The enthusiasm that came to Wall Street on Wednesday proved to be short-lived. The previous-day's gains for the Dow Jones Industrial Average and the S&P 500 were wiped out by Thursday's decline.
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There is an index. |
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The daily point change. |
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The stock price of the company. |
The rate is 1.54%). |
The number is 458. |
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S&P500 is a stock market index. |
The rate was 2.11%. |
The score is 79) |
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The stock exchange. |
The rate is 2.8%. |
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The data is from Yahoo! There is finance.
The latest quarterly reports from Nike and Micron Technology were supposed to add confidence to the earnings season. Both reports indicated that the bottom line was going to go down.
It seems that shareholders in many companies will have to get used to that in the coming weeks. Learn more about what Nike and Micron said about the current business environment and what they think will happen in the future.
The report was released after the close of regular trading on Thursday.
The story was told by Nike. 6 percentage points of the company's revenue was hurt by the strong U.S. dollar compared to major foreign currencies. Nike Direct sales were up 8% year over year due to a rise in digital sales and strength in the European market. Gross margin was down more than 2 percentage points to 44.3% and earnings were down 20% from a year ago.
The information about where Nike had the most success was very detailed. Sales in the Greater China region fell from a year earlier. Revenue growth in the wholesale sector was 1%. The company's Europe, North America, and Asia-Pacific and Latin America segments helped bolster enthusiasm.
The stock price decline made investors hope that Nike would be able to overcome the challenges of supply chain disruptions and cost pressures. The company is confident in its long-term promise, but it's not clear how patient shareholders can stay.
The stock fell less than 1% in after hours trading. The chipmaker saw some of its metrics decline, which is confirmation of what many see as an impending downturn in the Semiconductor industry.
Sales and earnings deteriorated in the fourth quarter of the year. Revenue was down 20% year over year to $6.64 billion and it was even worse three months ago. In the same quarter last year, adjusted earnings were up.
The CEO said that the company would take "decisive steps" to slow down the rate of supply expansion by cutting spending on new fabrication equipment in half. Many investors weren't happy with the guidance for the fiscal first quarter, which included a further decline in sales to somewhere between $4 billion and $4.5 billion and earnings that could barely breakeven.
The stock market was hoping for more positive news from Nike and Micron. As earnings season progresses, the trends that the two companies identified could become common themes for other stocks.
There are positions in Nike. There are positions in and recommendations for Nike. There's a disclosure policy at the Motley Fool.
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