Nike (NYSE:NKE) is getting its inventory bloat under control, much to the delight of investors. Shares of the apparel and footwear giant surged after it reported fiscal second-quarter earnings after the bell Tuesday.
Nike (NYSE:NKE) delivered a surprise earnings gain for its fiscal second quarter late Tuesday. NKE stock soared in late trade after the athletic shoe and apparel behemoth reported better-than-expected results in light of the high-inflation environment.
Shares of Nike (NYSE:NKE) jumped in extended trading Tuesday after the sporting-goods retailer reported better early holiday sales than expected. The company reported earnings of $0.76 per share on revenue of $10.36 billion. Both the top and bottom line beat analysts’ expectations of $0.64 per share and $9.80 billion, respectively.
Nike's stock spiked more than 13% in extended trading Tuesday after the sporting-goods retailer reported better early holiday sales than expected. The company also raised its revenue forecast for the year.
Nike stock has rallied nicely off lows ahead of its upcoming earnings report, but it's getting some resistance at a key level. The stock surged nearly 13% in after-hours trading Tuesday after the company reported better-than-expected earnings and revenue for its fiscal second quarter and raised its revenue guidance for the year.
Wall Street's main stock indexes rallied on Wednesday and were on track for their best day this month, boosted by Nike, while improving economic data and better-than-expected earnings gave investors hope of a quick economic recovery.
Check out the companies making headlines in midday trading. Rite Aid — Shares of Rite Aid dropped nearly 14% in midday trading after the company reported a wider-than-expected loss in its fiscal fourth quarter.
Nike shares are surging Wednesday after the sportswear company raised its revenue-growth outlook and reported a better-than-expected set of quarterly results. The company raised its full-year revenue-growth outlook to 15% from a previous range of 8%-11%, driven by strong demand for its products in North America and China.
