Nike stock plunges on surprise forecast of drop in sales
Al Jazeera
Nike’s stock has plunged 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, which slumped 20 percent on Friday, with the losses wiping out $28.41bn from the company’s market valuation.
On Thursday, the company had projected a mid-single-digit percentage fall in fiscal 2025 revenue, compared with analysts’ estimates of a near 1 percent rise.
“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.
Its forecast dragged shares of rivals and sportswear retailers across Europe, the United Kingdom and the United States on Friday.
Former rivals team up before new tennis season as Djokovic seeks record 25th singles and 11th Australian Open title.
Zambian striker Barbra Banda scored the only goal as Orlando beat the Washington Spirit 1-0 in the championship game.
Florida State Senator Randy Fine, who celebrated Israel’s killing of a US citizen, gets president-elect’s support.
Relentless Israeli bombardment continues in Gaza, Lebanon, as Hamas says a captive was killed in an Israeli air attack.
Director of the Kamal Adwan hospital says several staff wounded in Israeli bombardment.
Immigrant rights groups fear harsh policies and potential legal pressure could accelerate in second Trump term.
Small islands and least-developed nations say their climate finance interests were ignored.
Global lender says it will release about $333m to crisis-hit nation as signs of economic recovery emerge.
At least four people have been killed in the attack on the Basta neighbourhood, according to the Health Ministry.