Stocks closed mixed on Thursday, Oct. 19, the 30th anniversary of Black Monday and the stock market crash of 1987.
Much of the Dow blue chip index was up for the day, including Nike Inc. (NKE - Get Report) , despite some damning news from Goldman Sachs & Co.'s (GS - Get Report) research department and a jersey snafu with perhaps its most notable brand ambassador, Lebron James.
Earlier this week the Cleveland Cavaliers star tore his jersey during the NBA season's nationally televised opener. It was the start of some bad news for Nike this week as the company watched it stock downgraded to "neutral" from "buy" due to "signs" of weakness in foreign sales which make up about half of the company's revenue.
Still, Nike is the 800-pound gorilla of the sports apparel business and its scale will help it fight off any downturn, one Wall Street analyst said. Nike's marketing budget alone, for instance, is the same size as Under Armour's (UA - Get Report) entire top line. The upside here far outweighs the down as the NBA remains immensely popular in China where Nike has invested a lot of time and money to pick up market share.
And now a little update on that not-so-little IPO that Saudi Arabia may be planning for its state-owned oil company, Saudi Aramco.
A proposal, from the U.K.'s Financial Conduct Authority, which looks to change its premium listing rules, are being viewed largely as a way of making it easier for oil giant Saudi Aramco to float shares on the London Stock Exchange.
However, that's got critics suggesting that concerns around Brexit are weighing on the FCA as it tries to ensure that London retains its position as an important global financial center. The critics worry more that Saudi Aramco, expected to become the world's largest listed company, may be only the first of many state-controlled enterprises to employ the FCA's soon-to-be-approved rules and list on the LSE.
In a nutshell, they wonder if London is opening the gates to poor corporate governance in a bid to retain its status as the financial epicenter of Europe even after it leaves the EU.
Today's the day. The bulk of TheStreet's Black Monday special series is up and running. Check out some of the great pieces from the staff, including a testimonial from our top staffers as they remember Black Monday.
Photo of the day: Remembering Black Monday
News of the stock market crash of 1987, known as Black Monday, traveled quickly throughout much of the United States and the world. By the morning of Oct. 20, news of the 22% market sell-off and the ensuing panic had managed to work its way onto the front page of just about every major newspaper around the globe. Many thought the crash was the start of the next Great Depression and the headlines of the day reflect it. London's papers latched onto the panic as did those in Philadelphia, Los Angeles and the Netherlands. Of course, all the major (and not-so-major) New York papers (New York Times Co. (NYT - Get Report) and New York Daily News) were in on the action, as was Time Inc.'s (TIME) Time Magazine. In the event of another crash, we will likely be reminiscing about Facebook (FB - Get Report) posts or Tweets from Twitter (TWTR - Get Report) 30 years removed. But from 1987 to 2017 we have the black and white pages of the world's newspapers to look back on.
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