Core Insights - Oracle Corp shares increased by 5.7% to $190.23 in pre-market trading following TikTok's announcement of binding agreements with investors, including Oracle, to establish a new U.S. entity [1] Company Movements - Vision Marine Technologies Inc surged 48.7% to $0.36 after pricing a best-efforts public offering [4] - Inspire Veterinary Partners Inc rose 32.2% to $0.060 after entering a consulting agreement with 622 Capital LLC [4] - Julong Holding Ltd increased by 24.3% to $3.79 [4] - WhiteFiber Inc gained 18.2% to $16.90 after announcing a colocation agreement [4] - Rising Dragon Acquisition shares jumped 17.4% to $12.20 following a Form 8-K filing [4] - Antelope Enterprise Holdings Ltd gained 12.2% to $2.21 after a previous gain of 10% [4] - Linkhome Holdings Inc rose 11.6% to $12.49 after announcing a strategic partnership with Move Inc. [4] - Canopy Growth Corp increased by 8.2% to $1.83 after a decline of 12% on the previous day [4] - Intuitive Machines Inc gained 7.8% to $11.70 after a 6% increase on Thursday [4] Declining Stocks - Zeta Network Group fell 29.4% to $0.72 after a previous jump of over 55% [4] - cbdMD Inc tumbled 19.2% to $1.56 after a 15% dip on Thursday [4] - Aimei Health Technology Co Ltd fell 15.8% to $44.00 after a significant increase of over 100% [4] - VS Media Holdings Ltd declined 13.2% to $0.090 after a 38% increase [4] - SeaStar Medical Holding Corp decreased by 11.8% to $0.26 after announcing a 1-for-10 reverse stock split [4] - Mega Fortune Co Ltd fell 10.7% to $7.87 after a decline of around 33% [4] - Ryvyl Inc dipped 10.7% to $0.21 following a previous decline of around 14% [4] - Nike Inc shares dipped 9.9% to $59.11 despite better-than-expected earnings and sales results, citing a decline in gross margins [4] - BlackBerry Ltd dipped 4.6% to $4.13 following third-quarter results [4] - Strata Critical Medical Inc fell 4.1% to $5.00 [4]

Investment Rating - The report maintains a BUY rating for Li Ning with a new target price of HK$ 19.81, reflecting an upside of 15.4% from the current price of HK$ 17.16 [3][17]. Core Insights - Li Ning's FY24 results were in line with market expectations, with a slight improvement in 4Q24 operating numbers. The company has provided conservative guidance for FY25E, targeting flat sales growth and a high single-digit net profit margin [1][14]. - The management anticipates stable growth in average selling price (ASP) and volume for FY25E, with a focus on improving the lifestyle segment while maintaining growth in running and basketball categories [1][12]. - The report indicates that the worst may be over for Li Ning, as early trends in 1Q25E show improvement, despite the high current valuation [1][14]. Financial Summary - FY24 revenue reached RMB 28.7 billion, a 4% year-on-year increase, while net profit fell by 5% to RMB 3.0 billion, resulting in a net profit margin of 10.5% [2][14]. - For FY25E, revenue is expected to remain flat at RMB 28.7 billion, with a projected net profit of RMB 2.67 billion, reflecting a decline of 11.3% year-on-year [2][12]. - The report revises down net profit forecasts for FY25E and FY26E by 23% and 20%, respectively, due to slower retail sales growth and increased advertising and promotion expenses [1][12]. Earnings Revision - The report shows a significant downward revision in earnings estimates, with FY25E revenue revised down by 5% to RMB 28.68 billion and net profit adjusted down by 22.9% to RMB 2.67 billion [12][13]. - Gross profit margin is expected to improve slightly to 49.6% in FY25E, while operating profit margin is projected to decline to 11.6% due to increased A&P expenses [12][16]. Market Position and Performance - Li Ning's market capitalization is approximately HK$ 44.9 billion, with a P/E ratio of 16x for FY25, which is considered relatively high [5][17]. - The company has a shareholding structure with significant stakes held by Viva China Holdings (10.4%) and GIC Pte Ltd. (5.0%) [6]. Sales Growth and Channel Performance - The report highlights that retail sales growth rebounded to high single digits in 4Q24, improving from a mid-single-digit decline in 3Q24 [14]. - Management expects improvements in retail discounts and a better channel mix, particularly with online sales, which typically yield higher operating margins [1][12]. Segment Performance - For FY25E, management projects a decline in clothing sales by 3% while expecting growth in shoe sales by 1.7% and equipment sales by 5% [16]. - The report indicates that the company is focusing on enhancing its lifestyle segment while maintaining its core categories of running and basketball [1][16].

Core Insights - Nike Inc reported a fiscal third-quarter earnings and revenue beat but expects a significant sales decline in the fiscal fourth quarter due to restructuring, weak consumer confidence, and tariffs [1] - The stock experienced a 7.7% drop, trading at $66.30, marking its fourth consecutive daily loss and the worst single-day percentage drop since June [2] Financial Performance - Nike's shares have a year-over-year deficit of 34.2% and reached a nearly five-year low of $65.18 [2] - At least 10 firms, including J.P. Morgan Securities, have reduced their price targets for Nike, with J.P. Morgan lowering it from $73 to $64 [1] Market Activity - Options trading volume for Nike has surged, with 108,000 calls and 98,000 puts exchanged, which is five times the typical volume [3] - The most popular options contract is the March 65 put, with new positions being opened at the 66 put [3] Sentiment Analysis - The 10-day put/call volume ratio for Nike stands in the 95th percentile of its annual range, indicating a bearish sentiment among short-term options traders [4]

Group 1 - BofA Securities analyst Lorraine Hutchinson maintains a Buy rating on Nike Inc with a price target of $90.00, highlighting management's proactive measures to adjust the market and clear old inventory for new product launches [1] - The analyst projects third-quarter EPS of $0.22, indicating that the results will be less significant than the overall message regarding the product reset cycle and the traction of new products [2] - Management may delay offering an F26 outlook due to uncertainty surrounding the product reset and consumer spending trends [3] Group 2 - The analyst anticipates that management might provide insights into margin recovery for F26, but detailed earnings guidance is unlikely [4] - Margin risks are expected in the third quarter as management focuses on reducing lifestyle inventory through wholesale buybacks and markdowns [5] - Actions such as buying back products from retail partners will increase inventory on the balance sheet, but short-term margin pressure is seen as beneficial for stock outlook, indicating progress in clearing the way for new products [6] Group 3 - The earnings call may not reveal major product updates, but early successes in products like Vomero 18 or Pegasus Premium will be closely monitored as key catalysts to re-engage investors [7] - NKE shares closed lower by 0.53% at $73.31 on Tuesday, reflecting market sentiment [7]