Nike forecast cut rattles sportswear stocks as spending stumbles

Nike sank 12% premarket on Friday and dragged shares of other sportswear companies after weak consumer spending forced the Air Jordan 1 shoe maker to cut its annual revenue forecast and signal a profit-over-sales strategy shift. The company also laid out a $2 billion cost-saving plan on Thursday…#nike #adrienneyih #hoka #tdcowen #pipersandler #abbiezvejnieks
Source: Reuters: Health - Category: Consumer Health News Source Type: news