The broader stock market was under pressure Wednesday, but that wasn't enough to bring down Nike.
 | WED, SEP 23, 2020 | | | | DOW | | NAME | LAST | CHG | %CHG | | AAPL | 107.12 | -4.69 | -4.19% | | NKE | 127.11 | +10.24 | +8.76% | | MSFT | 200.59 | -6.83 | -3.29% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | AAPL | 107.12 | -4.69 | -4.19% | | GE | 6.11 | -0.14 | -2.24% | | TWTR | 45.33 | +2.60 | +6.08% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AAPL | 107.12 | -4.69 | -4.19% | | TSLA | 380.36 | -43.87 | -10.34% | | AAL | 11.93 | -0.41 | -3.32% | |
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The broader stock market was under pressure Wednesday, but that wasn't enough to bring down Nike. The apparel giant's shares rallied 8.8% after it reported better-than-expected results for the previous quarter. Those results were driven by an 82% year-over-year spike in digital sales. Wednesday's rally marked Nike's biggest one-day gain since March 24, when it surged 15.2%. The stock also on Wednesday reached an all-time high.  An analyst at Deutsche Bank upgraded Nike to buy from hold after the earnings were released, noting the company is a "best-in-class consumer brand." Those results certainly bode well for Nike investors and could point to improvements on the global economic front. Nike said its China sales expanded by 6% and revenue for North America — the company's largest market — topped analyst expectations. The company also reported solid growth in the Europe, Middle East and Africa region. Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world. |
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