Stocks – Nike, Shell Fall in Premarket

Investing.com — Stocks in focus in premarket trade on Friday, 20th December. Please refresh for updates.

• 7::55 AM ET: Nike (NYSE:) shares fell 1.2% after the company posted a 32% increase in profit in its fiscal second quarter, thanks to a 20% rise in sales in China and a 5% rise in revenue from North America. The increases were achieved in the face of a sales dispute with Amazon (NASDAQ:) and a major doping scandal at a track and field program sponsored by Nike.
• Flat apparel sales in North America were a minor disappointment, while the strength of the Chinese business is to some extent a double-edged sword, illustrating how much it depends on a country that still has unfinished business with the U.S. on trade.
• The figures are the last to be presented by CEO Mark Parker, who is stepping down next month to be succeeded by John Donahoe.
• • Royal Dutch Shell’s ADRs (NYSE:) fell 0.9% after Europe’s oil and gas major warned it may write down up to $2.3 billion in assets in the fourth quarter due to well write-offs, decommissioning costs and other factors.
• In a trading update, the company also indicated gas output would be lower than forecast for the current quarter, but oil production would be around 2.8 million barrels a day, at the top end of its guided range.
• Shell (LON:) said that chemicals and gasoline marketing margins would be weaker due to seasonality and crude price fluctuations.
• The company added that capital expenditure for the full year will be at the bottom end of the guided range of $24-$29 billion.

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