Shares of Fila Holding SpA, which has its U.S. headquarters in Hunt Valley, shot up another 5 percent yesterday to a new 52-week high, in an apparent "sympathy" move after an unusually strong earnings report by industry leader Nike Inc.
Fila stock rose $1.875, to $38, on New York Stock Exchange volume of 44,700 shares. The shares have climbed from $14.75 as recently as last October, boosted by a 77 percent earnings gain in the second quarter of this year.
Fila is an Italian maker of athletic shoes and clothing that has its U.S. headquarters in Hunt Valley. More than 60 percent of its revenue comes from the U.S. market, where it has more than quintupled its sales since 1990.
Nike shares rose $4.875 to $104.50 after the Oregon company reported its earnings rose 55 percent in the three months than ended in August, the first quarter of Nike's fiscal year. Nike also said its Christmas orders rose 32 percent.
Analysts who follow Fila expect the company to earn $2.22 per American depositary receipt in 1995, up from $1.68 last year. But the company has exceeded analysts expectations in the last six quarters.