Nike (NKE) NewsBite – Workers End Strike at Vietnamese NKE Plant

Posted on Monday, December 03, 2007 2:09 PM

Nike (NKE) opened at $64.95. So far today the stock has hit a low of $64.85 and a high of $67.93. NKE is now trading at $67.34, up 1.78 (2.71%). After hitting a one-year high of $47.40 last December, the stock hit a one-year high of $66.57 in October. 14,000 striking workers returned to work this morning at a plant that makes shoes for NKE. The workers agreed to end the five-day strike after receiving a pay increase and transportation allowance. The company also agreed to improve the food at the factory cafeteria. Technical indicators for NKE are bullish but deteriorating, while S&P gives the stock a positive 4 STARS (out of 5) Buy rating. If you’re looking for a hedged play on this stock, consider a January bull-put credit spread below the $60 range. NKE hasn’t been below 60 since Octover, and could lose up to 10.9% in stock price before this trade loses money. [LHF- Seven Summits Strategic Investments NewsBite]

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Source: News Bite

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