Nike Opens 8.5% Lower on Weak Q3 Results, Downgrade

Financial News Network
March 18, 2011 AT 6:47 PM
Nike (NKE) starts lower after it reported late Thursday Q3 revenue of $5.1 bln, in line with Street estimates. EPS was $1.08 per share, less than expectations of $1.13 per share, if comparable. As of the end of the quarter futures orders for NIKE Brand athletic footwear and apparel, scheduled for delivery from March through July 2011, totaled $7.9 billion, 11% higher than orders reported for the same period last year. Excluding currency changes, reported orders would have increased 9%, it said. Separately, shares were cut this morning to neutral from conviction buy at Goldman Sachs. Goldman cuts its price target to $85 from $95.