NKE - Dow Edges Lower; Nike Sales Miss Estimates | Benzinga
U.S. stocks traded mixed toward the end of trading, with the Dow Jones index turning lower on Friday.
The Dow traded down 0.05% to 37,385.32 while the NASDAQ rose 0.12% to 14,982.36. The S&P 500 also rose, gaining, 0.15% to 4,753.64.
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Leading and Lagging Sectors
Consumer staples shares jumped by 0.9% on Friday.
In trading on Friday, consumer discretionary shares fell by 0.3%.
Top Headline
NIKE, Inc. (NYSE: NKE) posted better-than-expected earnings for its second quarter, but sales missed expectations.
Nike reported quarterly earnings of $1.03 per share, surpassing analyst expectations of 85 cents. Revenue of $13.39 billion missed the Street's estimate of $13.43 billion.
The company also stated that it is assessing opportunities to deliver up to $2 billion in cumulative cost savings during the next three years.
Equities Trading UP
Karuna Therapeutics, Inc. (NASDAQ: KRTX) shares shot up 47% to $316.66. Bristol Myers Squibb & Co (NYSE: BMY) agreed to acquire Karuna Therapeutics for $330.00 per share in cash, for a total equity value of $14.0 billion, or $12.7 billion net of estimated cash acquired.
Shares of Royalty Management Holding Corporation (NASDAQ: RMCO) got a boost, surging 44% to $2.87 after the company said its unit Ferrox Holdings confirmed the commencement of production of titanium ferrite from its Tivani operating site.
Daseke, Inc. (NASDAQ: DSKE) shares were also up, gaining 65% to ...