Fast Money Blog- 3/24/23

The highlight of the week were Nike’s great earnings.  On Tuesday, March 21st, Nike, Inc. (NKE) released its earnings for Q3 2023. The company posted top-line revenue of $12.4 billion, up 14% year-over-year.

Here’s how Nike’s quarterly revenue broke down:

Revenues for the NIKE Brand were $11.8 billion, up 14% year over year.

NIKE Direct sales were $5.3 billion, up 17% year-over-year.

Revenues for Converse were $612 million, up 8% year-over-year.

In the 3rd quarter, Nike returned dividends of $528 million to shareholders, up 9% from the prior year.

Although Nike has been range bound for the last 6 months, it’s revenue is outstanding.  If you own shares at $150 or higher, you must continue to sell 6 month calls against your existing shares.

Based on these current earnings, Nike is the perfect date.

In Other News

As I’m sure you known, on Wednesday, March 22nd, the Federal Reserve raised interest rates by 0.25%, bringing lending rates to a range of 4.75%-5%, the highest since October 2007.

However, remain positive as I think the Fed may be close to pausing interest rate hikes in light of the stress these hikes are putting on global and regional banks.

Remember as interest rates get higher, covered call premiums get larger.

Stay Open!  Stay Positive!

Tyrone Jackson, The Wealthy Investor