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Nike Inc (NYSE: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.
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