Nike Plummets on Q4 Earnings Results

Nike NKE released its fiscal fourth-quarter earnings results after the closing bell on Thursday afternoon. The company reported net income of $549 million or $1.17 per share, versus $594 million or $1.24 per share, in last year's corresponding quarter. This compared to analysts' consensus EPS estimates of $1.37. Revenues in the period were $6.47 billion, up from $5.77 billion last year. This also missed Wall Street consensus estimates of $6.51 billion. In the after hours trading session, NKE shares have plunged around 10% to $87.25. A number of other stocks are also falling in sympathy with Nike. Under Armour UA was down around 4% to $87.00 while Finish Line FINL had lost 3% to $18.12. Foot Locker FL was trading down almost 4% to $27.80 in the after hours.