Nike Stock Slides After Dick's Disappointing Q2 Results
Nike Inc (NYSE:NKE) shares are dropping Tuesday in sympathy with Dick's Sporting Goods, after the retailer reported worse-than-expected second-quarter results and flagged a challenging environment for athletic footwear and apparel.
Dick's Sporting Goods (a big store that sells Nike shoes and clothes) reported weaker sales than people hoped, which made Nike's stock price go down because stores might buy less from Nike. When one company that sells a product has trouble, it can be a clue that the whole business—like shoe-selling—might be tough right now.
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