Why Nike Stock Raced Higher Today

Nike (NYSE: NKE) has entered into a new business collaboration, and investors were glad to hear about it on Tuesday. They rewarded the athletic wear mainstay by pushing its share price up by more than 6% on the day, which compared quite favorably to the 0.2% bump of the S&P 500 (SNPINDEX: ^GSPC).Before market open that morning, Nike announced that it and privately held athletic wear company Skims are teaming up for an upcoming fitness brand, NikeSKIMS. The two companies clearly have major ambitions for their venture, as they are promising a wide product line that consists of athletic apparel, footwear, and accessories for women. With its characteristic hype, Nike said that NikeSKIMS goods will feature "best-in-class innovation in service of all women athletes... championing their confidence, strength, femininity, and competitiveness like never before."Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool