The U.S. stock market jumped today in morning trading, with the Dow Jones Industrial Average rallying 250 points.
Shares of Nike Inc. (NKE, Financial) jumped on Friday trading after the company posted fourth quarter earnings per share of 69 cents on revenue of $9.8 billion, representing a 12.9% year-over-year increase. The company managed to beat earnings estimates by 5 cents and revenue by $390 million.
Revenues for the Nike brand were $9.3 billion, up 9% due to the increase in Nike Direct, international geographies, Sportswear, Global Football and growth in North America. Revenues for Converse were $512 million, down 14%, because the growth in Asia was offset by declines in other countries.
The gross margin increased 60 basis points to 44.7%, due primarily to higher average selling prices.
Moreover, the Board of Directors has authorized a four-year program, consisting of $15 billion to repurchase shares.
Gainers
• Celgene Corp. (CELG, Financial)
• MGM Resorts International (MGM, Financial)
• Albemarle Corp. (ALB)
• IPG Photonics Corp. (IPGP, Financial)
Losers
• Under Armour Inc. (UA, Financial)
• CVS Health Corp. (CVS, Financial)
• AES Corp. (AES, Financial)
• Foot Locker Inc. (FL, Financial)
Global markets
The main European stock markets traded in positive territory. The U.K.'s FTSE advanced 0.64%, France's CAC gained 1.17%, Spain's Ibex inched up 0.60% and Germany's Dax closed up 1.27%.
In Asia, markets closed in the green. Japan's Nikkei gained 0.15%, India’s BSE Sensex rose 1.10%, Hong Kong's Hang Seng advanced 1.61% and China´s Shanghai jumped 2.17%.
Disclosure: The author holds no position in any stocks mentioned.
