Why Nike Inc. Stock Dropped Today
Shares of Nike Inc. (NYSE: NKE) fell as much as 5.7% in Friday's early trading, and stood down 4.6% as of 3:00 p.m. EDT after Foot Locker (NYSE: FL) announced significantly weaker-than-expected quarterly results. There was no big news specific to Nike today, and the athletic footwear and sportswear giant isn't slated to release its next quarterly report until late next month.
But shares of Foot Locker plunged more than 26% today after the company fell far short of Wall Street's expectations on both revenue and earnings for its fiscal second quarter ended July 29, 2017. According to Foot Locker CEO Richard Johnson, his stores suffered from a combination of "limited availability of new products in the market," and "sales of some recent top styles [that] fell well short of our expectations."
Image source: Nike.
Source: Fool.com
Nike Inc. B Stock
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