Nike shares omitted most of their after trading gains in yesterday’s market, after it performed better that expected. Nike’s Sales and earnings results initially were 5 percent higher.
The drawback happened after Nike’s management said that the company’s futures order were up by 2 percent on a constant currency basis, which includes a 4 percent contraction in the North America.
Nike announced that it would no longer release its future orders in its earnings releases, because it is shifting to the Web and in its branded stores has made the metric less relevant. But this statement didn’t stop investors from reacting to its shortfall.
Nike’s Stock was trading 2 percent higher, which was close to $53. The company also expects its full- year revenue to grow in a high-single-digit range.
Apple says that EU Tax Ruling is a Convenient Target
Apple argued that EU regulators ignored tax experts and corporate law and picked a method to maximize penalty on purpose, with that Apple is reported to issue a legal challenge this week for a $14 billion tax Demand
Apple’s aggressive stand emphasizes its anger with the European Commission, which stated that on Aug. 30 the company’s Irish tax deal was illegal, and that it should pay 13 billion euros to Ireland. This is where the Apple’s headquarters is located.
Currently, there is a law that allows companies hold foreign profits overseas without paying U.S. corporate tax on them. These profits would only be taxable if it were to be brought into the United States.