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Footwear Company Crocs Reports Quarterly Earnings
(Justin Sullivan/Getty Images)

Crocs shares jump after Loop Capital gives the funky shoe stock an upgrade

Shares of the quirky footwear brand leaped higher after analysts put a buy sign on the stock.

Nia Warfield

Shares of Crocs jumped nearly 5% on Wednesday after Loop Capital upgraded the funky shoe stock from a “hold” to a “buy.” The firm believes the stock could be a strong buy right now, despite shares dipping over 7% since the start of this year. Crocs has been pivoting production away from China for years, but still expects tariffs to take an $11 million hit from its gross profit this year.

Loop Capital also expects Hey Dude, Crocs’ recently acquired trendy footwear brand, to drive strong direct-to-consumer growth in Q1, after it helped drive the brand to better-than-expected results in its last earnings report. The firm is optimistic about future collaborations, such as its most recent one with actress Sydney Sweeney, as a way the company could expand its profile and drive growth.

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Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

  • Revenue of $11.0 billion (estimate: $10.8 billion).

  • Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

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