Nike Beats Estimates, Stock Up

9:00am (EST) Nike (NKE, $63.90, up $3.81) is up over 6% in pre-market trading after beating Wall Street’s estimates on Tuesday. For the quarter, the company earned $513 million, or $1.04 a share, versus $511 million, or $1.03 a share, in the year-ago period. Analysts were looking for Nike to earn 97 cents a share. Although revenue came in slightly lower ($4.8 billion versus $5.43 billion a year earlier), the company did a great job of managing its gross margins and inventory levels. I mentioned Nike in both updates yesterday and we had the opportunity to go long and strong in yesterday’s afternoon update. Good thing because we could be looking at a 150%-200% gain on the call options I mentioned. In fact, Goldman Sachs (GS, $183.58) came out this morning and slapped a $75 price target on the stock. Looks like we beat Goldman to the punch on this one. Subscribers, check the Members Area for the update on this HUGE winner. As we head towards the opening bell, futures are pointing to a higher open as the GDP (gross domestic product) number came in better-than-expected. That has helped push the Dow futures higher by 50 to 9,724. The S&P futures are up 6 to 1,061 while the Nasdaq 100 futures are up 8 to 1,723. Rick@MomentumOptionsTrading.com]]>

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Nike Beats Estimates, Stock Up

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