Nike Inc. (NKE), the world's largest athletic-shoe maker, rose the most in almost eight years in New York trading recently on the heels of higher international sales helping third-quarter profit exceed analysts' estimates. Led by sales in China which surged more than 50 percent as consumers bought shoes and clothing ahead of this summer's Olympic Game. Additionally, CEO Mark Parker shed the Bauer hockey unit and bought Umbro Plc, a maker of soccer attire, as the focused the company on six areas and lured customers with Mercurial Vapor cleats and Air Max running shoes.
Net income surged 32 percent to $463.8 million, or 92 cents a share. Revenue rose 16 percent to $4.54 billion, ahead of the $4.35 billion estimated by analysts.
With a FusionIQ master technical score of 93 and a FusionIQ overall score of 83 (out of a possible 100) and a bullish pennant consolidation pattern, NKE shares still look rock solid here. The current point and figure target for NKE shares is $ 83.00 – so it looks like there is still plenty of upside left for those who have not participated in the recent move.