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Adidas and Puma shares each drifted lower after results from Nike (NKE) on Tuesday night. Analysts at Stifel said the Nike results were mixed for their German rivals. "We believe ADS and PUM are behind NKE's inventor reduction curve. But good progress at NKE is a positive for the industry," they said. However, the analysts also highlighted that higher markdowns, currency headwinds and higher input/supply-chain costs were not offset by pricing.

-Steve Goldstein

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March 22, 2023 04:52 ET (08:52 GMT)

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