Nike (NKE) stock dropped 3.94% to trade at around $97.40. The drop is being attributed to the unexpectedly poor results of the 2020 fourth quarter and full year that ended May 31, 2020.
Pou Chen Corp., the world’s largest maker of athletic shoes, wants to pause its operations in Vietnam, because of concerns about a potential outbreak of the coronavirus. Pou Chen’s shares are down.
Nike reported quarterly earnings that have topped analysts’ expectations boosted by the company’s digital business and its success in North America. Nike stock is over 10% up today.
The Stock Market has responded positively to Trump’s hint at a possible resolution to the trade war with China. There were modest gains which seem to be unaffected by the current impeachment proceedings against Trump.
In September Nike will release a new line of its Huarache shoes but this time, they will be equipped with FitAdapt technology, allowing users to control the lacing via a mobile app or through Siri. Nike has not yet set a price.