US futures rise with key inflation figures on the way

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• Fri Jun 28 2024 at 02:45 MST

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  Trump Media on the Move

  After a shaky debate performance from President Joe Biden, shares of Trump Media & Technology (DJT) are on the move.

  At the time of writing, shares are up 7.5% in pre-market trading.

  Be mindful of what you’re trading here, folks.

  Here’s the company’s latest 10-Q report, which shows a “company” doing something and losing a lot of money at it.

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  Fri Jun 28, 2024 2:18am MST

  Nike shares are getting trampled

  Just as bad to watch (sort of…) as last night’s debate is Nike (NKE) stock in the premarket, which is down 14% as of this writing.

  The company’s guidance was a real disappointment and concerns remain about management’s execution of product innovation. It’s a warning sign that Nike isn’t providing better guidance in an Olympic year.

  I found Stifel analyst Jim Duffy’s take on the quarter interesting:

  “The FY25 guidance (the fifth downgrade to consensus in six quarters) pushes the outlook for a growth inflection further into 2025 (perhaps Q4 2025 at the earliest) and asks investors to both underwrite the success of unproven styles and look to an uncertain consumer discretionary context in 2HCY24 until momentum could regain momentum in 2HCY25. Management credibility is being severely tested and the potential for regime change at C-level adds further uncertainty. An investor day in November is likely to paint a multi-year economic model with lower returns than precedent, adding risk to the premium enjoyed in the historical multiple. We continue to appreciate the N-scale advantage in a category with long-term growth tailwinds and structural margin upside, but cannot support a compelling upside scenario at current valuations until the growth inflection becomes more tangible.”

  Duffy lowered his rating on Nike this morning.