- Reuters
Nike stock plunges as gloomy sales forecast fans growth concerns
(Reuters) -Nike's stock slumped 20% on Friday as a forecast for a surprise drop in annual sales amplified investor concerns about the pace of the sportswear giant's efforts to stem market share losses to upstart brands such as On and Hoka. It was the worst day ever for the stock, and the losses wiped out $28.41 billion from the company's market valuation. "Nike is at a point where they want to put out the most conservative guidance they can, such that they're setting the bar low for themselves and hopefully it's a bar they can beat," said Art Hogan, chief market strategist at B Riley Wealth.
- CNN Business
Two Adidas employees out in China corruption probe
Two employees have left Adidas as a result of an ongoing investigation launched by the German sportswear brand into allegations of corruption in China.
- Bloomberg
Nike Shares ‘Too Expensive’ as Analyst Sees Stock Dropping 20%
(Bloomberg) -- Ahead of Nike Inc. reporting earnings next week, one Wall Street analyst has a message for investors: “Sell the stock.”Most Read from BloombergCar Dealerships Across US Halt Services After CyberattackCDK Tells Car Dealers Their Systems Likely Offline Several DaysPutin’s Hybrid War Opens a Second Front on NATO’s Eastern BorderUnited Airlines Jet Turns Back After Engine Piece Falls OffHedge Fund Talent Schools Are Looking for the Perfect TraderWilliams Trading analyst Sam Poser cut
