The recent rebound in Nike (NKE) lost momentum. NKE stock lost 6.77% on Wednesday after posting weak apparel sales. It will also postpone its Investor Day.
Nike withdrew its guidance for the year in light of its CEO transition and three quarters left in the year. In addition, it wants to give Elliott Management, an activist fund, the flexibility to reconnect with its employees and teams. During the quarter, the firm experienced lower unit sales, offset by higher average selling prices. Traffic across Nike Direct was worse than anticipated.
NKE stock is an attractive buy if the stock falls back to the $75 level.
Food supplier Conagra fell by 8% to close at $30.08. The company posted profits of $0.53 a share, down by 20% Y/Y. Inflation is an ongoing issue, despite official reports indicating otherwise.
Humana (HUM) fell by as low as around $216 on Wednesday. It closed at $246.49, down by 11.8%. Its star rating decline caused a 25% enrollment or 1.6 million for 2025, instead of ~ 94% in 2024.
In the auto sector, Stellantis (STLA) posted troubling Q3 sales data. Sales of 305,294 is a 19.8% drop from last year. Despite the weak results, the company increased its market share to 8%, up from 7.2%. It also reduced its inventory by 11.6%. Stellantis is setting up for a 2025 year having new models and lower inventory.
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