Investors bid up Nike's rivals Adidas and Puma in early European markets action, after their U.S. peer beat first-quarter earnings forecasts.
Investors bid up Nike’s rivals Adidas and Puma in early European markets action, after their U.S. peer beat first-quarter earnings forecasts.
Adidas shares ADS, +5.32% jumped 6%, and Puma stock PUM, +5.47% rose 5%, after Nike NKE, +0.23% reported better margins than forecast even though revenue met expectation.Analysts at JPMorgan led by Olivia Townsend said the read-across to the European sporting goods sector was better-than-expected demand in North America, a solid performance in Europe, expansion in gross margins and ongoing improvements in inventory levels.
The major European indexes also advanced on Friday, with the U.K. FTSE 100 UK:UKX, German DAX DX:DAX and French CAC 40 FR:PX1 each sporting gains around 0.7%. U.S. stock futures ES00, +0.37% also edged higher ahead of the release of the PCE price index report later. The S&P 500 SPX ended Thursday with a 0.6% rise.
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