[ad_1]
Inventories rose on Friday but gave up much of their gains at the end of the trading day as bank stocks fell. Financial services had risen sooner after most of the 35 lenders overseen by the Federal Reserve passed the second phase of stress tests that will allow them to increase dividends and share buybacks. The Dow Jones Industrial Average finished up 55 points or 0.23%, the S & P 500 by 0.08% and Nasdaq by 0.09%
Not all banks are created equally and Deutsche Bank (DB) the week. The Fed said Thursday (June 28th) that it had identified "widespread and critical deficiencies" in the capital planning practices of DB USA, the US subsidiary of Deutsche Bank. As a result, DB USA will not be able to pay regular dividends to the German parent company at least until next year, said a senior Federal Reserve official to reporters. Curiously, Deutsche Bank shares closed up 2% on Friday even after receiving a new reprimand from the Federal Reserve about "critical deficiencies" in its financial planning. A bit of a dead cat bounce, for you traders out there, it seems.
Nike (NKE) recent quarter was a home run, a swish, a hole in one, an ace. But not everything is a slam dunk at Nike. Michelle Lodge of TheStreet explains why Nike's Jordan brand saw its revenue fall 8% to $ 2.86 billion this quarter from $ 3.1 billion in the same period last year. "Nike has put too many products on the market and the liquidation rates have slowed down, the shoes were not selling," Michelle Michelle Matt Powell, Vice President and Senior Industry Advisor for NPD, told Michelle. . I do not know if Powell has ever tried to buy a pair of Jordans before, but given my closet, I can tell you that "too much product" for me looks more like "too much product than nobody wanted. " Jordans with new and funky colors are great but the innovation and new products – that is to say the success of Adidas NMD – seem to be a long-term growth strategy. Time will tell how Phil Knight's home will respond to Jordan's woes, meanwhile, the rest of the business seems to be hitting all cylinders.
This is an excerpt from "In case you missed it," a daily newsletter presented by TheStreet. Register here.
Source link
