solzberg
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solzberg in Gainers & Losers,

Nike announces $12 bn buyback, dividend hike, stock split

Nike, the athletic shoe and apparel giant, announced it would buy back $12 bn in stock, raise its dividend and split 2-for-1.

Nike will buy back shares over four years, after a current $8 bn program ends before the end of the current fiscal year. The company will raise its quarterly dividend by 14% to 32 cents per share pre-split. The stock split will occur after the market close Dec 23 to shareholders of record on Dec 9.

Nike's shares are currently consolidating above the 50-day moving average. The news, I believe, will be driving the stock in the short term, with the nearest target at ;133.