Stock of the day: Nike
Shares are hitting 52-week highs as Nike investors applaud the first-quarter earnings report.
Consumer sports giant Nike (NKE) reported first-quarter earnings for fiscal year 2014 yesterday, and investors and analysts alike have cheered the news this morning. Shares are up around 5%, leading to fresh 52-week highs.
Nike managed to grow revenue by 8% to $7 billion, reporting earnings per share of $0.86. EPS grew by a staggering 37%. Gross margin increased to 44.9%, thanks in part to the direct-to-consumer segment. Analysts sat up and took notice of the better-than-expected report: Sterne Agee upgraded the stock on the news, and Deustche Bank raised its price target.
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Serious issues like drought and the deterioration of the developed world spell opportunity for this industry leader.
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