Nike $NKE - down on all fours
The company presented their latest earnings this Monday. I just finished reading the earnings call transcript. Not going to say the dive the stock took was an overreaction. It wasn't. I only read transcripts related to stocks I own and I've been doing it for about 6-7 years. This is probably the saddest earnings call I've ever read.
Nike Direct down, Nike Digital down, China down, classic footwear franchises down, I could go on. Nike has more things going down than the average rain cloud. How can this be?
As if that's not enough the resigning CEO John Donahoe wasn't even present. What!?!? Embarrassing both for Nike and even more so for John. I don't care how bad it is, considering the position you have and amount of money you're paid, you show up! You show up in business and you show up in life even during dark times. This behaviour is so unlike Nike's ethos or at least what it should be. Could it have been the boards idea? Sure, doesn't make it any better though.
Instead poor Matthew Friend, who is CFO, has to handle the presentation and questions alone. Respect to Matthew!
New CEO Elliott Hill, who returns to Nike, has 32 years with the company. The guy started as an intern and is soon to be CEO. Mad respect! Hopefully he can turn this around. I think it's still possible to do. It's a great company in many ways with numerous great innovations and franchises. They did it before, they can do it again.
Not selling!
Massimo Giunco - "Nike: An Epic Saga of Value Destruction"
Definitely worth a read not only if you're interested in Nike. Lots of lessons to be learned here which can probably be applied to other companies as well.
Nike: An Epic Saga of Value Destruction
A month ago. June 28th, 2024.
Bloomberg - "The Man Who Made Nike Uncool" (paywall)
Good article on Johns stint at Nike.
Bloomberg.com
The Man Who Made Nike Uncool
Instead of transforming the sneaker giant into a high-tech powerhouse, John Donahoe pissed off partners and disappointed fans.
Yahoo Finance & Motley Fool - "Nike Q1 2025 earnings call transcript"
One for the history books.
Yahoo Finance
Nike (NKE) Q1 2025 Earnings Call Transcript
NKE earnings call for the period ending September 30, 2024.
IMDB
I don't own any NFTs, I don't even understand why anyone would buy these as pieces of art on blockchain X or Y, except for making money. I guess I have the same mindset as some people have when it comes to #Bitcoin
I could see NFTs being used for other purposes though like tickets and what not. That I could probably get behind and actually use, but art no. I've never bought an MP3 but I have loads of vinyl which I still buy from time to time. Maybe I'm just old.
I don't hate on people who are into those things and it's hard not to feel for the Cuban artist in this documentary. The world isn't just black and white.
Did they mention #Bitcoin You bet!
Larry Fink: -"the successful launch of our Bitcoin product, which has now grown to $23 billion in its first nine months"
Impressive numbers! Hopefully they won't backpedal on their "commitment" to this. My personal belief is they're bullish on everything and anything they can make money on.
BlackRock (BLK) Q3 2024 Earnings Call Transcript
