Closing Bell Movers: Nike slides 9% after Q3 results, soft outlook

A month-long Middle East standoff which disrupted the flow of oil through the Strait of Hormuz and roiled investor sentiment for over a month appears to have finally found a path toward an offramp.  Reports citing the Islamic Republic News Agency that Iranian officials are prepared to discuss the terms of the end to the conflict sent U.S. equities sharply higher, with S&P 500 ending the day up nearly 3% and the Nasdaq up nearly 4%.  Beaten down Tech, Communication Services, and Materials sectors were the best performing areas of the market while Energy – the only sector to finish the month of March in the positive – retreated, with Oil prices falling sharply. 

In the opening hour of the evening session, S&P e-minis and Nasdaq 100 futures are little changed with consolidation of today’s gains in spite of more macro headlines on the wires citing President Trump indicate that the conflict could rage another 2-3 weeks.   

Afterhours earnings session saw results from some notable names in the Consumer space – Nike (NKE) was down sharply despite topping Q3 estimates as the management’s guidance for Q4 revenue was well short of consensus, while PVH Corp . (PVH) and Dave and Busters (PLAY) rallied after their Q4 results.

Check out this evening’s top movers from around Wall Street, compiled by The Fly.

HIGHER AFTER EARNINGS – 

• nCino (NCNO) up 18.6%
• Dave & Buster’s Entertainment (PLAY) up 4.9%
• Omeros (OMER) up 4.6%
• PVH Corp. (PVH) up 1.9%

DOWN AFTER EARNINGS – 

• RH (RH) down 17.6%
• NIKE (NKE) down 9.2%
• Sportsman’s Warehouse (SPWH) down 6.4%
• POET Technologies (POET) down 1.5%
• TruBridge (TBRG) down 1.0%

ALSO LOWER –

• ORIC Pharmaceuticals (ORIC) down 26.6% after ORIC-944 program update