US Stocks sold off sharply yesterday led lower by the tech heavy NASDAQ which saw it's largest 3 day drop since November of 2011. This morning markets are trading
Cash rich NIKE is ramping up purchases of its stock as they continue their strategy of returning cash to shareholders through buybacks and dividends. The company is 1/3 of the way through an $8 Billion buyback of their stock. The current buyback follows a previous $5 Billion buyback program. Both programs have benefited shareholders with Nike's stock soaring over the last year. Shares of NIKE are trading at $72/share.
The National Federation of Independent Small Business optimism index is out this morning showing a 2 point rise in March. The index is still off the post recession high saw in January. Small business owners report the 3 biggest problems in their businesses are taxes, government regulations and red tape, and poor sales.
And the United States is warning China about the recent depreciation in their currency the Yuan. The US Treasury is pressing China to let the Yuan float in the market so that natural market exchange rates can determine its value. A weak Yuan makes Chinese exports cheaper for US consumers at the expense of US producers. Many at the Treasury believe the Chinese manipulate the Yuan to weaken it so they can export more globally.