Futures orders, which refers to Nike merchandise to be delivered between December 2010 and April 2011, jumped 11% to $7.7 billion, the company said. Sterne Agee, one of 19 analysts covering Nike's stock, was looking for order growth of 12-13%, according to a Dec. 9 research note previewing the quarter. The stock was last quoted at $87.12, down 5.6%, on volume of 1.2 million, according to Nasdaq.com. Based on a regular session close at $92.30, the shares were up more than 35% year-to-date. Tuesday's session-high of $92.49 ahead of the report was a new 52-week peak.
XilinxXilinx ( XLNX) was weak in late trades as well, slumping 4.5% to $27.10 at last check with more than 170,000 shares changing hands. The move comes after the San Jose, Calif.-based maker of programmable logic chips said it expects a sequential sales decline in the current quarter to be deeper than previously anticipated because of weak demand from some of its large wireless communications customers. Xilinx now anticipates sales for its fiscal third quarter ending Dec. 31 to fall between 7% and 9% from its total of $619.7 million in the September-ended period. Its prior sales outlook was for between a flat performance and a sequential decline of 4%. Using the 7-9% range, the company's projection works out to quarterly sales of roughly $563.9 million and $576.3 million for the December-ending period. The current average estimate of analysts polled by Thomson Reuters is for a profit of 58 cents a share on revenue of $604.7 million in the quarter. The news prompted selling in shares of Altera ( ALTR), Xilinx's main competitor, as well. Its stock fell more than 3% to $34.66 on volume of almost 275,000.
Oxford IndustriesShares of Oxford Industries ( OXM) jumped late after the Atlanta-based fashion apparel maker announced its acquisition of Sugartown Worldwide Inc., which owns the women's brand Lilly Pulitzer. Financial terms of the deal weren't disclosed in a press release announcing the transaction but Oxford said in a Form 8-K filing with the Securities and Exchange Commission that the all-cash acquisition carried a purchase price of $60 million, and that the deal includes an earnout agreement allowing for the payment of an additional $20 million in cash over the next four years if the acquired assets achieve certain performance targets.
Oxford, whose other brands include Tommy Bahama and Ben Sherman, also said it expects the Lilly Pulitzer business to contribute more than $70 million in sales in fiscal 2011, adding earnings of roughly 40 cents a share to its results. The stock was last quoted at $24.35, up 9.8%, on volume of around 54,000, according to Nasdaq.com. Based on a regular session close at $22.17, the shares had gained 5.5% year-to-date.