Nike Stock Breaks Out On Heels Of Under Armour Jumping Into Buy Zone – Investor's Business Daily

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Nike (NKE) shares broke out Wednesday morning, a day after rival Under Armour (UAA) cleared a bottoming base.

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Shares of the Swoosh rose 2.65% to 71.34 in the stock market today, eclipsing a 70.35 entry point from a flat base. Under Armour sprinted 8.7% to 20.52, now slightly extended from its 18.85 entry.

The rise comes as apparel stocks — including Lululemon (LULU) and Ross Stores (ROST) — collectively move higher. Boot Barn Holdings (BOOT) shot up 11.7% to 24.52 Wednesday following a solid earnings and sales beat late Tuesday. Boot Barn was already extended from a 20.41 entry.

Meanwhile, department store giant Macy’s (M) leapt 10.8% to a 14-month high. Macy’s topped earnings views and raised guidance as same-store sales grew much more than expected.

While Nike shares have been holding up, the athletic-apparel giant itself is in the midst of a major leadership shuffle. Nearly a dozen executives and managers have left over the last two months, reportedly spurred by female employees’ concerns of harassment, bullying and hiring inequities.

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