Nike Rebounds Off Foot Locker-Induced Low

Nike Inc NKE shares are trading lower by $2.20 (4 percent) at $55.26 in Friday's session.

The stock was hit hard off the opening bell after Foot Locker FL reported a dismal Q2, and correspondingly sold off by more than 25 percent.

See Also: Foot Locker Plummets As CEO Says Certain Sales Fell 'Well Short Of Our Expectations'

Following the lower open, Nike continued in that direction until finding support at $54.17. That almost took the stock to the area it was trading at ($54 area) before its much better-than-expected Q2 that instigated nearly a $6.00 rally in the stock. On June 30. the day after its report, it leaped from $53.17 to $59.00.

Since coming off that low, Nike has continued to make new highs for the session, with the current one standing at $55.42 as of 11:48 a.m. EST. In order to reach the lower end of Thursday's range, it would need to reach $57.42.