NIKE, Inc. (NYSE: NKE)
NIKE, Inc. (NKE) an athletic footwear and apparel company on Tuesday announced positive fiscal 2016 second quarter financial results. Revenues were $7.7 billion an increase of 4%, up 12% on a currency neutral basis. Net Income was $785 million up 20%. Diluted Earning per shares was $0.90 an increase of 22%.
NIKE, Inc. CEO’s Comments
“Our strong Q2 growth and profitability show that NKE continues to drive real momentum through the Category Offense – by going deep with consumers by sport and serving them completely,” said Mark Parker, President and CEO, NIKE, Inc. “And our powerful global portfolio of businesses, combined with strong financial discipline, continue to drive significant shareholder value. We see tremendous opportunity ahead as we enter an Olympic and European Championships year with a full pipeline of inspiring innovation for athletes everywhere.” Business Wire
NKE Technical Analysis
NKE gapped up in price yesterday to $136.34, up from the prior day’s close of $131.85, which is a 3% increase on favorable news. Taking a look at the daily chart, we can see that we are in unchartered territory as NKE with this gap up is sitting at all time highs. NKE has a float of 673.27 million shares and is trading almost 4 times the normal daily trading volume. NKE did reach premarket highs of $136.45, but gave back $0.11 at the open. For trading purposes, my entry point would have been $136.50 looking for a run to $138. My stop loss would have been $136.25, fearing anything below that and the stock would start to fill in the gap.
Company Profile
NIKE, Inc., together with its subsidiaries, designs, develops, markets, and sells athletic footwear, apparel, equipment, and accessories for men, women, and kids worldwide. The company offers products in eight categories, including running, basketball, football, mens training, womens training, sportswear, action sports, and golf under the NIKE and Jordan brand names. It also markets products designed for kids, as well as for other athletic and recreational uses, such as cricket, lacrosse, tennis, volleyball, wrestling, walking, and outdoor activities. In addition, the company sells sports apparel and accessories; and markets apparel with licensed college and professional team and league logos. Further, it sells a line of performance equipment, including bags, socks, sport balls, eyewear, timepieces, digital devices, bats, gloves, protective equipment, golf clubs, and other equipment under the NIKE brand name for sports activities; various plastic products to other manufacturers; athletic and casual footwear, apparel, and accessories; casual sneakers, apparel, and accessories under the Converse, Chuck Taylor, All Star, One Star, Star Chevron, and Jack Purcell trademarks; and action sports and youth lifestyle apparel and accessories under the Hurley trademark. NIKE, Inc. sells its products to footwear stores; sporting goods stores; athletic specialty stores; department stores; skate, tennis, and golf shops; and other retail accounts through NIKE-owned retail stores and Internet Websites (direct to consumer operations), as well as a mix of independent distributors and licensees. The company was formerly known as Blue Ribbon Sports, Inc. and changed its name to NIKE, Inc. in 1971. NIKE, Inc. was founded in 1964 and is headquartered in Beaverton, Oregon. Yahoo Finance
