Nike Inc NKE shares are trading lower by $0.50 at $58.18 in Tuesday's session. After the close, the company will report Q3 earnings. Street estimates for EPS stand at $0.53 on revenues of $8.47 billion.
Don't surprised if company beat for EPS and isn't rewarded. The reason being the company has beat on EPS for 18 straight quarters going to back to Q1 2012. While the stock has more than doubled since its month-ending September 2012 close of $23.73, it peaked in December 2015 at $68.19 and hasn't been near that level ever since.
On Monday, Nike's stock cleared its short-term resistance at the $58.00 area and reached $59.00 earlier in today's session. That takes the issue back to levels not seen since August 2016, when it peaked at $60.22.
Since making that intra-day high, it has drifted lower as $58.18 stands as the low for the day. If the decline continues, there may be minor support at Monday's low ($57.96) and additional support at Friday's low of $57.31.
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