Nike: S&P Intraday Laggard
The S&P 500 was rising 24.61 points, or 1.85%, to 1,353.65.
Shares of Nike declined 11.02% to $86.21. The athletic apparel company and sneaker maker reported Thursday fourth-quarter profit of $549 million, or $1.17 a share, on revenue of $6.47 billion. Analysts, on average, expected earnings of $1.37 a share on revenue of $6.51 billion.
Nike trades at an estimated price-to-earnings ratio for next year of 20.36 times; the average among its peers is 18.3. For comparison, Under Armour (UA) has a higher forward P/E of 47.64.Fourteen of the 24 analysts who cover Nike rated it buy; 10 analysts gave the stock a hold rating. The stock has fallen 10.5% year to date. -- Written by Alexandra Zendrian
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