Every year in early autumn Apple holds its event where it presents new iPhones, Apple Watches, and iPads. This year wasn’t an exclusion. But yesterday’s presentation didn’t result in Apple stock growth, and here’s why.
Nike stock: a gap down is in focus
Despite analysts’ optimistic anticipation of positive Nike’s earnings, the sneaker maker did not excite the market with its fourth-quarter results. Even the rise in online sales could not save the company amid the coronavirus pandemic. As a result, after the market close on Thursday we saw the following figures:
EPS= -0.51 (vs. 0.09 expected). Compared to the Q4 of the previous year, the indicator fell by 182%.
Revenue= $6.31 billion (vs. the forecast of 7.29). This data shows a fall of 38% compared to the fourth quarter of 2019.
In our analysis earlier this week, we highlighted bullish forecasts by several famous analytical companies. The most bearish projections were made by JPMorgan, which set the stock at $104 and Wells Fargo with a price target of $99. Now it seems like the second one demonstrated the most accurate information.
On Thursday, the stock strengthened to $101.44 as buyers were excited ahead of the report. Most likely, the stock will gap down after the opening of the New York trading session at 16:30 MT time. Pay attention to the $96 and $93 levels closely.
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