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Stocks - Nike, Shell, Carmax All Fall in Premarket

Published 20/12/2019, 12:52
Updated 20/12/2019, 13:02
© Reuters.

Investing.com -- Stocks in focus in premarket trade on Friday, 20th December. Please refresh for updates.

  • 7::55 AM ET: Nike (NYSE:NKE) shares fell 1.2% after the company posted a 32% increase in profit in its fiscal second quarter, thanks to a 20% rise in sales in China and a 5% rise in revenue from North America. The increases were achieved in the face of a sales dispute with Amazon (NASDAQ:AMZN) and a major doping scandal at a track and field program sponsored by Nike.

  • Flat apparel sales in North America were a minor disappointment, while the strength of the Chinese business is to some extent a double-edged sword, illustrating how much it depends on a country that still has unfinished business with the U.S. on trade.

  • The figures are the last to be presented by CEO Mark Parker, who is stepping down next month to be succeeded by John Donahoe.

    • Royal Dutch Shell's ADRs (NYSE:RDSa) fell 0.9% after Europe’s oil and gas major warned it may write down up to $2.3 billion in assets in the fourth quarter due to well write-offs, decommissioning costs and other factors.

  • In a trading update, the company also indicated gas output would be lower than forecast for the current quarter, but oil production would be around 2.8 million barrels a day, at the top end of its guided range.

  • Shell (LON:RDSa) said that chemicals and gasoline marketing margins would be weaker due to seasonality and crude price fluctuations.

  • The company added that capital expenditure for the full year will be at the bottom end of the guided range of $24-$29 billion.

    • 8 AM ET: CarMax (NYSE:KMX) stock fell 5.6% after the used car dealership network reported earnings per share 10% below market consensus at $1.04.
    • That was despite a modest beat on revenue in the three months through November, which came in at $4.79 billion, rather than the $4.65 billion expected.
    • CEO Bill Nash put the drop in earnings down “a significantly higher stock-based compensation expense reflecting an increasing share price during the quarter and a planned increase in third quarter advertising expense related to the company’s omni-channel rollout and the launch of a new national advertising campaign.”

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