Nike is off 5.9% to $54.60 a share following weaker-than-expected guidance it gave after yesterday’s close. The athletic apparel company reported worldwide futures orders, a measure of future sales, fell 4% and that it anticipates current-quarter sales growth in the mid-single-digit percentages. CEO Mark Parker said online shopping trends have made for a more competitive environment.
The National Association of Realtors reports existing-home sales were a seasonally adjusted 5.48 million annually in February. That was down 3.7% compared with January, which was the strongest pace in a decade. Economists expected a 5.45 million pace. Sales were 5.4% higher compared with a year ago, but supply has tightened. Inventory was 6.4% lower than in February 2016 while the median home price is 7.7% to $228,400. At the current pace there is only 3.8 months of inventory.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
