Nike shares pop on strong salesDecember 21, 2012: 11:56 AM ET
On your mark, get set. Go!
Shares of Nike (NKE) jumped 5% Friday morning, after the company's second quarter results topped analysts' expectations.
Nike said late Thursday that earnings rose 11% on sales of $6 billion in the quarter, driven by surprisingly strong demand in North America.
The company also said future orders for Nike footwear and apparel were up 14% in North America. These orders would be delivered in the December to April period.
Investors cheered Nike's performance in the United States and Canada -- two markets that are considered mature and usually have less potential for growth.
The rebound in North America could help Nike offset continued weakness in China, where sales fell 11% in the quarter, according to traders on StockTwits.
Assuming China avoids a hard landing, Nike should be able to cash in on robust growth in the world's second largest economy.
Nike announced a two-for-one stock split in November, the sixth in its history. The stock now trades above $100 a share.
Other traders pointed to Nike's global footprint, saying the stock is relatively cheap for such a well known brand.