Heavy Hitters: Nike Jumps More than 2%, Apple Skips Rally and Drops 1%
Shares of Nike (NYSE:NKE) jumped more than 2 percent in late afternoon hours. The company announced quarterly earnings of 76 cents per share, beating estimates calling for 74 cents per share. Revenue of $6.7 billion also topped estimates of $6.64 billion. “Fiscal 2013 was a great year for NIKE, driven by our innovative products and the power of our brands,” said Mark Parker, president and chief executive officer of Nike. “And we’re excited about what lies ahead.” Shares of Foot Locker (NYSE:FL) also traded higher on the news.
Accenture (NYSE:ACN) shares plunged 6.4 percent in late afternoon trading. The global management consulting and technology services company posted fiscal third-quarter earnings of $1.14 per share, beating estimates by one penny. However, revenue of $7.2 billion missed expectations for $7.4 billion. Pierre Nanterme, Accenture’s CEO, said, “Our third-quarter results were solid overall, although consulting revenues were below our expectations. We delivered very good profitability, with operating margin expansion and EPS growth reflecting the disciplined management of our business.”
Shares of Boeing (NYSE:BA) flew 2.4 percent higher on Thursday, despite All Nippon Airways saying one of its 787 Dreamliner jets experienced problems with the air-conditioning system. As a result, more than 100 passengers had to take a different plane from Tokyo to Frankfurt.
Apple (NASDAQ:AAPL) shares dropped 1 percent on Thursday and continued to edge slightly lower in late afternoon hours. Susquehanna analyst Chris Caso believes that most analysts are underestimating the impact that Apple’s upcoming low-end devices will have on the company’s bottom line. Based on his industry supply chain sources, Caso is reducing earnings expectations for next two Apple quarters. “We are lowering our Apple estimates to reflect our latest production checks, which indicate continuing mix challenges, and that current production won’t allow the new iPhones to be released before September,” said the analyst via StreetInsider.
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