Diamonds and Dogs
Nike (NKE) flying higher. The Dow component is up 10% at a 52-week high on better than expected earnings. Nike beat by 5 cents as revenues rose 12.8% year/year to $9.79 billion. Sales were driven by more direct (higher margin) sales, International sales, Sportswear, Global Football and growth in North America. Inventories for NIKE, Inc. were $5.3 billion, up 4%, primarily driven by strong demand globally. Nike announced a new $15B buyback and received three upgrades this morning.
Constellation Brands (STZ) taking a hit after missing earnings estimates. Constellation Brands misses by $0.24 on in line revenue. Sales rose 6.1% year/year to $2.05 billion. The company did reaffirm earnings guidance, but that did little to satisfy shareholders.