Why The Eagle Bay Capital Founder Has No Reason To Be In Nike

JC Parets is the Founder of Eagle Bay Capital and discussed why he has no interest in holding an investment in

following its

with the NBA, WNBA and D - League beginning with the 2017-2018 season and extending through the 2025-2026 season. Parets noted that shares of Nike has already hit his price target of $104.50 and at current levels he "wouldn't touch it." The trading pro did however admit that if shares of Nike gap above its prior-highs of $105.50 it can trade higher to the $112 level. Shares of Nike opened for trading at $105.09 (trading as high as $105.12) on Thursday after closing at $103.63 on Wednesday. Shares quickly reversed and were trading higher by only $0.60 Thursday afternoon at $103.94. Nevertheless, Parets noted that he maintains a disciplined investment style. He added that once a stock reaches his price target, he avoids further trades in the issue. Following the morning discussion with Parets, Elconin

that Thursday's peak of $105.12 coincides with a series of four highs between $105.18 and $105.22 from May 19 to May 22. The Benzinga #PreMarket co-host also noted that shares are attempting to find support just below Wednesday's close and stage a rebound.