Today we are watching…
1. Nike (#nike)
It’s still hard to believe that Kobe Bryant, the basketball Hall of Famer and global sporting icon, is gone. In his playing days, Nike was his brand of affinity as well as his creative partner in releasing merchandise. The company confirmed yesterday that all Kobe apparel was sold out, leaving a tribute message in its place. What most people don’t know is that the “mamba mentality” stretched beyond athletics. Kobe co-founded a successful venture capital investment fund called Bryant Stibel seven years ago. Thanks to his insane work ethic and off the court dedication to learning, those market plays will continue to flourish without him. Mamba forever!
2. 3M (#mmm)
Before 2018, the Minnesota Mining and Manufacturing (3M) Company had a proven track record of delivering steadfast dividends to investors. However, the firm is now running a seven-day schedule to get orders out of the door, keep up with current demand, and rebuild that reputation. Investors are slamming 3M following a disappointing earnings release yesterday, where the CEO admitted to struggles in producing disposable face masks. Fear of the coronavirus spreading, rational or irrational, has driven their sales. It’s a market opportunity that 3M can’t afford to miss amid downsizing and general struggles, so the firm has kept open its Chinese manufacturing facility.