Nike Inc. (NKE) Up Big on Earnings and Upgrade

Nike Inc (NYSE: NKE) is up 6.7% to $64.10/share in pre market trading. Over 500k shares have already traded.

Nike announced favorable earnings yesterday evening, with net income rising 0.5% to $513 million, or $1.04 a share, from $510.5 million, or $1.03, a year earlier. Revenue on the other hand fell 12% to $4.8 billion.

Goldman Sachs also upgraded Nike to a buy from a neutral rating.

Nike will be up approximately 21% year to date upon opening today.