Stock Stock market

‘Fast Money’ Traders Share Their Thoughts On Nike

Tim Seymour spoke on CNBC’s “Fast Money” about Nike Inc.’s NKE 2.77% amazing move higher.

Nike as a bulletproof stock because it has a gross margin progression and its direct-to-consumer business continues to grow, he said.

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Seymour believes the athleisure and the comfort dynamic is going to continue to be strong in the second half of 2020 as it was in the first half. He added that Nike’s chart looks like NASDAQ-100 as it traded 23% higher in 26 trading sessions. He expects to see earnings revisions and he thinks that the story remains very resilient.

Steve Grasso believes that the stock is overbought and it looks a lot like a tech company’s chart. He added that Nike was the first to report and provide clues about the effects of the pandemic. The sales were down and the stores were much lower than online sales were, explained Grasso. He would be a seller of Nike.

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