NKE Into EPS

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The recent trades in NKE are telling me that NKE may neither outperform, nor under-perform the street in tonight’s EPS. Why? Glad you asked.
In the past 30 minutes, someone has sold 12,000 NKE tomorrow expiry 52 puts for $.80 with shares at $52.05. Selling puts that almost exactly match the open interest. Were those protective puts being closed, or were they bets that NKE stays above $51.20? We won’t know for sure until tomorrow, but either way, it isn’t a bearish trade.
But they weren’t done. They also sold 14,000 of the July 50 puts for $.35 and bought 14,000 of the August 50 puts for $.80.
That 50 put spread expands if NKE trades to $50 in the next week,
Collectively, those trades say NKE stays above $51

On their prior conf call NKE never mentioned Amazon once. This time around, it may be the most listened for part of the call.

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Revenue is expected to top $8.6B
Gross margin should be just north of 44.2%
Europe could/should be the positive surprise for NKE, as the dollar’s fall (now nearly 7% since beginning of the year) makes their offerings cheaper for Eurodollar buyers
**LULU said that looking into Q2 they are seeing robust performance across all channels – Expect Q2 digital comp sales to rise in double digits –
Men now account for 20% of sales and 30% of new customers –
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