Watch These 2 Sport Stocks Closely in July
While there have been a few winners in the COVID-19 economy, many industries have been shocked into a new normal and some companies have been pushed into bankruptcy. Sports stocks have been hard-hit as professional leagues have been canceled and dabblers have been forced to socially distance. Sports-focused companies, like others, have been scrambling to pivot and meet new behaviors in the socially distanced era. How much success are they seeing?
Nike (NYSE: NKE) and Disney (NYSE: DIS) are two sports stocks to keep an eye on this month.
Nike recently released its third-quarter earnings with sales performing worse than analyst estimates. Revenue decreased 36% on a currency-neutral basis, and the company posted a $790 million loss. While that wasn't terribly surprising, the question is how long it will take the company to get into the positive. It claimed to have taken all sorts of actions, such as increasing focus on digital and streamlining inventory, but that couldn't push back a store closure on such a massive scale.
Source Fool.com
