Tuesday: Nike Earnings Fall Short of Lowered Estimates

Compiled by John J. Edwards III
Staff Reporter

No murmurings escaped the Fed meeting in Washington on Tuesday, and none are expected as the meeting concludes Wednesday. But the markets will muddle on, reacting in part to these post-close items:

Nike (NKE Quote) continued to tread a disappointing path, reporting fourth-quarter earnings of 52 cents per share versus 46 cents a year earlier. The 17-analyst First Call consensus estimate was 53 cents, however. Estimates were trimmed from 69 cents after Nike warned May 29 of a coming shortfall. Nike shares dipped to 58 after hours from their close at 58 13/16, Reuters reported.

Pennzoil (PZL Quote) rejected an $84-per-share hostile bid by Union Pacific Resources (UPR Quote). "The bid is inadequate," Chairman James Pate reportedly said in a conference call. Pennzoil said it wouldn't seek a "white knight" rescuer and would endeavor to go it alone. ...