On Monday, the U.S. sportswear giant NIKE Inc (NKE) announced better-than-expected quarterly results and increased its full-year revenue forecast. The news resulted in gain of 4.91 percent to $144.02 for stock which was a new all-time high. In its fiscal second quarter, the Oregon-based firm posted revenue of $1.25 billion, or 78 cents per share, on revenue up 7 percent at constant exchange rates to $11.2 billion. For revenue of $10.55 billion, the consensus was for an EPS of 63 cents. Internet sales rose by 84% and now make up more than a third of overall sales. Geographically, China’s revenues rose by 24.4% to $2.3 billion, while North America saw its revenues rise by 2% to just over $4 billion (with an increase of more than 100 percent online).
Nike is now targeting 11-15 percent annual growth against an increase in revenue of around 10 percent earlier. Despite a 90 basis points fall in the second quarter due to large discounts to minimize inventory, gross margin is projected to increase by 50 basis points.
The Covid-vaccine maker Pfizer Inc (PFE) was down -0.80 percent to $37.38. On Monday, the European Medicines Agency (EMA) gave the green light to vaccine candidates Pfizer and BioNTech, with the possibility of enabling vaccinations to begin in less than a week in the European Union. The European Commission was scheduled to decide on the vaccine by Monday evening after that positive decision. “Now let’s act quickly. I expect the European Commission to make a decision by this evening,” said Committee Chair Ursula von der Leyen on her Twitter account.
The Boeing Company (BA) saw a decline of -0.20 percent to settle at $219.31. The U.S. giant is still unable to complete the setbacks of its B737 MAX, but has been allowed to return to the air in recent weeks. Boeing officials “inappropriately prepared” test pilots before passing tests for new certification of the aircraft, according to a U.S. Congressional investigation.
The report, which also involves the Federal Aviation Administration (FAA), states that the officials of the aircraft manufacturer and the regulator “have established a predetermined outcome to reaffirm a long-standing assumption about the human factor related to the reaction time of the pilot. It appears that the FAA and Boeing tried to hide important information in this situation that could have been important.”