Sports Brand Nike Falls on Wall Street Positive

Sports Brand Nike Falls on Wall Street Positive

Nike was lowered on the stock exchanges in New York on Tuesday. The turnover of the American sports equipment brand fell slightly in the past quarter. This was mainly due to weaker sales in the important Chinese market due to corona lockdowns.


Nike issued a cautious outlook for the current quarter. The stock lost 3 percent.

The mood on Wall Street was moderately positive after the price dip the day before. Shortly after opening, the Dow-Jones index was 0.8 percent higher at 31,673 points. The broad S&P 500 rose 0.8 percent to 3,930 points and tech gauge Nasdaq gained 0.6 percent to 11,596 points.

Attention also continued to be focused on the takeover battle for budget airline Spirit Airlines. Competitor JetBlue again increased its takeover bid for Spirit. Spirit said on Monday that it would remain with the decision to merge with industry peer Frontier Airlines. Spirit rose 4 percent and JetBlue 3.1 percent. Frontier Group, the owner of Frontier Airlines, won 2.8 percent.

The banks were also in the spotlight. Bank of America, Morgan Stanley and Goldman Sachs announced an increase in dividends after passing the Federal Reserve’s stress test. The three major banks rose to 4.1 percent.

Occidental Petroleum rose 3.6 percent. Berkshire Hathaway, the investment company of stock market legend Warren Buffett, has further expanded its stake in the oil producer to more than 16 percent.

Robinhood Markets rose a fraction. The share climbed 14 percent on Monday after media reports that crypto exchange FTX would like to take over the investment app. However, FTX denied any interest in taking over Robinhood.

Casino companies Wynn Resorts and Las Vegas Sands rose to 6.6 percent after strong price gains in the Chinese gambling industry. Investors reacted positively to the easing of corona measures in China, which included shortening the quarantine time for Chinese and international travellers.

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