Nike Inc (NYSE: NKE)
Nike is having an interesting day in the market today to say the least. At the opening bell, the stock was trading well into the green. However, shortly after the bell, the stock started to slide. Then, minutes ago, the stock spiked downward into the red. Below, we’ll talk about what we’re seeing from NKE, why, and what we’ll be watching for ahead.
What We’re Seeing From NKE
As mentioned above, Nike isn’t having the best of days in the market today by any means. While the stock did start the day off well into the green, shortly after the bell, it started to slide in a big way. Then, minutes ago, it spiked down into the red. At the moment (10:49), NKE is trading at $57.14 per share after a loss of $0.13 per share or 0.24% thus far today.
Why The Stock Is Falling
We’re going to dig into the details here, but before we do, we’d like to extend a big thank you to Trade Ideas for being the first to bring the spike to our attention. When the CNA Finance team received the alert, we started digging to see why the stock was falling. It didn’t take long to dig up the story. Ultimately, the declines are the result of a rumor.
The rumor surrounding Nike is all over social media at the moment. The rumor is that the company’s offices in China are currently being inspected by Chinese Officials. Who those officials might be and what they’re looking for is not included in the rumor, nor has the rumor been confirmed. Nonetheless, it is leading to concerns among investors.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on NKE. In particular, we’ll be watching for any news surrounding the rumor that Chinese officials are investigating the company’s offices. Nonetheless, we’ll continue to follow the story closely and bring you the news as it breaks!
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[Image Courtesy of Pixabay]