The KUIK Market Update for Wednesday, September 27:
Markets are up.
Index
Direction
Change
Units
Index
Time
Change
Dow Jones Industrial Average
Up
65
points
22,349
7:48 AM
S&P500
Up
0.1%
percent
2,500
2.82
Nasdaq Composite
Up
0.6%
percent
6,416
35.92
30 Year Treasury
Up
8
Basis Points
2.85
Annual Yield
Shares of Nike are down $2.14 to $51.65. Nike reported earnings yesterday after the close. The company beat fiscal first-quarter profit expectations but gave a downbeat outlook to analysts. The athletic apparel and accessories giant cuts its full-year gross margin outlook. Analyst Sam Poser at Susquehanna Financial kept his rating at neutral but cut his stock price target to $47 from $54, citing continued struggles in North America and a lack of forward visibility. Nike’s stock has gained 1.4% over the past three months through Tuesday, while the Dow has climbed 4.6%.
The U.S. Energy Information Administration reports domestic crude oil supplies fell by 1.8 million barrels the week ended Sept. 22. Analysts expected a gain of 1.3 million barrels according to S&P Global Platts. The American Petroleum Institute reported yesterday a drop of 761,000 barrels. Gasoline stockpiles were up 1.1 million barrels for the week after three consecutive weeks of declines. November crude is up 0.5% to $52.16 a barrel on the New York Merc.
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Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
