Nike Finds Resistance Ahead Of All Time High

Nike NKE shares are trading higher by $6 at $131.78 in Friday's session. The catalyst for the rally is the announcement by the company of a new $12B buyback plan, raised divdend and 2-for-1 stock split. So far, it has found intraday resistance well ahead of its all time high ($133.52), only reaching $132.80 before falling back under $132. The all time closing high for the issue was made on October 19 at $133.21. Joel Elconin is the co-host of Benzinga;s #PreMarket Prep, a daily trading idea radio show.

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