Nike shares are surging Wednesday after the sportswear company raised its revenue-growth outlook and reported a better-than-expected set of quarterly results.
The company also said its inventory challenges are abating, although levels remain elevated. Nike's inventory was valued at $9.3 billion in the quarter ended Nov. 30, up 43% from the prior year.
Nike shares recently stood about 13% higher. The stock had fallen 38% this year through Tuesday's close.
The sportswear giant is the top gainer in the Dow industrials and the top contributor to the blue-chip index's gains Wednesday. Nike added roughly 90 points to the Dow, which is up around 500 points.
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