UBS says secondary market data getting less bad for Nike

UBS says the firm’s data shows that Nike (NKE) and Jordan brand footwear prices in the secondary sneaker market fell 4.7% and 1.6%, respectively, in July. The price declines continue to get less bad month-over-month, a trend that has been going on now for six months, the analyst tells investors in a research note. UBS views this as a positive for Nike. The second derivative momentum signaled by Nike in its recent earnings report continues, contends the firm. However, UBS thinks tariffs remain the key industry theme and represent a downside risk for Nike.