Nike is forecasting a rebound from slow sales and profits in the last quarter and despite $1 billion in added tariff costs on foreign goods of its sneakers and athletic gear. The company, headquartered in Beaverton,

By Joel Jose and Helen Reid (Reuters) -Nike shares surged 10% in premarket trading on Friday as an encouraging forecast and plans to reduce China production for U.S.-bound goods bolstered confidence in an ongoing turnaround effort at the sportswear giant.

Nike stock price witnessed a bumper opening on Friday as it surged 15% in early trading, a day after announcing its plans to shift the production away from China. The rally in Nike stock price came amid strong momentum on Wall Street with benchmark indices nearing record highs.