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- The stock market has already crashed: Why a Wall Street veteran says Nike is the ultimate turnaround trade.
- Just 26% of Wall Street Analysts Rate Nike a Buy. Is It Time to Be Greedy While Others are Fearful?
Nike's stock has fallen more than 50% since Elliott Hill replaced John Donahoe as CEO in late 2024, and only 11 of 43 analysts rate it a buy. Sales fell 4% year over year last quarter, and Greater China sales dropped 26% in the first quarter, while rivals On and Decker Outdoor's Hoka reported strong momentum in China. Nike's new Pace plan targets $2.5 billion in cost savings, but most will not arrive for two or three years. Gross margin rose 60 basis points to 42.8% but remains below 45.4% a couple of years ago while competitors' margins improved, so the article suggests waiting to see whether Pace restores growth rather than buying now.
- Nike's India campus is a long-term growth bet amid turnaround
Nike announced it will build a new global campus in Bengaluru, India, which CEO Elliott Hill called a 'long-term investment' expected to open within the next few years and to house corporate roles across Nike, Jordan Brand and Converse. The move comes as Nike works to turn its business around, with revenue in Greater China falling 26% in the fiscal first quarter even though North America revenue slightly beat expectations. A Nike spokesperson said the company remains 'deeply committed' to China, which it sees as one of its most important long-term growth markets. Experts say investing in India requires persuading consumers to adopt the brand, a challenge Nike has also struggled with in China. Nike also plans to cut jobs and target about $2.5 billion in savings through fiscal 2031 under its Pace strategy, and it will discuss the India campus in detail at its investor day next month.
- FBM KLCI eases in early trade , tracks Wall Street losses
At 9.15am, the FBM KLCI had eased 8.42 points, or 0.52%, to 1,599.34 from Friday's close of 1,607.76. Decliners outnumbered advancers 423 to 103. Apex Securities expects the index to stay cautious in the near term, citing persistent foreign selling, global uncertainty, the recent sell-off in US tech and AI stocks, elevated oil prices and inflation, ahead of the US Federal Reserve's October 29 policy decision. Domestically, investors will watch Malaysia's third-quarter 2026 GDP growth of 5.3% and rising operating costs, especially for labour-intensive businesses.
- Wall Street tumbles as worries about AI trade and high oil prices weigh
U.S. stocks fell sharply on October 16 as AI infrastructure names such as CoreWeave and Broadcom came under renewed pressure and oil jumped more than 3% on Middle East supply concerns. CoreWeave slumped 12%, cutting its five-session loss to about 25%, and its bonds sold off with yields above 15%. The S&P 500 fell 1.22% to 7,649.71, the Nasdaq dropped 2.19% to 26,128.13, and the Dow lost 0.55%. Investors worry that debt-laden AI infrastructure firms may not become profitable in time to repay borrowings, and some Anthropic investors are weighing a lower valuation for its upcoming IPO. The Nasdaq is on track for a weekly loss of more than 4%, its sharpest since June.
- Michael Burry Warns Wall Street's 'Pain Trade' Can Last As Mag 7 Weakness Could Deepen 'Red October' Call
Michael Burry warns that the market's 'pain trade' could last, as falling bond yields are failing to lift tech stocks. He says that if the Magnificent Seven fall alongside semiconductor shares as yields drop, his 'Red October' call would gain conviction. On Wednesday, SPY fell 1.1% to $769.60, QQQ dropped 2% to $728.95, and DIA slipped 0.1% to $515.63. Burry also noted that 55% of S&P 500 constituents were at least 20% below their highs, and said he believes the market is within 0-9 months of a significant top.
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