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This Phenomenal Stock Just Beat Wall Street Estimates: But Is It a Smart Buy Right Now?

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There are still some well-known companies reporting earnings these days. Sportswear juggernaut Nike (NYSE: NKE) is one of them. For the three-month period that ended Feb. 29 (fiscal Q3 2024), the global leader in sports apparel and footwear posted revenue of $12.4 billion and diluted earnings per share (EPS) of $0.77. Both figures easily beat Wall Street’s expectations.

However, the stock immediately dipped 7% following the news. As of this writing, shares of Nike sit a whopping 47% below their all-time high from November 2021. That’s despite this being a phenomenal stock over the past few decades. So, is it a smart idea to buy the dip?

To its credit, Nike was able to exceed analysts’ forecasts, but investors are concerned about other factors that add some context to the latest numbers. For starters, that Q3 revenue figure was basically flat year over year.

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