English
Français
Deutsch
Italiano
Português
Русский
Español
简体中文
हिन्दी
日本語
Nike stock fell a record ninth consecutive day Tuesday.
Stephanie Keith/Getty Images
August is a seasonally weak month but it’s been really tough going for several stocks.
Investors in
Nike
(ticker: NKE),
Goldman Sachs
(GS),
Charles Schwab
(SCHW), and others would have been much better off enjoying their vacations without regularly checking for stock price updates over the past couple of weeks.
With today’s 3.4% intraday loss,
Nike
is currently down 10 straight days, its longest losing streak on record, according to Dow Jones Market Data. The stock has fallen 11.6% over that period. Mounting signs of an economic slowdown in China—the retailer’s second-largest market—in recent weeks haven’t helped matters. Plus,
Foot Locker
missed sales expectations in the second quarter and slashed its outlook.
Foot Locker
is one of Nike’s wholesale partners. Disappointing earnings Tuesday by
Dick’s Sporting Goods
(DKS)—another wholesale partner—ensured the streak reached a record-breaking ninth day.
Shares of
Charles Schwab
have fallen for 11 consecutive days—its longest losing streak since July 2004, when it fell for 16 straight trading days. The stock is down 14.4% over that time.
The shares fell 5% Tuesday after the company announced plans to cut operating expenses by slashing head count and reducing office space.
It’s not been a great period for America’s largest banks either, with
Goldman Sachs
and
Citigroup
(C) stocks both declining for seven consecutive days.
Bank of America
has fallen for six of the last seven days.
Southwest Airlines
(LUV) is another stock having a pretty awful August. The low-cost carrier’s shares are on an eight-day losing run, its longest streak since February 2020 when it fell for 10 consecutive sessions. It’s down 6.9% during the streak.
The airline’s earnings late last month disappointed investors, suggesting a softening of domestic demand. Southwest said it expects revenue per available seat mile to fall in the third quarter. In other words, it won’t make as much money from each passenger—a sign that both demand and fares are falling.
American Airlines’ bumper new pilot pay deal—equating to a 46% rise over four years, according to its pilots’ union—may also be a concern for investors as Southwest is the only major carrier yet to agree a deal with its pilots.
Investors will hoping for some good news, or even a lack of bad news, to break the streaks and lift the gloom.
Write to Callum Keown at [email protected]
Read the full article here