Diamonds and Dogs

9/23/20

Nike (NKE) flying higher. Nike is up 10% to new all-time highs following better than expected earnings. Nike easily beat earnings expectations as sales surpassed estimates by over a billion dollars. Nike saw strong digital sales growth of 82% while Chinese sales grew 6% verse expectations of negative growth. Nike's strong numbers are lifting the Dow and companies they work with including Dicks, Foot Locker and competitor Under Armour.

Aurora Cannabis (ACB) not growing. The pot stock is down 20% not far from a 52-week low following disappointing earnings and sales. The company lost $34 million as sales declined 5% to $72 million. The company further lowered sales guidance as demand remains weak. The future Presidential election doesn't seem to be a catalyst for the company as neither the Democratic presidential nominee Joe Biden nor President Donald Trump appear eager to end the federal ban on cannabis.