Diamonds and Dogs
NIKE (NKE) found its wings again. The shoe and apparel maker is up 8% back to a four month high following better than expected earnings. The company easily beat earnings estimates while revenue rose 5.3% year over year to $8.68 billion. The earnings were helped by a repurchase of 14.9 million shares for approximately $820 million as part of the four-year, $12 billion program. Going forward, Nike will test pilot program with Amazon to sell a limited number of products directly. Nike has also begun a partnership with Instagram (FB) to makes purchases through the Instagram app.
Micron (MU) remains cyclical. The DRAM chipmaker is down 4% back to the monthly low following better than expected earnings. The company beat estimates by 11 cents as revenues rose 92.2% year over year to $5.57 billion. The company also raised guidance for the current quarter, but shareholders were unimpressed. Going forward the company expects healthy industry demand to persist into 2018. Analysts are all over the map with price targets ranging from $33 to as high as $60.
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