ADDYY - Why Nike Stock Tripped and Fell on Wednesday
2024-01-31 18:45:00 ET
Few investors felt like they were winning with Nike (NYSE: NKE) stock on Hump Day. One of its most entrenched and competitive rivals unveiled a set of preliminary annual results, and the numbers raised concerns about the immediate future of the athletic shoe and apparel market worldwide.
Nike shares closed the day 2.5% lower as a result, a steeper fall than the 1.6% decline of the S&P 500 index.
At least Nike isn't Adidas (OTC: ADDYY) . The European company's preliminary full-year 2023 figures indicated a 5% year-over-year dip in sales and a 60% tumble in operating profit. More concerning was Adidas's guidance for the latter line item. Although it expects to nearly double the 2023 figure this year, its forecast of 500 million euros ($542 million) fell well short of the consensus analyst estimate.
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Why Nike Stock Tripped and Fell on Wednesday