According to an announcement by Nike Inc (NKE) earlier this week, 10% of its workforce, or about 7 500 employees, across all levels and locations would receive a wage raise after a global pay review by the company. The announcement comes two months after an investigation into workplace behavior was concluded and led to the departure of several high-profile executives, including Nike brand President Trevor Edwards.
Nike shares closed lower for a second consecutive trading session in New York on Tuesday. It has also been the steepest daily loss since July 3rd. The stock went down 1.38% ($1.06) to $75.53, after touching an intraday low at $75.44, or a price level not seen since June 28th ($71.35).
Shares of Nike Inc have risen 20.75% so far in 2018 compared with a 5.49% gain for the underlying index, S&P 500 (SPX).
In 2017, Nike Inc’s stock surged 23.06%, thus, it again outperformed the S&P 500, which registered a 19.42% return.
The athletic apparel manufacturer has recently been under investigation for workplace behavior, which led the companys CEO Mark Parker to apologize to employees for Nikes work culture in the past.
According to a report by the Wall Street Journal, the wage adjustment is poised to begin next month and is to be annualized over the balance of Nike’s fiscal year.
The companys latest regulatory filing revealed that it employed almost 74 400 people globally.
According to CNN Money, the 32 analysts, offering 12-month forecasts regarding Nike Incs stock price, have a median target of $81.50, with a high estimate of $90.00 and a low estimate of $50.00. The median estimate represents a 7.90% upside compared to the closing price of $75.53 on July 24th.
The same media also reported that 17 out of 36 surveyed investment analysts had rated Nike Incs stock as “Hold”, while 13 – as “Buy”. On the other hand, 1 analyst had recommended selling the stock.
Daily and Weekly Pivot Levels
With the help of the Camarilla calculation method, todays levels of importance for the Nike stock are presented as follows:
R1 – $75.68
R2 – $75.83
R3 (Range Resistance – Sell) – $75.98
R4 (Long Breakout) – $76.44
R5 (Breakout Target 1) – $76.97
R6 (Breakout Target 2) – $77.18
S1 – $75.38
S2 – $75.23
S3 (Range Support – Buy) – $75.08
S4 (Short Breakout) – $74.62
S5 (Breakout Target 1) – $74.09
S6 (Breakout Target 2) – $73.88
By using the traditional method of calculation, the weekly levels of importance for Nike Inc (NKE) are presented as follows:
Central Pivot Point – $76.95
R1 – $78.10
R2 – $79.24
R3 – $80.39
R4 – $81.54
S1 – $75.81
S2 – $74.66
S3 – $73.52
S4 – $72.38
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