Nike announces share buyout | News

The last quarter of the 2021/2022 fiscal year was not successful for Nike. Sales and earnings are falling. At the same time, Adidas’ competitor is planning a share buyback program and exceeds market forecasts.

The US sporting goods group Nike is seeing a decline in sales and profits in the fourth quarter of the 2021/2022 fiscal year. Adidas’ rival can still exceed market expectations. The share buyback program should also help the share certificates to jump.

As announced by Nike, three-month revenues at the end of May totaled $ 12.2 billion, down 1 percent year-on-year. However, analysts were only expecting an average of $ 12.07 billion.

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According to the information, the profit amounted to USD 1.4 billion after USD 1.5 billion a year ago. That was 90 cents per share at 93 cents in the fourth financial quarter 2020/2021. Market watchers were expecting 81 cents a share. Nike also announced plans to buy back its own $ 18 billion stock.

Nike’s actions show a positive divergence

Nike stock has dropped significantly, around 70 percent this year, and set a new record this year at almost $ 103. At the same time, the MACD (Momentum) increased, due to which a positive divergence formed. The dynamics is therefore positive and supports the share price from a technical point of view. However, the technical chart only permanently improves after breaking the resistance at around $ 140.

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