Nike’s CEO said:
The decision to divest of Cole Haan allows us to sharpen our focus on opportunities with the highest potential for strong returns, and to make sure the brands within the NIKE, Inc. portfolio are the most complementary to the NIKE Brand.
This is the company’s second major divestiture in the last month. In late October Nike sold its Umbro brand to Iconix Brand Group for $225 million.
Nike is streamlining its brands in an effort to concentrate its marketing dollars on the brands that produce the highest returns. The stock has performed poorly for the past 12 months, down more than 1% and basically stagnant over the past two years.
The company also announced a two-for-one stock split yesterday and raised its dividend by 17% as it tries to keep investors on board.
Shares are trading up about 1.6% today, at $92.39 in a 52-week range of $85.10 to $114.81.
Paul Ausick
Are You Still Paying With a Debit Card?
The average American spends $17,274 on debit cards a year, and it’s a HUGE mistake. First, debit cards don’t have the same fraud protections as credit cards. Once your money is gone, it’s gone. But more importantly you can actually get something back from this spending every time you swipe.
Issuers are handing out wild bonuses right now. With some you can earn up to 5% back on every purchase. That’s like getting a 5% discount on everything you buy!
Our top pick is kind of hard to imagine. Not only does it pay up to 5% back, it also includes a $200 cash back reward in the first six months, a 0% intro APR, and…. $0 annual fee. It’s quite literally free money for any one that uses a card regularly. Click here to learn more!
Flywheel Publishing has partnered with CardRatings to provide coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.