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Nike's Rally Runs Out Of Steam After Q3 Report

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Nike Inc (NYSE: NKE) shares are trading lower by $2.24 at $62.52 in Wednesday's session. Despite a Q3 beat for EPS of $0.06, traders are focusing on its $200 million revenue shortfall.

Following the report, it swooned to $60.52 in after-hours trading. However off the open of the regular session, it immediately found support at $61.15 and began to move higher. The ensuing rally has found resistance ahead of the lower-end of Tuesday's range ($64.17), so far only reaching $62.80.

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