Nike (NKE) closed the most recent trading day at $122.39, moving +1.92% from the previous trading session. This move outpaced the S&P 500's daily gain of 1.23%. Elsewhere, the Dow gained 1.6%, while the tech-heavy Nasdaq added 0.42%.Coming into today, shares of the athletic apparel maker had lost 5.18% in the past month. In that same time, the Consumer Discretionary sector lost 2.87%, while the S&P 500 lost 2.51%.NKE will be looking to display strength as it nears its next earnings release. On that day, NKE is projected to report earnings of $0.62 per share, which would represent a year-over-year decline of 11.43%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $10.61 billion, up 2.79% from the year-ago period.NKE's full-year Zacks Consensus Estimates are calling for earnings of $2.83 per share and revenue of $42.18 billion. These results would represent year-over-year changes of +76.88% and +12.77%, respectively.Investors might also notice recent changes to analyst estimates for NKE. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection has moved 1.85% higher. NKE currently has a Zacks Rank of #1 (Strong Buy).Valuation is also important, so investors should note that NKE has a Forward P/E ratio of 42.43 right now. This valuation marks a premium compared to its industry's average Forward P/E of 33.57.Also, we should mention that NKE has a PEG ratio of 2.55. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. Shoes and Retail Apparel stocks are, on average, holding a PEG ratio of 2.55 based on yesterday's closing prices.The Shoes and Retail Apparel industry is part of the Consumer Discretionary sector. This group has a Zacks Industry Rank of 37, putting it in the top 15% of all 250+ industries.The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.Make sure to utilize Zacks. Com to follow all of these stock-moving metrics, and more, in the coming trading sessions.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report NIKE, Inc. (NKE): Free Stock Analysis Report To read this article on Zacks.com click here.