Why The Eagle Bay Capital Founder Has No Reason To Be In Nike

JC Parets is a weekly guest on #PreMarket Prep, a daily trading idea radio show hosted by Joel Elconin and Dennis Dick. Tune in to the daily broadcast live Monday-Friday at 8 a.m. ET here.

JC Parets is the Founder of Eagle Bay Capital and discussed why he has no interest in holding an investment in Nike Inc NKE following its exclusive on-court apparel agreement with the NBA, WNBA and D - League beginning with the 2017-2018 season and extending through the 2025-2026 season. Parets noted that shares of Nike has already hit his price target of $104.50 and at current levels he "wouldn't touch it." The trading pro did however admit that if shares of Nike gap above its prior-highs of $105.50 it can trade higher to the $112 level. Shares of Nike opened for trading at $105.09 (trading as high as $105.12) on Thursday after closing at $103.63 on Wednesday. Shares quickly reversed and were trading higher by only $0.60 Thursday afternoon at $103.94. Nevertheless, Parets noted that he maintains a disciplined investment style. He added that once a stock reaches his price target, he avoids further trades in the issue. Following the morning discussion with Parets, Elconin commented in a post that Thursday's peak of $105.12 coincides with a series of four highs between $105.18 and $105.22 from May 19 to May 22. The Benzinga #PreMarket co-host also noted that shares are attempting to find support just below Wednesday's close and stage a rebound.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
date
ticker
name
Price Target
Upside/Downside
Recommendation
Firm
Posted In: Analyst ColorAnalyst RatingsBenzinga #PreMarket PrepDennis DickEagle Bay CapitalJC ParetsJoel ElconinNBANBA ApparelWNBA
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!