Stocks rose on Friday but gave up much of their gains in late trading as bank stocks fell back. Financials had risen earlier after most of the 35 lenders supervised by the Federal Reserve passed the second phase of stress tests that will allow them to increase dividends and share buybacks. The Dow Jones Industrial Average ended up 55 points or 0.23%, the S&P 500 gained 0.08%, and the Nasdaq was up 0.09%.

Not all banks are created equally and Deutsche Bank (DB)  found that out the hard way this week. The Fed said Thursday, June 28, it had identified "widespread and critical deficiencies" in the capital-planning practices of DB USA, Deutsche Bank's U.S. subsidiary. As a result, DB USA won't be able to pay out regular dividends to the German parent company at least until next year, a senior Federal Reserve official told reporters. Curiously, shares of Deutsche Bank closed up 2% on Friday even after receiving a fresh rebuke from the Federal Reserve over "critical deficiencies" in its financial planning. A bit of a dead-cat bounce, for you traders out there, it seems.

Nike's (NKE)  recent quarter was a home run, a swish, a hole in one, an ace. But not everything is a slam dunk at Nike. TheStreet's Michelle Lodge explains why Nike's Jordan brand saw revenue drop 8% to $2.86 billion this quarter versus $3.1 billion in the same period last year. "Nike put too much product in the market, and liquidation rates slowed. The shoes weren't selling," Matt Powell, vice president and senior industry adviser for the NPD Group, told Michelle. Not sure if Powell has ever tried to buy a pair of exclusive Jordans before but given my closet, I can tell you that "too much product" to me sounds more like "too much product that no one wanted." Jordans in new and funky color-ways are great but innovation and new products -- i.e. Adidas NMD hit -- seems like more of a long term strategy for growth. Time will tell how the house of Phil Knight will respond to Jordan's woes, in the meantime, the rest of the business seems to be hitting on all cylinders.

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