After a financial analyst meeting yesterday afternoon,
Nike came out "with some very positive comments," according
to CNBC's Alan Chernoff on "The Edge." Chernoff: "It seems
to be a bit of a turnaround. Of course the sneaker business
has been simply miserable with no traction at all for Nike,
but they've been making cutbacks, they've said that they've
had a lot of trouble in Asia, but now they're looking for a
bit of a turn here in the U.S., perhaps an improvement in
pricing." Nike closed yesterday at 41 7/8, up 3 1/8.
Nike's annual meeting was Wednesday in Memphis (CNBC, 9/24).
CNBC's Maria Bartiromo called Nike's 8% increase yesterday a
"winner," after Nike execs "told analysts recent bookings
show an increase in orders" ("Business Center," 9/24).
TENNESSEE, AIN'T NO PLACE I'D RATHER BE: Writing from
Memphis, the Portland OREGONIAN's Jeff Manning reported that
the "message from the annual meeting seemed to be that Nike
is willing to explore all avenues to reverse its slump and
achieve" a turnaround. While Nike Chair Phil Knight said it
would be "suicidal" to do away with the swoosh trademark,
Manning noted that the swoosh "was virtually unseen during
Wednesday's meeting" (Portland OREGONIAN, 9/24).
VANS WATCH: CNBC's Alan Chernoff also reported that the
sneaker company Vans is "giving an upside earnings alert"
and "same store sales were up" 9.9% ("The Edge," 9/24).
