Wall Street Is Flying Blind. Nike's Results Prove It
Nike (NYSE: NKE) stock fell Friday after the company reported worse fourth-quarter results than Wall Street expected.
Though it may not have seemed surprising that the sportswear giant would report a loss during the March-May period when nearly all of its stores outside of China had to close, analysts had actually expected a profit.
The Wall Street consensus for the quarter was a $0.09 profit per share, which would result in a total profit of about $139 million. Out of the 27 analysts covering the stock, the lowest prediction was a loss of $0.48 per share and the highest was a profit of $0.46 per share, which was only modestly below the $0.62 in earnings per share the Swoosh generated in the quarter a year ago.
Source Fool.com
