NIKE Shares Slide 10% After Q2 Profit Decline

(RTTNews) - NIKE, Inc. (NKE) shares fell 9.68 percent, or $6.35, to $59.28 after the athletic apparel company reported a decline in second-quarter profit compared with the prior year. The company posted net income of $792 million, or $0.53 per share, down from $1.163 billion, or $0.78 per share, a year earlier. Revenue climbed up 0.6 percent to $12.427 billion from $12.354 billion last year. The stock was trading at $59.28, down from a previous close of $65.63. Shares opened at $59.20 and traded between $58.72 and $60.38 during the session on the New York Stock Exchange. Trading volume reached 48,853,556 shares, well above the average volume of 15,393,201. NIKE is currently trading within its 52-week range of $52.28 to $82.44.