Nike ( NKE) posted fiscal fourth-quarter earnings on Thursday that missed analysts' expectations. The sneaker maker reported a profit of $549 million, or $1.17 a share, on revenue of $6.47 billion for the three months ended in May; analysts were expecting earnings of $1.37 a share on revenue of $6.51 billion. The company attributed the year-over-year decline in earnings to lower gross margin, higher SG&A spending, a higher effective tax rate and costs related to restructuring operations in western Europe. Shares of Nike fell 11.56% in premarket trading Friday to $85.69.
Anheuser-Busch InBev ( BUD), the world's largest brewer, confirmed Friday that it would buy the rest of Mexican brewer Grupo Modelo that it doesn't already own for $20.1 billion. Meanwhile, Constellation Brands ( STZ) said it would buy the remaining 50% of Crown Imports that it doesn't already own from Anheuser-Busch for $1.85 billion following Anheuser-Busch's deal to buy Modelo. Constellation and Modelo owned Crown as a joint venture. Constellation Brands' stock was climbing 4.46% in premarket trading Friday to $22.73. Bankers Should Be Afraid of Their Own Shadow
Retailer Finish Line ( FINL) reported first-quarter net income Friday of $12.3 million, or 24 cents a share, down from year-earlier earnings of $16.4 million, or 30 cents. Analysts, on average, anticipated earnings of 23 cents a share. The company forecast an increase in earnings per share for the next fiscal year of about 7; it earned $1.53 a share in fiscal 2012. Previously, Finish Line projected earnings per share growth would be in the mid-single digits.
KB Home ( KBH) is expected by analysts Friday to report a second-quarter loss of 35 cents a share on sales of $294.8 million. Is Facebook Better Than Sex? -- Written by Joseph Woelfel >To contact the writer of this article, click here: Joseph Woelfel >To submit a news tip, send an email to: email@example.com.