NIKE-Welcome to Earnings Island: NKE, FDX, MU

Market Overview - The Dow finished down -11 points (-0.027%) after reaching an intra-day high of +286 points [1] - The S&P 500 lost -12 points (-0.22%), the Nasdaq was down -59 points (-0.33%), and the Russell 2000 fell -13 points (-0.65%) [1] Existing Home Sales - February Existing Home Sales reached 4.26 million seasonally adjusted annualized units, exceeding the estimate of 3.95 million and the previous month's 4.08 million [2] - The average median price of existing homes increased by +3.8% year over year to $398.4K [2] Leading Economic Indicators - U.S. Leading Economic Indicators (LEI) for February decreased by -0.3%, down from +0.2% in the prior quarter and lower than the anticipated -0.2% [3] - The LEI is now at -1.0% over the trailing six months, an improvement from -2.1% in the previous six months [3] - New manufacturing orders declined, and consumer sentiment remains fragile, with 2025 GDP now estimated at +2.0% [3] Earnings Reports - NIKE (NKE) reported fiscal Q3 earnings per share of 54 cents, surpassing the Zacks consensus estimate of 28 cents, with revenues of$ 11.27 billion exceeding expectations of $11.11 billion [5] - NIKE's margins were slightly soft at +41.5%, with the Chinese market underperforming [5] - FedEx (FDX) reported fiscal Q3 earnings of$ 4.51 per share, below the Zacks consensus of $4.65, while revenues were$ 22.2 billion, exceeding expectations of $21.89 billion [7] - FedEx's full-year earnings are now expected to be between$ 18.00 and $18.60 per share, down from the prior estimate of$ 19.27 [7] - Micron (MU) posted fiscal Q2 earnings of $1.56 per share and revenues of$ 8.05 billion, both exceeding expectations [8] - Micron has guided for a record revenue quarter in Q3, projecting $8.8 billion, with full-year revenues expected to reach$ 37.9 billion [8]