S&P 500, Nasdaq eye records, China trade deal near, Nike stock soars: Live Updates
Investors piled into Nike shares late Thursday despite the athletic and sneaker maker reporting broad declines in revenues across most segments. Notable, fourth-quarter revenues fell 12%.
But investors took heart in the company signaling that this weak quarter may be the bottom thanks to its turnaround strategy dubbed ‘win now’ implemented by new CEO Elliott Hill.
“The fourth quarter reflected the largest financial impact from our Win Now actions, and we expect the headwinds to moderate from here,” said Matthew Friend, Executive Vice President & Chief Financial Officer, NIKE, Inc.
Nike Inc.
$
62.55
Shares through Thursday have lost 15% this year.