After markets closed on Tuesday, Nike (NKE) posted first-quarter results that beat expectations. It might give retail clothing firms like Lululemon (LULU) a lift today.
Nike posted a 0.9% Y/Y increase in revenue, to $11.7 billion. EPS of $0.49 also beat expectations. Competition is worsening, while growth is lacking, yet the stock trades at a 42.3x forward P/E premium. NKE could open up by nearly 4%, as the turnaround efforts are showing progress.
For many years, Berkshire Hathaway (BRK-B) steadily accumulated a position in Occidental Petroleum (OXY). The Wall Street Journal reported that Berkshire might buy its petrochemical business for around $10 billion. This is a big win for BRK-B stock, since it gets energy assets at the bottom of the cycle. OXY stock could face selling pressure if the deal closes. They miss out on the eventual recovery in the energy sector.
Lithium Americas (LAC) will make another run at a new 52-week high today. In after-hours trade, LAC stock gained 33.98%. Secretary of Energy Chris Wright told Bloomberg that the government would invest in the firm.
The firm has a Thacker Pass project worth around $3 billion. It is also discussing the conditions for accessing a $2.3 billion federal loan, alongside General Motors (GM). GM is a joint venture partner.
Investors should also watch Albemarle (ALB), another lithium miner.
