The post Nike stock pulls back as Wall Street has low expectations for Tuesday earnings appeared on BitcoinEthereumNews.com.

Nike stock sheds weight day before quarterly earnings. Nike will release fiscal Q1 earnings after the market close on Tuesday. In June, management set expectations low for Q1. Analysts are generally skeptical of NKE, some expect Nike to cut full-year outlook.   The market isn’t expecting much from Nike’s (NKE) August quarter when it reports after the close on Tuesday. Shares of the vaunted footwear brand slid 1.2% in Monday’s session.  The Dow Jones Industrial Average (DJIA) started the week on the backfoot, trading 0.4% lower as the NASDAQ and S&P 500 followed suit in the morning session. However, a speech from the head of the central bank stirred animal spirits, and the DJIA ended the session slightly ahead. On Monday, Federal Reserve (Fed) Chair Jerome Powell said in a speech that he expected there to be two more 25 bps rate cuts this year. This announcement reduced bets on a 50 bps cut at the November meeting but made further cuts much more certain. Much of the wider market is looking ahead to the Nonfarm Payrolls report for September that gets released on Friday. The report will shed light on the US economy and the recent slowdown in job growth. Nike stock earnings preview Wall Street expects Nike to earn $0.53 in adjusted earnings per share (EPS) for its first fiscal quarter of 2025, which ended in late August. This amounts to a 44% reduction from a year ago. Likewise, the $11.65 billion in revenue expected on the Street is a 10% decline from a year earlier. The vast majority of analysts covering the stock have downgraded their earnings outlook in the past 90 days. This is largely due to Nike itself cutting its outlook for Q1 back in June. Analysts think that rising competition and a consumer base that is…

---

Filed under: News - @ October 1, 2024 2:17 am