Nike Sprinted to a Higher Close After its Blowout Earnings Results

The world's largest footwear and athletic apparel company skyrocketed to an-all time high on Friday making it TheStreet's Move of the Day. Nike stock surged after the company reported its fiscal first quarter earnings results that surpassed Wall Street expectations. Strong sales of footwear was fueled by the FIFA World Cup Tournament in Brazil as the most-watched sporting event peaked viewers' interest in Nike soccer gear and apparel. Also, futures orders were up 14%, higher than the 10% jump analysts expected. Investors view this measure as a proxy for future sales, indicating that Nike will continue to have solid revenue and profit in the next quarter.