Nike Q4 Earnings Miss Street, Revenue Tops

Nike Inc. (NKE), the world’s largest athletic shoes and apparel maker, Thursday reported a fourth-quarter profit that fell short of Wall Street estimates, while revenues came in above expectations.

Beaverton, Oregon-based Nike reported fourth-quarter profit of $989 million or $0.62 per share, compared with last year’s profit of $1.14 billion or $0.69 per share. On average, 27 analysts polled by Thomson Reuters expected earnings of $0.66 per share for the quarter.

The company said profit growth was driven largely by revenue growth, strong gross margin expansion and lower average share count, partially offset by higher selling and administrative expenses and higher tax rate.

Revenues for the quarter rose 4 percent to $10.18 billion from $9.79 billion last year. Analysts had a consensus revenue estimate of $10.16 billion for the quarter.

Gross margin rose to 80 basis points to 45.5 percent, driven mainly by higher average selling prices and favorable foreign exchange rates and growth in Nike direct.

Revenues for the Nike Brand were $9.7 billion, up 10 percent, while Converse were $491 million, flat to prior year.

NKE closed Thursday’s trading at $83.66, up $1.11 or 1.34%, on the NYSE. The stock, however, slipped $0.65 or 0.78% in the after-hours trade.

Trump Discusses Trade With Japanese Premier Abe: G-20 Update

Leaders from some of the world’s wealthiest countries are meeting in Japan over the next two days to discuss the trade war, climate change and geopolitical tensions over Iran.

Here are the latest developments (all times local):

Trump Talks Trade With Abe (8:35 a.m.)

President Donald Trump met with Japanese Prime Minister Shinzo Abe, their second meeting in as many months after the U.S. president in May became the first foreign leader to meet Japan’s new Emperor Naruhito. Trump said the meeting would focus on trade, an area of disagreement between the longtime allies.

Trump mentioned that he appreciates the jobs that Japanese car companies create in the U.S., a point that Abe’s administration has raised consistently as the U.S. threatens to raise auto tariffs.

Two pedestrians struck by vehicle in Peterborough’s west-end

Two people were taken to hospital with serious injuries after they hit by a vehicle on Parkhill Road West.

The collision happened just after 5 p.m., near the Ravenwood Drive intersection.

A teenaged girl was taken to Peterborough Regional Health Centre (PRHC) and then airlifted by Ornge to a Toronto hospital with serious injuries.

The other pedestrian was taken to PRHC with leg injuries.

-more to come.

RPT-Tokyo June core CPI rises 0.9 pct yr/yr

(Repeats to attach to additional alerts)

TOKYO, June 28 (Reuters) – Core consumer prices in Tokyo rose 0.9 percent in June from a year earlier, government data showed on Friday.

The core consumer price index for Japan’s capital, which includes oil products but excludes fresh food prices, compared with economists’ median estimate for a 0.9 percent annual rise. (For queries, contact Stanley White at: [email protected]; +81 3 6441 1984) (Reuters Messaging: [email protected])

‘The View’ Co-Host Meghan McCain On Democrat Debates: “I Would Like Subtitles”

The View’s Meghan McCain wants future political debates to have subtitles if the candidates are going to be speaking Spanish.

The topic came up during a general discussion on The View of the Wednesday night Democrat debates, as a large field of candidates vied for attention in a venue that allowed few opportunities to make a mark.

Cory Booker and Beto O’Rourke used some of their moments to address viewers in Spanish regarding the economy and immigration. McCain wanted to know what they were saying (the video of their discussion starts at approximately the 4:15 mark, with McCain’s comment at the 5:00-minute mark).

“I don’t speak Spanish, and genuinely wanted to hear what they were saying, so I would like subtitles for the future,” said McCain. “I mean this genuinely. I don’t mean this facetiously. I couldn’t understand what they were saying, and apparently it was really important about taxes.”

The other View panelists generally agreed, with Sunny Hostin noting, “I think they understand how important the Latino vote is for them in the primaries.”

FDA warns hackers could access Medtronic insulin pumps

WASHINGTON — The Food and Drug Administration warned that certain insulin pumps made by Medtronic PLC have cybersecurity vulnerabilities and could be manipulated by hackers, causing danger to diabetes patients.

Medtronic MDT, +0.27%  began notifying patients about the issue Thursday, saying a hacker could potentially connect wirelessly to a nearby insulin pump to change settings or control insulin delivery. But the company said the likelihood of such a danger from hackers is small, and that the unauthorized person would need to be in fairly close proximity to the person with the insulin pump.

Dublin-based Medtronic said it doesn’t know of any confirmed cases where the cybersecurity vulnerability has been exploited. But it is a serious issue and could lead to hypoglycemia if additional insulin is delivered to the patient, or to diabetic ketoacidosis if not enough is delivered.

The devices at issue are the Medtronic MiniMed 508 insulin pump and the MiniMed Paradigm series insulin pumps.

An expanded version of this report appears on WSJ.com.

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