Wall Street was full of optimism when Nike decided to switch out CEOs. The stock surged last week after analysts praised Elliott Hill, the longtime veteran who will replace CEO John Donahoe in October.

Key Takeaways Nike's hard-hit shares topped the Dow's leaderboard Friday as Wall Street analysts largely welcomed the company's appointment of longtime executive Elliott Hill as its new CEO.Jefferies stuck with its hold rating noting that Hill will have to handle headwinds including more competition since he left the firm four years ago.

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