Global markets seem to be getting used to the idea of the U.K. leaving the European Union.
Asian markets all closed higher with reports that the Chinese government may provide more economic stimulus in the second half of the year.
European markets are also higher as both the euro and the British pound have firmed up in pricing. Oil is stepping up its price to help things along and was lately trading at $48.21 a share.
In the U.S., The S&P 500 is higher by 19 points to 2,056, the Dow Jones Industrial Average is rising 141 points to trade at 17,551 and the Nasdaq is adding 47 points to trade at 4,739. The S& Retail ETF is up by 44 cents to $41.13.
Nike Inc. delivered fourth-quarter earnings after the market close on Tuesday and was initially met with disappointment. The stock tumbled 6 percent in after-hours trading, but this morning shares opened higher only to lose those initial gains and they were lately flat at $53 as investors try to digest the numbers. Revenue grew 6 percent to $8.24 billion, which was shy of the analyst expectations of $8.28 billion. Earnings came in at 49 cents, a penny higher than the estimated 48 cents. Nike has also been fighting some bad press regarding its women’s tennis dress at Wimbledon. The dress has caused controversy with the tennis club that feels it is too revealing and the players who have found it not to be very functional.
Related Galleries
Chicos FAS’ battle with Barington Capital Group LP continues. This time Chico’s issued another statement in response to the Latest Barington letter from June 28. Chico’s said that Barington was not a long-term investor and that most of its ownership was through derivative contracts. Chico’s also negatively reviewed Barington’s board nominees and ultimately stated that neither were qualified. Chico’s also suggested that Barington was trying to take credit for recent improvements, when it was actually distracting the company’s efforts. Chico’s stock is up more than 1 percent to trade at $10.34 in the early session.
One person who walked away from Nike was Kanye West. In 2013, Adidas poached the rapper and designer away from Nike and the two have just reached a new long-term partnership. Adidas described it as the most significant partnership between a nonathlete and a sports brand. While no numbers were discussed, the previous deal was rumored to be in the range of $10 million. Adidas stock was rising more than 1 percent this morning to 124.15 euros, or $137 at today’s rates.
With Amazon’s Prime Day looming, Wal-Mart is actively competing by offering a free 30-day trial on its two-day unlimited shipping service and an extra month free for paying members. Wal-Mart is also starting a big sale on Friday. Amazon’s Prime Day was July 15 last year and was such a success the company decided to run it again. So far, Amazon has not revealed an official day for its Prime Day sale. Wal-Mart stock is up 33 cents to trade at $71.84.