NEW YORK, NY / ACCESSWIRE / October 20, 2017 / Nike received a downgrade from Goldman Sachs yesterday, with analyst Lindsay Drucker Mann concerned over inventory overhang domestically. Shares of Apple also closed down after concerns about the company's Apple Watch 3 in China and cut orders for iPhone 8 components lingered among traders.

RDI Initiates Coverage on:

Apple Inc.
http://www.rdinvesting.com/report/?ticker=AAPL

NIKE, Inc.
http://www.rdinvesting.com/report/?ticker=NKE

Apple Inc.'s shares closed down 2.37% on Thursday with a little over 42 million shares traded. The trading day yesterday marked the worst trading day for the tech giant in about two months. The company's shares tumbled after news revealed that the company had cut its November as well as December orders to suppliers for iPhone 8 components. Many traders were concerned that this might mean there isn't as much demand for the phones as anticipated. There were also concerns about Apple's Watch 3 in China. According to the Wall Street Journal, new cellular subscriptions haven't been allowed in the country since late Sept. 28. According to the Journal, the country is concerned about the watch's security when it comes with a cell phone as the watch relies on an eSIM supplied by Apple. The Journal stated, "That new system raises the question of how carriers and regulators can track the device user's identity."

Access RDI's Apple Inc. Research Report at:
http://www.rdinvesting.com/report/?ticker=AAPL

NIKE, Inc.'s shares closed up a modest 0.75% on Thursday with nearly 12.6 million shares traded. Despite the close in the green, shares were trailing on Thursday at the open after an analyst at Goldman cut her rating on the sports apparel company. Lindsay Drucker Mann cut her rating on the stock from "buy" to "neutral," citing concerns about near-term challenges with inventory overhang domestically. She wrote in a note to clients, "The drivers of domestic pressure will take some time to work through, exacerbated by persistent excess inventory sitting at Nike's brick and mortar retail partners and the high visibility this markdown product gets as it is funneled online via amazon.com and other platforms." She also addressed sales in Asia and wrote, "International has been a critical growth engine, driving about half of Nike's revenue growth over the last decade, and with substantial opportunity ahead," she wrote. "Nike's business has cooled in key regions, with signs of deceleration in China giving us particular pause." She kept her $54 price target on the stock.

Access RDI's NIKE, Inc. Research Report at:
http://www.rdinvesting.com/report/?ticker=NKE

Our Actionable Research on Apple Inc. (NASDAQ: AAPL) and NIKE, Inc. (NYSE: NKE) can be downloaded free of charge at Research Driven Investing.

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