Yesterday the EU antitrust regulator imposed a fine of 12.5 million euros on Nike Inc (NKE), as it found that the company had prevented many of its licensees from selling soccer merchandise of some of the most renowned European clubs in a different country.
Nike shares closed higher for the fifth time in the past ten trading sessions in New York on Monday. The stock edged up 0.17% ($0.14) to $82.33, after touching an intraday low at $80.94, or a price level not seen since February 4th ($80.83).
Shares of Nike Inc have risen 11.05% so far in 2019 compared with an 11.63% gain for the benchmark index, S&P 500 (SPX).
In 2018, Nike Inc’s stock surged 18.53%, thus, it outperformed the S&P 500, which registered a 6.24% loss.
European Competition Commissioner Margrethe Vestager underscored that, as a result of Nike Incs illegal practices as a licensor, soccer fans in other countries did not have the opportunity to purchase their clubs’ merchandise, including bags, stationery, mugs, toys, which restrained their choice and forced them to pay a higher price.
According to the EU antitrust regulator, Nike’s actions transpired during the period between 2004 and 2017 and were associated with licensed merchandise for clubs such as Manchester United, FC Barcelona, Inter Milan, Juventus, AS Roma as well as for the French Football Federation.
According to CNN Money, the 29 analysts, offering 12-month forecasts regarding Nike Incs stock price, have a median target of $95.00, with a high estimate of $103.00 and a low estimate of $60.00. The median estimate represents a 15.39% upside compared to the closing price of $82.33 on March 25th.
The same media also reported that 21 out of 32 surveyed investment analysts had rated Nike Incs stock as “Buy”, while 7 – as “Hold”.
Weekly Pivot Levels
By using the traditional method of calculation, the weekly levels of importance for Nike Inc (NKE) are presented as follows:
Central Pivot Point – $84.31
R1 – $86.47
R2 – $90.75
R3 – $92.91
R4 – $95.07
S1 – $80.03
S2 – $77.87
S3 – $73.59
S4 – $69.31
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