Why Nike Stock Is Off and Running Today
Shares of shoe retailing giant Nike (NYSE: NKE) are trading higher this morning. After racing up by nearly 7% in early trading, shares held a gain of 4.1% as of 11:20 a.m. ET. Even after paring that initial increase, the share price bump represented an increase in market cap of about $8.5 billion.
That valuation boost from investors came after the company reported its fiscal 2022 third-quarter results last night. Nike beat estimates for its quarterly period, ended Feb. 28, with earnings of $0.87 per share on $10.9 billion in revenue. Analysts on average expected $0.71 in earnings and $10.6 billion in revenue, according to Refinitiv. Perhaps most importantly, the company said sales declines in China have eased, and price realization has improved year over year there.
Source Fool.com
