Nike's stock runs up toward record high, on heels of Foot Locker's upbeat earnings report
Shares of Nike Inc. ran up 1.9% in toward a record high in afternoon trade Friday, to pace the Dow Jones Industrial Average's gainers, on the heels of Foot Locker Inc.'s report of adjusted earnings and same-store sales growth that were well above expectations. Shares of Foot Locker, which buys a lot of Nike products, surged 5.8% Friday afternoon%. In the athletic shoe seller's 10-K filing for 2017--the 10-K for 2018 has not yet been filed--Foot Locker said about 67% of all merchandise purchased in 2017 was purchased from one supplier, Nike, and each operating division bought 44% to 73% of their merchandise from Nike during the year. Nike's stock has rallied 16% over the past three months and Foot Locker shares have climbed 12%, while the Dow has tacked on 1.8%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.