Shares of Nike Inc. Cl B NKE rallied 6.84% to $86.52 Friday, on what proved to be an all-around mixed trading session for the stock market, with the Dow Jones Industrial Average DJIA rising 0.09% to 42,

But Nike shares are running higher today. After jumping nearly 9% Friday morning, as of 10:35 a.m. ET, the stock was still trading higher by 5.8%. That's because investors hope the stock's long-lasting slump is coming to an end with a CEO replacement.

Nike shares traded sharply higher in pre-market trading Friday after the world’s largest athletic apparel and equipment company announced Elliott Hill will replace John Donahoe

Shares in Nike (NKE) surged after the sneaker company said it was getting a new chief executive. John Donahoe will retire as CEO next month after nearly five years at the helm, Nike said late Thursday.

Shares of NIKE (NKE) hit resistance at a price level that had been support. Support can convert into resistance because of buyer's remorse.

Nike’s beleaguered stock was rising sharply after the company announced that its CEO would retire.The athletic shoe and apparel maker has been hurt in recent years from a slowdown in China and competition from upstarts like Deckers Outdoor’s Hoka brand and On Holding.