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Nike Was the S&P 500’s Top Gainer on June 30

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Jul. 3 2017, Published 8:24 a.m. ET

Top gainers and losers

The top gainers in the S&P 500 on June 30, 2017, were:

  • Nike (NKE) rose 11%.
  • Quanta Services (PWR) rose 3.3%.
  • Mattel (MAT) rose 3.2%.
  • United Rentals (URI) rose 2.7%.
  • Borgwarner (BWA) rose 2.7%.

The top losers in the S&P 500 on June 30, 2017, were:

  • Micron Technology (MU) fell -5.1.
  • Regeneron Pharmaceutical (REGN) fell -3.7%.
  • Western Digital Cp (WDC) fell -3.3%.
  • Dxc Technology Company (DXC) fell -2.3%.
  • Viacom Inc Cl B (VIAB) fell -2.3%.
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Nike

Nike—a multinational corporation that designs and manufactures footwear, apparel, and accessories—rose on June 30. Nike’s better-than-expected fiscal fourth quarter earnings improved the sentiment and boosted the stock price.

Earnings

Nike posted EPS (earnings per share) of $0.6 with revenue of $8.68 billion in the fiscal fourth quarter—higher than the market’s forecast of $0.5 with revenue of $8.63 billion. It’s also higher than EPS of $0.49 and $8.24 billion in revenue recorded a year ago. In emerging markets, earnings growth of 21% was observed in the fiscal fourth quarter—better than the previous year’s growth rate of -7%. In North America, which is Nike’s largest market, sales growth was flat. In western Europe and China—Nike’s second and third-largest markets—lower growth rates were observed compared to earnings growth rates the previous year.

Nike plans to sell its products directly through Amazon. According to Nike’s CEO, Mark Parker, the plan is still in the initial stages. Improved sentiment pushed the share price to the highest levels since August 2016. On June 30, Nike closed the day at $59 with a gain of 11%.

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