WWE's Stock Shoots Up After OTT Announcement WME-IMG Acquires eSports Agency Bright Nike Apparel Turns Heads At Aussie Open Nike Breaks Out Bright Colors At Aussie Open Univ. Of Florida Extends Nike Deal Through '24 FanDuel Quadruples Revenue Generated Nike's Coin Toss Ad Goes Viral On Twitter Whistle Sports Closes Latest Round Of Financing Acushnet Could Go Public By '16 WPP Invests $250M Into Bruin Sports Capital
Upcoming Conferences and Events
WORD ON THE STREET: NIKE TRADING TO MIXED REVIEWS
Published December 8, 1997
Nike stock value was examined by MA-based Dreman Value Management Money Manager John Dorfman for BLOOMBERG BUSINESS NEWS. Dorfman noted that Nike has seen its stock fall 20% this year, and that with Standard & Poor's 500 up about 33% for the year, Nike has trailed the market by some 53 percentage points -- "a truly awful performance." Sands Brothers & Co's Brad Cohen last week "slapped a 'sell' recommendation" on Nike. Cohen doesn't think the stock will be a "timely purchase" for another 12-24 months, though he said he might reconsider if the stock drops below $44. Currently, it's trading between $47 and $48. Dorfman reported that analytical opinion "is pretty evenly split on Nike," noting that the Bloomberg recommendation database shows 13 "buy" recommendations, nine "holds" and two "sells." Dorfman concluded that Nike "will show zero growth in earnings" for the current FY, with "about" 15% growth next year. Dorfman: "So is the stock cheap enough to buy? Not for me. My job is to try to buy stocks when they're unreasonably cheap" (BLOOMBERG NEWS/SEATTLE TIMES, 12/7).