July 8, 2024 +++ Nike Slows Down +++ Boeing Faces Hefty Fine +++ Tesla Faces High Legal Fees +++ Falling Oil Prices Weigh on Exxon Mobil +++ Delivery Hero Increases Provisions +++ Paramount Merges +++ German Imports Worse Than Expected +++ (Update 3:10 p.m.)

Starting in 2027, Nike $NKE (+0,73 %) will outfit the German national soccer teams. But the 100-million deal seems like an act of desperation. Nike CEO John Donahoe desperately needs a success. And snatching away rival Adidas’s most important symbol in its home market after nearly 80 years is a success. However, it’s one that fizzled out almost immediately. Donahoe’s deal not only sparked astonishment among experts but also caused head-shaking within his own ranks. Because while the CEO is throwing millions at the DFB, he’s implementing a rigorous cost-cutting program at Nike. Costs are to be cut by two billion U.S. dollars, and about 1,700 jobs will be eliminated, 740 of them at the corporate headquarters in Beaverton, Oregon. Business is worse than ever. (Süddeutsche Zeitung)

The Boeing stock $BA (+2,58 %) rose 0.7% after the aircraft manufacturer agreed to pay a fine of $243.6 million as part of the U.S. Department of Justice’s investigation into two fatal crashes involving the 737 MAX.

The Tesla stock $TSLA (+0,52 %)fell by 1%, after reaching their highest level of the year on Friday, while shareholders of the electric vehicle manufacturer will argue in court on Monday that an unprecedented demand for more than $7 billion in attorneys’ fees that the company must pay is “preposterous.”

Shares of Exxon Mobil $XOM (+0,6 %) fell 1.2% on Monday as crude oil prices declined. This overshadowed the oil giant’s statement that changes in oil prices would increase the company’s upstream earnings in the second quarter by $300 million to $700 million compared to the first quarter.

DELIVERY HERO $DHER (+0,57 %) reported bad news on Sunday evening. The delivery service announced that it must significantly increase its provisions for anti-competitive agreements. Until now, Delivery Hero had set aside 186 million EUR for this purpose. Now, the amount could rise to more than 400 million EUR

Paramount Globall $PARA (+0,78 %) is merging with Skydance Media—a complicated transaction that ends the Redstone family’s stake in the Hollywood company. Shari Redstone is selling her family’s majority stake in Paramount Global and merging the entertainment giant with Skydance Media. This brings to an end the nearly four-decade-long reign that she and her father held in the entertainment industry. Skydance and its investors have agreed to spend more than $8 billion to acquire National Amusements, the family-owned company that controls Paramount, and to invest in the new version of the company. The deal provides the struggling entertainment giant with a cash infusion at a time when the traditional media landscape is in decline

Amid the trade dispute with China, German exports plummeted in May. Exports fell both to EU countries and to so-called third countries. Overall, exporters sold 3.6 percent less abroad on a calendar- and seasonally-adjusted basis than in the previous month, according to the Federal Statistical Office (Destatis). Economists surveyed by Dow Jones Newswires had expected a decline of 3.0 percent. Compared with the same month a year earlier, exports were down 1.6 percent. Imports fell by 6.6 percent in May compared with the previous month. The economists surveyed had predicted a decline of 2.0 percent. On an annual basis, there was a decline of 8.7 percent. In total, calendar- and seasonally-adjusted exports from Germany in May amounted to 131.6 billion euros, while imports into Germany totaled 106.7 billion euros.

Monday: Stock Market Events, Economic Data, Quarterly Earnings

Ex-dividend dates for individual stocks

Defama Deutsche Fachmarkt 0.57 EUR

Hornbach Holding 2.40 EUR

Masterflex 0.25 EUR

Quarterly Earnings / Corporate Events in Europe

6:00 p.m. Repsol Trading Statement 2Q

Economic Data

8:00 a.m. DE: May Trade Balance (calendar- and seasonally-adjusted) FORECAST: +19.5 billion euros; previous: +22.1 billion euros Exports FORECAST: -3.0% MoM; previous: +1.6% MoM Imports FORECAST: -2.0% MoM; previous: +2.0% MoM
10:30 DE: Sentix Economic Sentiment Index for Germany and the Eurozone, July
9:00 p.m. US: Consumer Credit, May 24

Jan@leveragegrinding

2Année

SWOOSH -30% im one year

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Cash B.@Lumimyrsky

adidas still more attractive than nike

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Martin von mit Verstand zum Kapital@MitVerstandzumKapital

@Lumimyrsky depends on the strategy. Nike is also slowly becoming a very nice turnaround candidate. As soon as there is a slight bottom, Nike could become very interesting. Adidas looks more solid at the moment, I agree, but Nike has more potential to generate returns! Of course, everyone has to decide on their own strategy and this is just my opinion.

@MitVerstandzumKapital I took the turn around at adidas back then. Maybe soon at nike too

@Lumimyrsky Yes, that's right, there were already good opportunities with Adidas. Definitely an exciting stock for any portfolio.

StockMaster@Stock_Master

Do you think Nike will go down even further? I thought I was super smart and got in at 75 euros, but it's gone down again ;(

@AppleRocks could, theoretically, run to the support level of 60$ from March 2020. But the next stop could be $66 and then we'll have to see. Now that the 82 and 76$ have fallen, I'd rather keep my hands off for the time being and take a look at the 66$ or whether there is a bottom formation beforehand. But in general I'm waiting for an entry here!