Dick's Sporting Goods Stock Plunges 25% on $31.9M Foot Locker Investment Loss
Dick’s Sporting Goods stock plunged 23% after its $2.5 billion Foot Locker acquisition swung to a loss and forced a sharp profit outlook cut.
Dick's Sporting Goods bought Foot Locker but it's losing money instead of making money, so the company had to say it won't earn as much profit as it thought. When a big company's purchase doesn't work out the way they planned, investors get worried about whether the leaders made a smart choice.
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Source: Benzinga · Read the original report at the publisher. Headline and figures shown for context; data may be delayed.
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