The committee that chooses the 30 companies in the Dow Jones Industrial Average must be ready to dance in the streets.
The high-profile index of 30 of the country's biggest blue-chip companies added Nike on Monday. Since then, Nike's stock (NYSE: NKE) has climbed 6.7 percent (as of Friday morning trading).
That equates to $4.1 billion in new shareholder wealth. The company's market cap has climbed to more than $65 billion.
Co-founder Phil Knight's Nike holdings alone have climbed nearly $625 million in value since Monday. Knight controls more than 134 million Nike shares, according to the company's last proxy statement.
The run-up in Nike's stock price is partially due to index funds and mutual funds adding the company. Many funds exclusively hold the 30 companies in the Dow.
It's even more a result of Nike's stellar fiscal first-quarter earnings report. The company released earnings Thursday well ahead of Wall Street projections.
How much runway is left for the company's stock?
Wall Street analysts have varying opinions. Many say the stock is overpriced. It trades at a relatively high price-to-earnings ratio, a popular measure of whether a stock is priced appropriately.
Friday morning, some analysts started offering a different opinion.
"Although Nike shares will break out to new highs today on another great quarter, we think the best is yet to come," wrote Omar Saad of International Strategy & Investment Group LLC, in a note to investors.
Although China remains a concern for Nike, Saad wrote the company's still "defying gravity" in North America ($3.1 billion in quarterly sales) and investors "underappreciate several key factors" including Nike's accelerating global sales, its ability to increase its bottom line by raising prices and lowering expenses and a raft of new products that will drive future sales.
The stock was up nearly 5 percent in mid-morning trading to $73.75, near its all-time high. It had a 52-week range between $44.83 and $75.25.
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