I hope you bought Nike (NKE) after I recommended it last Saturday. Nike reported fiscal 1st quarter earnings after the closing bell today and it was quite good. Nike reported a profit increase of 9%, revenue was up 7.8%. Analysts polled said Nike's EPS (earnings per share) would be $1.02. Nike reported an EPS of $1.14.
CEO Mark Parker has said that Nike has efficiently cut costs and inventory to deal with the recession. As we have seen in the last 3 quarters, Nike is regaining its ground and headed to pre-recession levels of business. NKE was up 5% in after hours trading. Look for a similar price movement during tomorrow's trading day.
Trade: If you didn't pick up Nike after I recommended it last weekend, don't go chasing anything in tomorrow's trading session. Unless you have proven your day trading skills, don't buy until Nike has a pull back. Invest Chief is bullish on shares of Nike.