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NEWS
Not Quite A Turnaround Thursday

The Dow narrowly snapped its longest losing streak in decades, providing some relief amid concerns over the Fed's hawkish stance. Bitcoin traded down to $97,000, while oil prices fell due to anticipated oversupply in 2025. Traders just want to get through tomorrow’s inflation data unscathed so they can head off for the holidays. 👀

Today's issue covers earnings from two forgotten favorites, an economic data recap, your new holiday “must watch,” and other notable pops and drops. 📰

Here’s the S&P 500 heatmap. 3 of 11 sectors closed green, with utilities (+0.45%) leading and real estate (-1.72%) lagging.

And here are the closing prices: 

Most bullish/bearish symbols on Stocktwits at the close: 📈 $NVNI, $CNTM, $CARA, $ANGI, $ZCAR 📉 $SCHL, $NKE, $XBP, $EQT, $RIG*

*If you’re a business and want to access this data via our API, email us.

EARNINGS
Two Forgotten Stocks Propose A Fix 🤔 

Nike and FedEx are typically the talk of the town, but in a rip-roaring bull market that’s left them behind, they haven’t been on the right side of the conversation for a while. Let’s see if their earnings reports today changed that at all. 👀 

Starting with Nike, new CEO Elliott Hill outlined his strategy to return the company to growth, blaming deep discounting for earnings and revenue declines. Despite recent headwinds, the sneaker giant managed to top fiscal second-quarter expectations, prompting an initial spike in the shares after hours.

However, forward guidance and the turnaround strategy’s timeline left many feeling less enthused. Management expects gross margins to be down 3 to 3.5 percentage points during the holiday quarter and sales down low double digits. ◀️ 

Hill stated that the company has become far too promotional, with digital platforms delivering a roughly 50/50 split of full-price to promotional sales. Additionally, too many resources were focused on driving online sales, paying for performance marketing, and isolating wholesale partners. The company will reverse that trend and win back their trust, but first, it needs to sell through elevated inventory levels.

The stock is about flat following a volatile after-hours session, where shares were up as much as 12% and down as much as 5%. However, Stocktwits sentiment has flipped into ‘extremely bearish’ territory as investors debate the company’s potential. 😐️ 

Meanwhile, shipping giant FedEx is back in the news after delivering its latest earnings report. The company’s second-quarter earnings topped estimates while revenues missed, a trend investors are used to at this point. Freight market weakness is not new, and cost-cutting measures have helped management buoy earnings. 🚚 

However, the big story of the night was that it plans to separate its freight business, leaving two publicly traded companies. Activist investors and other shareholders have consistently pushed for this model, claiming it would unlock significant value. And it appears the Board of Directors finally agrees.

FedEx shares rose more than 8% after the bell, and Stocktwits sentiment pushed into ‘extremely bullish’ territory as the market digested this news. 🐂 

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