U.S. Market
Stocks were little mixed this morning after a handful of earnings and economic data reports.
Consumer sentiment rose in June according to the Reuters/University of Michigan survey. The final June reading of 82.5 was up from the 81.2 reading earlier in the month and a final May reading of 81.9. Economists had expected a reading of 81.9. One-year inflation expectations rose slightly to 3.1% in the month.
At midday the Dow was down 0.2%, the S&P 500 was flat while the Nasdaq was up 0.2%.
Stocks on the Move
Wide-Moat rated Nike (NKE) produced solid results for its fiscal fourth quarter ended May 2014. Revenue increased 11% to $7.43 billion, modestly ahead of expectations despite currency headwinds in emerging markets, Japan, and Eastern Europe (offset by some currency appreciation in Western Europe and China.) Demand was exceptionally strong in emerging markets apparel, up 44% to $313 million, which is not surprising given the Brazil-hosted World Cup’s June timing and excitement levels, but Western Europe also performed well, growing at 25% reported, or 18% currency neutral. Shares were up 1.6% at midday.
Foreign Markets
European markets were mostly higher today. In late trading, the FTSE 100 was up 0.4%, Germany’s DAX was up 0.1% while the Paris CAC was flat.
Asian shares were mixed. The Shanghai Composite and Nikkei 225 were down 0.1% and 0.4% respectively while the Hang Seng was up 0.1%.