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NIKE'S PHIL KNIGHT SAYS COMPANY'S REBOUND IS CONTINUING

          Nike released its third quarter earnings after
     yesterday's close of trading, and CNBC's Stock Editor
     Patrick Bolland reported that Nike's revenue was down 1% to
     $2.16B, while net income was up 17% to $145M.  In "extended
     hours," Nike stock was up 2 1/8 to close at 36 ("The Edge,"
     CNBC, 3/16).  CNBC's Maria Bartiromo reported that Nike
     earned $.52 a share, which topped analysts' $.50 estimate
     and was $.08 better than a year ago.  Gross margins were
     also up from 37% to 47% (CNBC, 3/16).  A WALL STREET JOURNAL
     report writes that Nike "said it was able to increase profit
     by reducing its effective tax rate and recording its highest
     gross margins in three years."  Nike's world-wide futures
     orders for March-July, total $3.9B, an increase of 4% from
     the same period last year (WALL STREET JOURNAL, 3/17). 
          REAX: CNBC's Bolland said, "The knee- jerk reaction is
     that this is good news.  They beat the expectations, but
     don't forget, these were reduced expectations because about
     a month ago, they warned [that earnings would be off]"
     (CNBC, 3/16).  CNBC's Sharon Epperson: "As Nike CEO Phil
     Knight said just moments ago on the conference call, 'The
     rebound continues.'  Nike stock had been under some pressure
     lately, but the company also has a history of beating Wall
     Street's numbers for the past couple of quarters, and this
     time, gross margins really helped to power Nike's earnings
     surprise. ... Nike executives said improvement in apparel
     and equipment margins helped the overall number, as well as
     closeouts, as retail outlets helped reduce inventory. 
     [Nike] said these margins can be maintained in future
     quarters" (CNBC, 3/16).

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