Pershing Square Cashes Out with 100 Million Before Nike 3rd Quarter Fiscal 2018 Earnings and Conference Call | via Wall Street Journal

Chris Burns15 mins
Spread the love

Loading

David Benoit and Sara Germano of the Wall Street Journal broke the news that Pershing Square, who has only been invested in Nike for less than 2 quarters, cashed out today to the tune of 100 million. The typical assumption when a company sells a large holding is that the business could be headed for trouble. A sell off signals a shift in interest. Pershing Square held 5.8 million shares at the of Nike’s Q2. At the time of purchase Nike hadn’t laid out its direction at Investor’s Day. Prior to Investor’s Day Nike’s stock was in the 40s and it seemed that adidas’ growth had disrupted Nike’s goal of reaching 50 Billion a year. After the information delivered at Investor’s Day was analyzed the stock for Nike surged to the highest its been in two years. The price has held steady in the mid 60s giving Pershing Square an opportunity to capitalize on the growth which staved off a difficult year for the Pershing. The Pershing Square sell off comes at a difficult time for Nike’s top tiered brass as it is embroiled in a harassment scandal that has seen the number two leader of the Swoosh step down. The sell off shouldn’t affect the share price however and will have very little to do with the upcoming Conference Call. Read more about this on the WSJ.
Nike’s Q3 Conference Call will be today at the close of business.
02/22/2018

BEAVERTON, Ore.–(BUSINESS WIRE)– NIKE, Inc. (NYSE: NKE) plans to release its third quarter fiscal 2018 financial results on Thursday, March 22, 2018, at approximately 1:15 p.m. PT, following the close of regular stock market trading hours. Following the news release, NIKE management will host a conference call beginning at 2:00 p.m. PT to review results.

The conference call will be broadcast live over the Internet and can be accessed at http://investors.nike.com. For those unable to listen to the live broadcast, an archived version will be available at the same location through 9:00 p.m. PT, March 29, 2018.

About NIKE, Inc.

NIKE, Inc., based near Beaverton, Oregon, is the world’s leading designer, marketer and distributor of authentic athletic footwear, apparel, equipment and accessories for a wide variety of sports and fitness activities. Wholly-owned NIKE, Inc. subsidiary brands include Converse, which designs, markets and distributes athletic lifestyle footwear, apparel and accessories; and Hurley, which designs, markets and distributes surf and youth lifestyle footwear, apparel and accessories. For more information, NIKE, Inc.’s earnings releases and other financial information are available on the Internet at http://investors.nike.com. Individuals can also visit http://news.nike.com and follow @NIKE.

blank

Source: NIKE, Inc.

NIKE, Inc.

Investor Contact:

Nitesh Sharan, 503-532-2828

or

Media Contact:

Kellie Leonard, 503-671-6171

Leave a Reply

Related News