Wednesday’s trading on Wall Street was very much an instant replay of Tuesday’s market action, which was a good thing, since stocks soared once again. Still in recovery mode from a steep selloff that occurred on Friday and Monday following the U.K. vote to leave the European Union, bargain hunters were out in force.
Athletic footwear and apparel giant NIKE delivered in-line May-period earnings. However, sales came in lighter than expected.
Procter and Gamble (PG) has some of the most recognized brand names in the United States. Pampers, Tide, Bounty, Gillette, and Crest can be found in numerous U.S. homes. The company also has a worldwide presence, with sales in more than 180 countries. However, despite the company’s marketing muscle and the good reputation of its products, sales and earnings in recent quarters have not been good. The consumer products giant and Dow-30 component has made management changes and continues to take steps to effect a turnaround. So far, however, not everything the company has done has borne fruit.