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Adidas came out with figures today and they have also been working on a turnaround plan which appears to be working - the market have responded positively and the share price was up nearly 5% earlier. I think yesterday was pure manipulation to accumulate shares as cheaply as possible before the trading update - if you look at what happened to THG yesterday, the manipulation seems to be rife at the moment and it beggars belief that it is still allowed to happen in this day and age.
Also posted results yesterday - online sales were down a little but their trading update was ahead of forecasts - they were expecting a slowdown of 2% and it was 1.7% down on the previous period - Next were up over 3% on that news.
To me this isn't about fears of Asos needing to raise capital - we'd have already heard about it if that was the case - I think its order filling based on the way the share price has been opening over the last week or so - very wide spread to deter buyers and now a massive share price drop just to see how many extra shares they can get and of course Simple Simon rearing his head with doom and gloom again.
At 9.00 is a programme called Asos - How Do They Really Do It? Insiders and experts reveal the secrets behind how in just two decades ASOS has become a fashion powerhouse delivering huge profits for the online retailer.
I remember a long time ago when Asos had a fire at their warehouse and the share price dropped from something like £70 to £17 - liberum were very negative on the stock for a long time and as I was a bit green behind the ears, I believed in what they were saying, and I saw the share price increase to £30 odd in a short time frame and it didn't take long for it to get back over £50 so I especially take what they say with a pinch of salt - they come out in unison with the "shorters".
Certainly feels like that. I've just come back from walking the dog and Bloomberg were summarising the key points in the budget - the only thing that I picked up on was that inflation has passed its peak - that, together with what some analysts were saying on Bloomberg about the Fed not being able to increase rates over in the States any more because of the impact its had on their financial services sector may bode well for the markets going forward.
Just a shame that the Saudi National Bank Chairman who has invested in Credit Suisse had to spook the markets this morning saying they wouldn't be putting any more money into the Bank - maybe a deliberate ploy on his part to sink the share price (and the markets alongside it) so he/his mates could buy cheaper.
By a small bank in America struggling with funding so the market is worried about contagion hence the massive drop on the markets this morning. Hopefully things will be resolved by the time the US market finishes trading today and we can all get back to normal - but it does seem that the shorters will have made the most of todays news.