- GRIT
- Posts
- The Gloves Are Off
Good Morning!
Happy Friday! Have a great weekend:
👉Trump Media stock soars
👉Nike earnings are in
👉Homes are finally cooling
BREAKING: Key Fed measure shows inflation rose 2.6% in May from a year ago, as expected
TRUMP: Stock Soars
Trump Media stock soared over ~10% in premarket trading Friday after President Donald Trump debated President Joe Biden.
Source: CNN
On Thursday, Biden and Trump debated for 90 minutes on topics like the economy, their ages, and abortion. Trump Media, trading under DJT, had closed down 6.42% on Thursday at $36.73 per share but traded above $40 early Friday with over 3 million shares changing hands. Trump, the presumptive Republican nominee, owns almost 65% of Trump Media shares. The company’s market capitalization was around $6.5 billion on Friday, despite low revenue.
🎯 GRIT TAKE: As a finance newsletter, we…upgrade to VIP now to read the full GRIT Take!
EARNINGS: Nike
Shares of Nike plunged 11% after cutting its full-year forecast and predicting a 10% sales drop this quarter due to weak sales in China and uneven global trends.
Source: Nike
Nike now expects fiscal 2025 sales to decline by mid-single digits, against analysts' predictions of a 0.9% increase. Fiscal 2024 sales were flat at $51.36 billion, the slowest growth since 2010, excluding the pandemic. Despite beating earnings estimates, Nike missed on revenue, with Q4 sales dropping to $12.61 billion from $12.83 billion. The company is focusing on cost-cutting, new innovations, and the 2024 Paris Olympics to boost future sales.
HOMES: Finally Cooling
Home prices are cooling but still higher than last year. Reports show slower gains and sellers adjusting after a stagnant spring market.
Source: BankRate
For the first time since the pandemic, homes sold for 0.3% less than asking during the four weeks ending June 23, per Redfin. Last year, homes sold at list price; two years ago, 2% above. The market isn't crashing, but fewer homes are selling above asking price. Mortgage rates remain above 7%. The S&P Case-Shiller index showed April prices up 6.3% from 2023, continuing in May. Prices are 47% higher than early 2020.
Chart of the Day
📊Competitive Economies
Source: Game Of Trades
GRIT Meme of the Day 😂
Tag GRIT Capital on social media for a chance to be featured in our meme or Tweet of the day in our GRIT daily newsletter! 👇
Source: @wallstreetoasis
The author, publisher or insiders of the publisher may currently have long or short positions in the securities of the companies mentioned herein, or may have such a position in the future (and therefore may profit from fluctuations in the trading price of the securities). To the extent such persons do have such positions, there is no guarantee that such persons will maintain such positions.
Grit is a publisher of financial information, not an investment advisor. Grit does not provide personalized or individualized investment advice or information that is tailored to the needs of any particular recipient. Grit does not guarantee the accuracy or completeness of the information provided in this page. All statements and expressions herein are the sole opinion of the author or paid advertiser.
THE INFORMATION CONTAINED ON THIS WEBSITE IS NOT AND SHOULD NOT BE CONSTRUED AS INVESTMENT ADVICE, AND DOES NOT PURPORT TO BE AND DOES NOT EXPRESS ANY OPINION AS TO THE PRICE AT WHICH THE SECURITIES OF ANY COMPANY MAY TRADE AT ANY TIME. THE INFORMATION AND OPINIONS PROVIDED HEREIN SHOULD NOT BE TAKEN AS SPECIFIC ADVICE ON THE MERITS OF ANY INVESTMENT DECISION. INVESTORS SHOULD MAKE THEIR OWN INVESTIGATION AND DECISIONS REGARDING THE PROSPECTS OF ANY COMPANY DISCUSSED HEREIN BASED ON SUCH INVESTORS’ OWN REVIEW OF PUBLICLY AVAILABLE INFORMATION AND SHOULD NOT RELY ON THE INFORMATION CONTAINED HEREIN. INVESTORS SHOULD OBTAIN INDIVIDUAL INVESTMENT ADVICE BASED ON THEIR OWN CIRCUMSTANCES BEFORE MAKING AN INVESTMENT DECISION
No statement or expression of opinion, or any other matter herein, directly or indirectly, is an offer or the solicitation of an offer to buy or sell the securities or financial instruments mentioned.
The author, publisher or insiders of the publisher may currently have long or short positions in the securities of the companies mentioned herein, or may have such a position in the future (and therefore may profit from fluctuations in the trading price of the securities). To the extent such persons do have such positions, there is no guarantee that such persons will maintain such positions.
Any projections, market outlooks or estimates herein are forward looking statements and are inherently unreliable. They are based upon certain assumptions and should not be construed to be indicative of the actual events that will occur. Other events that were not taken into account may occur and may significantly affect the returns or performance of the securities discussed herein. The information provided herein is based on matters as they exist as of the date of preparation and not as of any future date, and Grit undertakes no obligation to correct, update or revise the information in this document or to otherwise provide any additional material.
Grit does not accept any liability whatsoever for any direct or consequential loss, however arising, directly or indirectly, from any use of the information contained herein.
By using the Site or any related social media account, you are indicating your consent and agreement to this disclaimer and our terms of use. Unauthorized reproduction of this newsletter or its contents by photocopy, facsimile or any other means is illegal and punishable by law.
Please read: Terms of Use, Privacy Policy, Disclosure Policy and Disclaimer Policy
If you have any questions please contact us at info@gritcap.io
Reply