Nike (NKE) Higher Following Boosted FY12 Outlook from Large Rival
Tweet Send to a Friend
Get Alerts NKE Hot Sheet
Price: $64.45 -1.2%
Overall Analyst Rating:
BUY (= Flat)
Dividend Yield: 1.3%
Revenue Growth %: +6.9%
Overall Analyst Rating:
BUY (= Flat)
Dividend Yield: 1.3%
Revenue Growth %: +6.9%
Trade NKE Now!
Nike (NYSE: NKE) shares have been in positive territory all day Monday following what would seem to be a bullish announcement from one of its largest rivals.
According to the company website, athletic clothing giant adidas said its first-quarter revs rose 14 percent to €3.8 billion. Operating profit rose 30 percent to €409 million.
Adidas issued a note of caution to its investors: "...commercial irregularities discovered at Reebok India Company, in India, will likely affect the consolidated financial statements of the adidas Group. The currently estimated maximum negative impact could be up to a pre-tax amount of € 125 million."
Group sales for the full year are now expected to grow at a rate approaching 10% on a currency-neutral basis (previously: mid- to high-single-digit). Net income attributable to shareholders is expected to increase at a rate between 12% and 17% (previously: between 10% and 15%).
Shares of Nike are 1.1 percent better on the session, moving as much as 0.9 percent shy of a new 52-week high.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
According to the company website, athletic clothing giant adidas said its first-quarter revs rose 14 percent to €3.8 billion. Operating profit rose 30 percent to €409 million.
Adidas issued a note of caution to its investors: "...commercial irregularities discovered at Reebok India Company, in India, will likely affect the consolidated financial statements of the adidas Group. The currently estimated maximum negative impact could be up to a pre-tax amount of € 125 million."
Group sales for the full year are now expected to grow at a rate approaching 10% on a currency-neutral basis (previously: mid- to high-single-digit). Net income attributable to shareholders is expected to increase at a rate between 12% and 17% (previously: between 10% and 15%).
Shares of Nike are 1.1 percent better on the session, moving as much as 0.9 percent shy of a new 52-week high.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- J.P. Morgan (JPM) CEO Dimon Might Have Enough Votes to Stay Chairman - NY Times
- Shorts Buried in MLM Companies (HLF) (USNA) (NUS)
- Sony (SNE) is Early Winner in Battle of Video Game Giants (MSFT)
Create E-mail Alert Related Categories
Insiders' Blog, Trader Talk
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
