9:56 ET -- Nike Inc. is one of the most talked about companies in the U.S. across all news items in the last 12 hours, according to Factiva data. The company's efforts to step up discounts on sneakers and other products helped lift sales in the latest quarter, but it said that progress remains to be seen in cutting inventory levels. Nike said second-quarter sales rose 17% from a year ago and profits were roughly flat, better than analysts estimated. Nike pared down inventory levels from the first quarter but they remain elevated. The company said the value of its inventory was $9.3 billion in the quarter ended Nov. 30, up 43% from the prior year. Nike shares were up 15% at $118.42 at 9:55 a.m. ET. Dow Jones & Co. owns Factiva. (chris.wack@wsj.com)

(END) Dow Jones Newswires

December 21, 2022 10:12 ET (15:12 GMT)

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