Nike, Pepsi, and Fermi Stocks Plummet Amid Wall Street Concerns
Nike (NKE), PepsiCo (PEP), and Fermi LLC (FRMI) stocks all hit their annual lows last week amid growing Wall Street concerns and macroeconomic headwinds.
The stocks of these three companies declined due to various reasons. Nike's stock fell 0.67% at close on Friday after Bank of America downgraded the stock from 'Neutral' to 'Underperform'. BofA analyst Lorraine Hutchinson downgraded Nike to Underperform, citing downside risk to earnings estimates, and believes the company's turnaround will take longer than expected.
PepsiCo's (PEP) stock slumped to a 52-week low of $126.90 on Friday but closed up 0.37% as rising input costs and slowing North American sales weighed on its shares.
Fermi LLC's (FRMI) stock lost 0.66% at close on Friday due to its pre-revenue status, massive cash burn, and ongoing dispute with former CEO Toby Neugebauer.