As reported earlier, following some horrifying guidance German sportswear titan Adidas tumbled by the most ever, blaming not the weather, or the World Cup, but Russia (leading some to wonder just who will be shouldering all those “costs” Obama refers to during every teleprompted appearance).
What we didn’t mention is that today’s record massacre of Adidas longs happened minutes before Goldman decided, after the fact to remove the company from its “Conviction Buy” list (but still kept the stock that has lost 18% in the past year at a Buy).
To wit: “We remove adidas from the Conviction List following the company reducing FY14 net income guidance (to €650mn from €830mn), resulting in 33%/40%/46% cuts to our FY14-16 earnings estimates. Our new 12-month price target is €77.5. Since being added to the Conviction List on October 18, 2013, the shares are -16.1% vs. FTSE World Europe index +6.7%. We also remove the stock from the Directors of Research Focus List.“
What can one possibly add here to the following well-known image which says it all.
via Zero Hedge http://ift.tt/1oQBGhr Tyler Durden