Nike posted its quarterly earnings report today, delivering a measure of relief to investors concerned after a somewhat turbulent year for the athletic wear company.
After hours trading showed a quick bump and grind in the share price, ending after hours trading (which ends at 8PM ET) on a high note of $67.53, after a daily low of $66.53. Overall the closeout trading was only just under $7 over the 52-week low of $60.13. Today’s results are probably still not impressive to those who bought at the beginning of the week, when the price was still above $70 per share.
Closing on an upward swing could either bring on selling from regular market traders or it could continue the momentum tomorrow.
Nike’s earnings report speaks to the concerns that many have had regarding fierce competition brought on by rivals like Adidas and Under Armour, both of which have similar concerns to Nike as regard the ongoing flirtations with a trade war and protectionist policies in Washington.