Market Minute: RIP Dow Winning Streak? Strong Sales Boost Nike Earnings

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A major winning streak may come to an end, and Nike continues to race ahead. Those and more are what's making business news Friday.

The Dow industrials (^DJI) gained 114 points Thursday, their third straight triple-digit gain. The S&P 500 (^GPSC) gained 10 points and the Nasdaq (^IXIC) rose 25.

But the Dow is in jeopardy of snapping a streak of six monthly gains in a row. A few days ago that seemed like a pretty sure thing, but heading into this final session of June, the Dow is down just 91 points.

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AP
Nike (NKE) keeps "just doin' it." The company posted a 22 percent increase in quarterly earnings, beating Wall Street expectations. Nike had strong sales overseas and benefited from the introduction of some new products, but it warned that sales in China could weaken.

Research in Motion (BBRY) posted a quarterly loss and revenue was shy of expectations, despite the launch of its new Z10 model. The company didn't break out sales numbers for the new smartphone. Blackberry shares have gained 22 percent so far this year, but they're set give back most of that this morning.

By contrast, Apple (AAPL) has lost 26 percent of its value this year, and it suffered a double dose of bad news yesterday. An analyst said not to expect a new iPhone until at least September, and a federal judge in California denied the company's effort to expand a lawsuit against Samsung to include the popular Galaxy S4.

And Google (GOOG) is looking to expand its Android system beyond phones and tablets. The Wall Street Journal says the company is developing a video game console -- a direct challenge to Microsoft, Sony and Nintendo.

The big consulting firm Accenture (ACN) may need some advice of its own. It shares are set to slide after the company lowered its revenue forecast for the year.

And the major airlines continue to rake in fees for baggage and reservation changes. From reservation changes alone, Delta Air Lines (DAL) took in the most, followed by United (UAL), American, US Airways (LCC) and JetBlue Airways (JBLU).

-Produced by Drew Trachtenberg


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