Adidas and Puma shares rally after Nike results
By Steve Goldstein
Investors bid up Nike's rivals Adidas and Puma in European markets action, after their U.S. peer beat first-quarter earnings forecasts.
Adidas shares (XE:ADS) jumped 7%, and Puma stock (XE:PUM) rose 8%, after Nike (NKE) reported better margins than forecast even though revenue met expectation.
JD Sports Fashion (UK:JD) shares rose 5% in London.
Analysts at JPMorgan led by Olivia Townsend said the read-across to the European sporting goods sector was better-than-expected demand in North America, a solid performance in Europe, expansion in gross margins and ongoing improvements in inventory levels.
The major European indexes also advanced on Friday, with the U.K. FTSE 100 UK:UKX, German DAX DX:DAX and French CAC 40 FR:PX1 gaining between 0.6% and 1.2%.
U.S. stocks SPX rose Friday after cooler-than-forecast core PCE price index data.
-Steve Goldstein
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(END) Dow Jones Newswires
09-29-23 0943ET
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