Nike (NKE) shares surged on Friday morning, helping the Dow offset some of its losses from Thursday. The company reported a significant increase in revenue and profits, which both came in above analysts’ estimates.
Inside Nike's Earnings
Nike reported earnings of $962 million, or $1.09 per share, up from $779 million, or 86 cents per share, in the same quarter last year.
Analysts expected to see earnings of 88 cents per share.
Revenue increased to $7.98 billion from $6.97 billion a year ago. Nike noted that its online sales have increased 70%.
Analysts expected to see revenue of $7.83 billion.
Mutual Funds to Watch
With any major earnings release, it is important to examine the mutual funds that have the largest stake in the company. Below are the mutual funds with the largest stake in Nike.
|AGTHX||American Funds The Growth Fund of America||2.85%|
|FCNTX||Fidelity Contrafund Inc||2.34%|
The Bottom Line
Mutual fund investors should be aware of the performance of the major holdings in the the funds that they own. Earnings reports, such as yesterday’s release from Nike, are a great way to measure holdings