Market Minute: Nike Earnings Soar; Electronic Arts Bows to NCAA Lawsuit

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Nike earnings just do it, and a leading video-game maker withdraws a popular product. Those stories and more are what's in Friday's Market Minute.

The market snapped a five-session losing streak Thursday. The Dow Jones industrial average (^DJI) gained 55 points, the Standard & Poor's 500 index (^GPSC) rose nearly 6 and the Nasdaq composite index (^IXIC) gained 26.

nike earnings
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Nike (NKE) shares are set to race ahead as earnings jumped 38 percent, easily topping Wall Street expectations. Sales in the U.S. and Europe were strong, but growth in China remains elusive. This is the company's first quarterly report since being added to the Dow 30.

Blackberry (BBRY) posted a quarterly loss of nearly a billion dollars, and revenue came in a bit shy of estimates.

And the consulting firm Accenture (ACN) could use a bit of help. Its revenue forecast is below expectations.

J.C. Penney (JCP) is in for another rough day. The retailer says it will raise much-needed funds, more than $800 million, by selling 84 million shares of new stock. The new shares are priced well below Thursday's closing level.

Lawsuits brought by college football players against the NCAA have forced Electronic Arts (EA) to cancel its NCAA football game for next year. At the same time, the company settled a lawsuit brought against it by the players, who are still seeking a share of the money the NCAA collects for use of the their images and likenesses.

Lockheed Martin (LMT) is giving a big piece of its cash horde back to shareholders. The defense giant is raising its dividend payout by 16 percent. The yield is now the highest in the industry. Lockheed is also increasing its stock buyback program by $3 billion.

The biotech firm Nektar Therapeutics (NKTR) is set to slide as a study for its knee-pain treatment produced disappointing results.

Finally, Facebook (FB) is responding to critics. The company will now allow users to delete or edit entrees made on the social networking site. The update for Google's (GOOG) Android app is available now. Facebook says a version for Apple's (AAPL) iPhone will be available soon.

-Produced by Drew Trachtenberg.


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Mitch Welch

It's no surprise Nike's profits are soaring. Geez, they probably only pay dollars a day to labor in China, India, extc. to make their product. Once it's made it's shipped here to sale with no tariff under some free trade agreement. These products should be taxed when sent to the USA. Local and federal government sure get taxes from us when we purchase the product, so why is it unreasonable to expect the companies to pay a tax when they bring their product into the country?

September 27 2013 at 1:34 PM Report abuse rate up rate down Reply
Carl A. Johnson

So, the NCAA is eager to jump on Electronic Arts immediately...... at the EXACT same time they are talking about lessening sanctions against Penn State and USC ? You must be kidding me!

September 27 2013 at 9:57 AM Report abuse rate up rate down Reply