Adidas and Puma shares rally after Nike results
By Steve Goldstein
Investors bid up Nike's rivals Adidas and Puma in European markets action, after their U.S. peer beat first-quarter earnings forecasts.
Adidas shares (XE:ADS) jumped 7%, and Puma stock (XE:PUM) rose 8%, after Nike (NKE) reported better margins than forecast even though revenue met expectation.
JD Sports Fashion (UK:JD) shares rose 5% in London.
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 gaining between 0.6% and 1.2%.
U.S. stocks SPX rose Friday after cooler-than-forecast core PCE price index data.
-Steve Goldstein
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
09-29-23 0943ET
Copyright (c) 2023 Dow Jones & Company, Inc.-
What’s Happening in the Markets This Week
-
Worst-Performing Stock ETFs of the Quarter
-
Q3 in Review and Q4 2024 Market Outlook
-
Top-Performing Stock ETFs of the Quarter
-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller-Coaster Rally for Stocks and Bonds
-
5 Stocks to Buy Instead of Overpriced US Equities
-
Consumer Defensives: Despite Angst, Thirsty Investors Have Names to Pursue
-
Industrials: Many Stocks Overvalued After Q3 Outperformance
-
Basic Materials: Despite Index Rise, We See Multiple Long-Term Opportunities
-
What the Election Could Mean for Big Tech Stocks
-
3 Lessons From Recent Stock Market Drama
-
Consumer Cyclicals: Even Amid Moderating Consumer Spending, We See Discounts
-
Healthcare: Valuations Look Fair Overall, With Select Industries Still Undervalued
-
Utilities: Falling Interest Rates, Growth Outlook Boosting Stocks