Thursday, October 21, 2021

Nike, Under Armour Fall in Premarket; Costco Rises

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imageStock Markets18 minutes ago (Sep 24, 2021 08:50AM ET)

(C) Reuters.

By Geoffrey Smith

Investing.com — Stocks in focus in premarket trade on Friday, September 24th. Please refresh for updates.

  • Nike (NYSE:NKE) stock fell 5.1% after it warned of possible product shortages in the coming months, due to extended Covid-19-driven plant closures in Vietnam, where it makes a large part of its footwear. The company also revised down its guidance for the full year and the current quarter. The news also dragged down Adidas (OTC:ADDYY) by 3.1% and Under Armour (NYSE:UA) stock by 2.6%.
  • China Evergrande Group ADRs (OTC:EGRNY) fell another 10.2% after the Chinese real estate developer failed to pay all the holders of one of its dollar bonds on time on Thursday, pushing it into technical default. Other Chinese ADRs also suffered as fears of broader financial turmoil revived, stoked further by the arrest of the chairman of fallen star HNA Group.
  • Costco (NASDAQ:COST) stock rose 0.5%, comfortably outperforming the market, after a strong quarterly update in which executives highlighted the return of panic buying and hoarding of essentials, caused by the summer wave of Delta-variant Covid-19.
  • Trip.com (NASDAQ:TCOM) ADRs fell 2.5% as the Chinese travel site operator failed to escape the negativity surrounding Chinese assets, despite a better-than-expected set of quarterly results posted late on Thursday.
  • Coinbase (NASDAQ:COIN) stock fell 3.8% and Microstrategy (NASDAQ:MSTR) stock fell 5.9%, as two of the market’s favorite proxies for cryptocurrency suffered from a fresh attack on crypto by the People’s Bank of China. A statement posted on the central bank’s website stressed that all crypto-related transactions are illegal in China, adding that this extended any facilitation of dealings by Chinese entities with exchanges outside the country – a broader definition of its remit to police the sphere than before.
  • IAC/InterActiveCorp (NASDAQ:IAC) stock fell 0.5%, in line with the broader market, after reports saying it’s in advanced talks to buy Meredith (NYSE:MDP), the publisher of People and other magazines.

Nike, Under Armour Fall in Premarket; Costco Rises

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