The KUIK Morning Market Report for Wednesday, September 27:
Markets are up.
Index
Direction
Change
Units
Index
Time
Change
Dow Jones Industrial Average
Up
65
points
22,349
7:00 AM
S&P500
Up
0.3%
percent
2,505
7.97
Nasdaq Composite
Up
0.7%
percent
6,425
45.05
30 Year Treasury
Up
8
Basis Points
2.85
Annual Yield
Shares of Nike are down $2.28 to $51.42. 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 Commerce Department reports orders for durable goods climbed 1.7% in August. Economists expected only a 1% gain. The increase stemmed mainly from orders for commercial aircraft which rose 45%. Demand was higher for most other manufactured goods, but at a slower pace. Orders minus transportation edged up 0.2%.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
