💨 Abstract

Nike's shares rose 15% after the company announced it's moving some production from China to avoid tariffs, which are expected to cost Nike $1 billion. They plan to implement "surgical" price increases in the U.S. starting this fall. Nike is one of several companies warning of higher prices ahead of the back-to-school season. They reported a quarterly profit of $211 million and revenue of $11.1 billion, beating Wall Street projections.

Courtesy: WTOP Staff