Morgan Stanley Downgrades Nike
Shares of Nike Inc (NYSE:NKE) have declined by more than 3% in premarket trading today after Morgan Stanley downgraded the company to “Equal Weight” from “Overweight”. Jay Sole, an analyst at Morgan Staley, said that Adidas’ comeback in the US makes the completion tougher for Nike. Mr. Sole said that retail bankruptcies, consumers’ shift eCommerce and new entrants in the markets are creating problems for the company. From our database, 64 funds hold Nike Inc (NYSE:NKE)’s shares as of the end of the first quarter. The total worth of these positions is approximately $3.6 billion. Alex Snow’s Lansdowne Partners stands out as of the biggest shareholders in the company with the ownership of more than 16 million shares.
Toyota Motor to Buy Robotics Companies from Alphabet
Toyota Motor Corp (ADR) (NYSE:TM) is close to buying two major robotics companies from Alphabet Inc (NASDAQ:GOOGL) to strengthen its weakening robotics business, Nikkei reported on Wednesday. The source said that the terms of the deal to acquire the two companies, Boston Dynamics and Schaft, are yet to be finalized. The report also claimed that Toyota will use some of the $1 billion budget of the company’s Research Institute for Artificial Intelligence for the expected acquisition. Alphabet Inc (NASDAQ:GOOGL) bought the two companies back in 2013. Out of 766 funds from Insider Monkey’s database, 155 funds were bullish on Alphabet Inc (NASDAQ:GOOGL) as of the end of March. Andreas Halvorsen’s Viking Global has around 2 million shares of the company. On the other hand, only 12 hedge funds were long Toyota Motor Corp (ADR) (NYSE:TM) at the end of the first quarter.