shifted its economic forecasts. They no longer expect a recession in the UK and have upgraded their growth projections. This year, the BoE predicts GDP growth of +0.25%, a significant improvement from previous expectations. Next year's forecast is even more optimistic, with a projected growth of 0.75%.
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