Nike Down 5% After Mixed Q3 Report

Nike Inc NKE shares are trading lower by $3.10 (5.3 percent) at $54.85 in Wednesday's session.

Although the company beat on the bottom line for the 19th quarter in a row by $0.15, it had slight miss on the top line. Q4 sales growth will be in the mid-single digit range.

After a lower open, Nike's stock managed a brief rally to $54.97 before continuing its move lower. At this time, it has found some intra-day support ahead of its February 9 low ($53.93) at $54.23. That low is $0.04 below its pre-market low of $54.27. If the $53.93 low is breached, the previous day's low (February 8) isn't until $52.70.

Adding to the weakness in today's session is that the Street was leaning the wrong way into the report. Off Tuesday's open, Nike peaked at $59.00, which represents its highest level since it peaked in September at $59.18.