10:24 ET -- Nike Inc. is the most talked about companies in the U.S. across all news items in the last 12 hours, according to Factiva data. The athletic-gear maker's shares were under pressure after it warned of narrowing profit margins and a step up in discounts to clear items as it faces headwinds including a strengthening dollar and a jump in inventory. Nike reported a 4% rise in revenue to $12.7 billion for the quarter ended Aug. 31 and a 22% drop in earnings to $1.5 billion, largely in line with analysts' expectations. Inventory rose 44% to $9.7 billion for the quarter, it said. The results underline the shift for companies as they find themselves with a surplus of goods after struggling to secure supplies during the pandemic. Nike shares were down 11% early at $84.86, widening the year-to-date drop to 49%. Dow Jones & Co. owns Factiva. (robb.stewart@wsj.com)

(END) Dow Jones Newswires

September 30, 2022 10:39 ET (14:39 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
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