|Day's range||59.80 - 60.64|
Nike (NKE) stock could benefit from the breakup between Adidas and Kanye West, according to one Wall Street analyst. West and Adidas parted ways in October 2022 after multiple public antisemitic comments by the rapper. This ended Adidas' run with West’s popular Yeezy line, leaving the athletic apparel company with significant excess inventory and a moral dilemma over whether or not to offload Yeezy merchandise. If Adidas opts not to sell the merchandise, the company says it could report a loss of $750 million in 2023. The absence of Yeezy leaves a hole in the market for celebrity tie-ups on trendy merchandise, which Barclays analyst Adrienne Yih argues Nike could take over. Nike’s had similar success already, particularly with its Jordan Brand, which accounted for more than $5 billion in revenue during 2022. Nike shares traded lower after the company reported third quarter earnings after the bell on Tuesday. Above, Yahoo Finance's Dave Briggs and Seana Smith discuss Nike's latest earnings report and what's next for Nike for after Adidas severed ties with Kanye West.
Yahoo Finance Live’s Seana Smith breaks down market movers in after-hours trading.
Expectations are for the Fed to raise interest rates another 25 bps tomorrow, with commentary wrapped in dovish possibilities in the coming months.