Midday Wrap: Nike Rises, Match Falls on FTC Suit

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Shares of Match Group (MTCH) - Get Report dropped Wednesday after the Federal Trade Commission said it was suing the online dating company over fake love-interest ads that it says tricked hundreds of thousands of customers into purchasing paid subscriptions.

The FTC also claims that Match unfairly exposed consumers to the risk of fraud by making it difficult for users to cancel their subscriptions. Match is also accused of touting profiles it knew were fake in order to trick people into paying for subscriptions.

Nike (NKE) - Get Report  shares jumped after hours after the sports-apparel maker reported fiscal-first-quarter earnings and revenue ahead of analyst expectations while growth in Asia also surprised investors.

For the quarter ended Aug. 31, the Beaverton, Ore., company reported earnings of 86 cents a share against 67 cents in the year-earlier quarter. Analysts surveyed by FactSet were expecting 70 cents.

Revenue for the period was $10.66 billion, up 7% from a year earlier. Analysts were looking for revenue of $10.44 billion. 

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