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Nike stock hits all-time high

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High Five
Tuesday, September 21, 2010

Nike stock hit an all time high of $79, as chief executive Mark Parker predicted 42% growth over the next five years.

Parker made the prediction at the company's annual shareholder meeting, an event that used to feature top athletes, but this year featured only the 13 board directors and about 200 stockholders.

Parker did not point to specific reasons for this robust growth, but his speech emphasized the importance of the company's subsidiary brands -- Cole Haan, Converse, Hurley, Nike Golf and Umbro.

"I've made it clear to everyone in Nike that we are turbo charging our innovation agenda," he said, pointing to the recent introduction of an iPhone app that tracks runners' times and speeds as a recent example.

Read more at OregonLive.com.

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