Nike tumbles on revenue forecast withdrawal, drags down peers

Foot Locker

02/10/2024 16:01

** Nike shares  NKE.N  down as much as 8.2% at $81.77 on
withdrawal of annual revenue target 
    ** Company had earlier forecast annual revenue to decline in
mid-single-digit percentage range
    ** At least seven brokerages cut PT on NKE stock following
the news and a bigger-than-expected drop in Q1 revenue 
    ** "The print actually gave us even more pause and more
concern about the future as it pertains to market share," says
Jefferies analyst Randy Konik
    ** Shares of peers Under Armour  UAA.N , Lululemon  LULU.O 
down 3.11% and 1.79% respectively
    ** Footwear retailers including Foot Locker  FL.N  down
nearly 3% and Dick's Sporting Goods  DKS.N  falls marginally    
    ** YTD, NKE has fallen nearly 18%, upto Tuesday's close

 (Reporting by Neil J Kanatt in Bengaluru)
 ((Neil.JKanatt@thomsonreuters.com;))