22nd March, 2024 – Despite beating revenue and profit analysts’ expectations, Nike stock fell nearly 7% after giving a soft outlook for the full year and announcing slowing sales in China. Going through the numbers, revenue rose by 0.3% to $12.43 billion, beating the estimated revenue of $12.28 billion, while EPS came in at 77 cents, surpassing again analysts’ estimates. An important turnaround for the company might be the Paris Olympics, in which the Oregon based firm has put a lot of trust and belief as it is going to launch several products and marketing campaigns around the event.
On Wednesday 21st, Reddit made a stellar debut after its initial public offering, soaring 48%. On Friday though, the social media company’s share price fell around 9%, cooling off, even though it did not fully erase its gains. Reddit’s market cap was reduced to $7.3 billion on Friday, down 14% from the close on Wednesday, but still above its opening $6.4 billion valuation.
The luxury French conglomerate LVMH has announced that Antonio Belloni will step down as group managing director and chair of the executive committee of LVMH Group. As a result of this, the share price fell more than 2%, even though the company has already announced his successor, Stéphane Bianchi.
Nvidia (NVDA) (Purchased 0.24 units @ $471.73) was up 3% on Friday, after UBS MD Timothy Arcuri raised his target price to $1100, meaning that Nvidia’s rally has not ended and that there might be a potential 20% upside from Thursday’s market close. In addition to UBS, Nvidia also received a Buy from Citi’s Atif Malik in a report issued yesterday. However, on March 20, Deutsche Bank issued a report in which it maintained a Hold rating on Nvidia.
Author: Filippo Ferrero