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Nike, Inc. (NYSE:NKE) handily beat expectations in its fiscal second-quarter earnings report Thursday, but two experts see the stock moving in different directions in 2019.
Chart Pro: Technicals Were 'Falling Apart'
Heading into Nike's earnings print, the stock was trading lower by more than 20 percent from its September highs with several chart technicals "falling apart," Bill Baruch, president of Blue Line Futures told CNBC ahead of the print. Specifically, Nike's stock chart shows it's pushing through the 50 percent retracement level of around $67.50, which is based on the distance from September's high to 2016's lows. The stock's peak levels in 2015 aligns with the key $67.50 level.
"We're going through that right now and that should lead to further selling even if they have a good report," he said.
Analyst: Across The Board Beat
Nike's earnings exceeded expectations "across the board," Oppenheimer's Brian Nagel told CNBC. Nike has shown strong growth in China in past quarters, but Thursday's print showed an acceleration of growth that shouldn't come as a surprise despite heightened political tension between the U.S. and China.
Nike and other sports related companies have been working hard to "bolster their presence" in China, which Nagel said helped build brand recognition with the Chinese consumers in the country. The iconic company succeeded in transforming its brand not only in China but across the world.
"Nike is one of the best marketing companies ever and we see evidence of this particularly as the company pushes outside the United States," he said.
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Nike Store in Detroit. Photo by Emily Elconin.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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