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Nike Finds Resistance Ahead Of All-Time High

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Nike Inc (NYSE: 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 $12 billion buyback plan, raised dividend and 2-for-1 stock split.

So far, it has found intra-day 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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