Nike reported strong quarterly results this week, but traders were torn over whether the Dow darling could continue its rally.
The athletic apparel maker on Tuesday posted fiscal second-quarter earnings of 90 cents per share on $7.69 billion in revenue, beating Wall Street's profit expectations but falling short on sales. Nike said future orders rose 20 percent, easily beating estimates.
Its shares touched an all-time high on Wednesday before reversing and closing more than 2 percent lower. Investors likely took profits after the stock gained more than 30 percent this year, said trader Guy Adami.