No sweat: Nike shares jumped more than 4% on Wednesday when it announced better-than-expected sales for its latest quarter, helped by strength in China. Nike shares are trading at more than 29 times expected earnings, well above the 17 for the S&P 500. But the company is in the middle of the athleisure trend. Shares finished up 6.5% for the week.
Silver lining: Best Buy’s new CEO, Corie Barry, laid out some midterm goals, including growing sales to $50 billion in five years from $43 billion today. One path is providing new services for senior citizens, the so-called “silver” market. Investors also applauded her goal of cutting out $1 billion. Share were up 2.3% for the week.
Smoke shifting: The unraveling of the e-cigarette business and its leading maker, Juul, hastened this week. Altria and Philip Morris on Wednesday canceled plans to merge, and shares in both firms jumped. Shares in Altria, which owns a 35% stake in Juul, ended the week down 1.7% while Philip Morris ended up 5.5%.
Sniped: The CEO of eBay left after a clash with the board, which is undertaking a strategic review of the company. Shares fell 1% as investors remained unclear about its direction. For the week, eBay fell 4.9%.
Not chillin’ anymore: Shares in Netflix fell into negative territory for the year last week as investors continued to digest news earlier this month that its subscription base contracted during the second quarter. For the week, Netflix shares fell 2.8%. They are down 30% from a peak in April and 33% from the all-time high reached last year.