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.
Investors who assume Nike Inc (NYSE:NKE) would underperform in China amid the ongoing trade war were proven wrong by the company's first-quarter report, said CNBC's Jim Cramer.
What Happened
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
The U.S.-China trade war thereotically implies that now is the "worst possible moment" for Nike to sell its items in China, Cramer said on "Mad Money" Wednesday.
Yet Nike showed in its Tuesday earnings report that sales in China rose 27%. In fact, the company's streak of showing double-digit quarterly sales growth in China now stands at more than five years, he said.
Why It's Important
Nike's momentum is due to its focus on innovation backed by the strength of its brand, Cramer said. At a time when other companies are "wringing their hands and making excuses," Nike thrives on challenges, he said.
FREE REPORT: How To Learn Options Trading Fast
In this special report, you will learn the four best strategies for trading options, how to stay safe as a complete beginner, a 411% trade case study, PLUS how to access two new potential winning options trades starting today.Claim Your Free Report Here.
"Last night the company reported and we learned that, rather than being the most vulnerable to the trade war, Nike's actually the most in control of its own destiny."
What's Next
Nike CFO Andrew Champion said the impact from tariffs will be "most pronounced" in the current quarter and ease afterwards, Cramer said. The company also expects to show better gross margins and other improving metrics in the quarters to come.
Nike shares were up 0.9% at $91.63 at the time of publication.
Related Links:
'Nike Continues To Expand The Market': Analysts Applaud Q1 Beat
PreMarket Prep Recap: Finding Resistance In Nike, Cintas After Q1 Beats
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.