Nike reported a quarterly net loss and a sales decline of 38% year-over-year.
Business operations were hurt from stores being shut temporarily, and online revenue was not enough to make up for that.
Nike reported a loss of $790 million, or 51 cents per share during the period ended May 31, compared with net income of $989 million or earnings of 62 cents per share, a year ago.
Total revenue was down 38% to $6.31 billion from $10.18 billion a year ago.
We remain on the short side of the Nike trade.
We see further downside pressure on the banking sector and remain on the short-side of the Bank of New York Mellon trade.
South32 is a globally diversified mining and metals company producing bauxite, alumina, aluminium, energy and metallurgical coal, manganese, nickel, silver, lead and zinc in Australia, Southern Africa and South America.
Earlier this week, Citi sent a note to clients suggesting Fortescue may look at a mega deal to buy the $9.7 billion diversified miner.
S32 remains under Algo Engine sell conditions, however, the opportunity is worth keeping an eye on, following the correction in the share price from $4.30 to $2.05 over the past 2 years.
We see value in accumulating Gold Road Resources at $1.50